另类视角的国有股转持政策问题研究

State own shares change holding problem research from another angle

被业界称为"一石三鸟且重大利好"的国有股转持政策体现了以行政为主导的部门利益分配,表面调和了部门矛盾但却难以真正实现各利益主体的协调运作,隐含着证券市场是一个相对边缘化的市场,并且社保基金作为财务投资者改善上市公司的法人治理结构难度极大,国有创投遭遇进退维谷的两难困境。长期来看,国有股转持是证券市场的利空措施,而当务之急是尽快出台国有股转持的配套细则。

The state-owned share transference policy which is egarded as ＂kill three birds with one stone＂ by the trade union reflects benefits distribution led by administration department,and regulates contradiction between departments seemingly.However,the harmonious operation between different departments cannot be achieved.The stock market is comparatively marginalized,moreover,as a financial investor;social security funds encounter great difficulties in perfecting listing company.State-owned investment is caught into great embarrassment.In the long term,state-owned share transference is bad news too stock market,and the emergency is to devise relative rules concerning state-owned share transference.