摘要
我国上市公司中的国有股权流通是国有企业改革向深层次迈进的重要一环 ,其流通方式可以是多种多样的 ,主要包括 :国有股回购、国有股配售、发行可换股债券、将国有股转化为优先股和协议转让等。针对不同的行业、不同的上市公司 ,这些方式都有一定的可行性 ,具有较大的应用价值 ,但同时也存在一些急需解决的问题 ,其中主要是制度和市场两方面的问题。面对目前我国上市公司中庞大的国有股 ,简单地运用任何一种流通方式都是不能达到国有资本在上市公司中“有进有出”、“有所为有所不为”这一目的。必须全盘考虑 ,根据行业和上市公司特点以及市场状况 ,综合运用各种方式 ,有序地解决国有股的流通问题。
The circulation of state-owned equity of listed company in China is an important link which the reform of state-owned enterprise is heading for deepen level. The way of the circulation may be in many kinds. The main ways include: repurchase of state-owned equity, ration of state-owned equity, issuing of convertible bonds and transforming state-owned equity to preferred stock or agreement transferring etc. In connection with different industries, different listed companies, these ways may have their feasibility in some degree and higher practical value. But at the same time, they also exist some problems that should be solved urgently. The main problems are in two aspects: system and market. At present, faced up with huge state-owned equity of listed companies in our country, we could not achieve the goal of state-owned capital in listed companies, that is ''some in , some out', 'some must be done, some could not be done' ', if we apply any one of the circulation ways simply. We must consider them comprehensively. According to the characteristics of industry, listed companies and market status, we should apply all kinds of them synthetically and solve the problem of the circulation of state-owned equity orderly.
