国有股减持的一种有效工具:配售

An Effective Instrument of Decreasing the Holdings of State-Owned Stock: Stock Allocation

股份配售是一条操作性强且行之有效的国有股减持的新途径。它充分考虑了各方利益,有助于实现国有经济战略布局的调整,促进证券市场的长期健康发展。根据有关规定,适宜于股份配售的公司应符合上市已满3年、总股本在2亿股以下,国有股占总股本65％以上、3年平均净资产收益率高于10％等要求,目前沪深股市可遴选出11家上市公司进行此项试点。以已进行了配售的中国嘉陵作案例分析,因该公司业绩欠佳、配售价格不合理、配售后公司股权结构未发生实质变化,因而效果欠佳,但这恰恰为制度规范和具体操作等提供了有益的借鉴。

The paper made a comprehensive and systematic introduction on stock allocation which is an effective instrument to reduce state-owned stocks. As far as its structure is concerned, the paper firstly centered on the basic concept and market effects of stock allocation; secondly, the author summarized the common characteristics of listed companies which meet the demand of stock allocation and then selected 11 samples from Shanghai and Shenzhen Exchanges. The last part of paper made a thorough analysis on a case of stock allocation in 1999.