国有股非流通性减持与股权结构优化

The Non-circulating Reduction of the State-owned Shares and the Optimization of the Stock Rights

国有股减持对于改善我国上市公司的股权结构、规范法人治理、筹集社保资金和抑制二级市场过度投资均有重要的积极意义。目前国有股减持所出现的问题并不在股权定价方式上 ,而是来源于流通性预期导致的市场短期供给曲线的过度移动所产生的反面效果。若处理不当 ,则存在着摧毁证券市场的巨大风险。国有股从诞生起就决定了它保持非流通性特征的合理成分 ,减持后仍保持其非流通性特征是克服政府长期目标与短期目标内在不一致、稳定与发展我国证券市场的唯一选择。

The reduction of the state-owned shares has significant meaning for improving the stock right structure, regulating the corporate governance structure, raising the social security funds and restricting the excessive secondary market investment in our country .The problems emerged in the course of reducing the state-owned shares don't derive from the stock right's pricing method but from the adverse effect resulting from the excessive movement of the short supply curve in the circulating shares expectation. If it is done improperly, there will exist the risk of destroying the security market. From the very birth of the state-owned shares it possesses the reasonable component of non-circulation nature. To remain the nature of non-circulation is the only alternative to overcome the intrinsic incongruence of the government's long-term objective and short-term objective , to stabilize and develop the security market.