备兑权证方式减持国有股研究

A Research on the HolbDecreasing of State Stock Based on Warrant

国有股减持流通关系到证券市场的规范和发展,关系到上市公司治理结构的改善,然而减持价格和具体方案的设计一直是国有股减持的难点。文章通过探讨国有股减持流通的本质,分析了国有股流通定价的理论基础,并在此基础上提出国有股流通定价的模型和用备兑权证减持国有股的具体方案,最后对此方案进行了评价。

The holddecreasing and circulation of state stock is of great importance to the standardization and development of the securities market,also to the improvement of listed companies' governance structure,but the price and approach have been the difficulty to resolve.This paper discusses the essence of the holddecreasing and circulation of state stock,analyzes the theory basis of pricemaking,then puts forward a model of pricemaking and a blue print based on warrant,finally appraises this blue print.