国有股重组问题初探

The Reform of National Stocks

由于国有上市公司股权结构安排不合理 ,如国有股比重过高、分布过宽、不能流通等 ,在保持国有企业性质的前提下 ,围绕减持国有股而进行的重组活动多种多样 ,且不断创新 ,与此同时 ,理论界和管理部门也在不断提出新的更有效和合理的重组方案。在评价上述国有股重组的理论和实践方案后 ,提出了自己设计的方案 :将部分国有股份改为优先股 ,该股无表决权 ,只实行现金股息分配 ,不实行股票股息分配。

Since the arrangement of structure of the ownership of national stocks is not reasonable,(for example,the proportion of national stocks is too high,the distribution is too wide,and the circulation can't work well.)there are varied reforms about national stocks which are always being renewed,meanwhile,the world of theoretical and management departments proposed more effective programs of reforms.Afer commenting on the programs above,we suggested our own design programs:That is to turn some of national stock into prior stock which has no right to vote and couldn't get involoed in distribution of dividends.