上市公司国有股东换股初探

A Preliminary Study on Share Exchange of State-Owned Shareholders in Listed Companies

《中共中央国务院关于深化国有企业改革的指导意见》指出,积极促进国有资本、集体资本、非公有资本等交叉持股、相互融合,推动各种所有制资本取长补短、相互促进、共同发展。近年来,上市公司国有股东特别是部分中央企业积极通过换股方式,相互之间持有相关上市公司的股票,实现了交叉持股,通过在股权层面建立资本纽带,进一步优化了上市公司股权结构和公司治理,同时在一定程度上加强了企业之间的产业协同,取得了较好效果。本文结合一些实际案例阐述了国有企业通过换股实现交叉持股的重要意义,分析了开展换股的决策依据和操作路径,并对上市公司国有股东如何做好换股工作提出了一些对策建议。

The guiding opinions of the“CPC Central Committee and the State Council on Deepening the Reform of State-Owned Enterprises”pointed out that we should actively promote the cross shareholding and mutual integration of state-owned capital,collective capital and non-public capital,and promote all kinds of ownership capital to learn from each other,promote each other and develop together.In recent years,state-owned shareholders of listed companies,especially some central enterprises,have actively held shares of related listed companies through share exchange,realizing cross shareholding.By establishing capital ties at the equity level,the equity structure and corporate governance of listed companies have been further optimized,and at the same time,industrial synergy among enterprises has been strengthened to a certain extent,which is achieving good results.Combined with some practical cases,this paper expounds the significance of realizing cross shareholding through share exchange in state-owned enterprises,analyzes the decision-making basis and operation path of stock exchange,and puts forward some countermeasures and suggestions on how to do a good job of stock exchange for state-owned shareholders of listed companies.