国有股减持的制度经济问题探析

State-owned economic problem in a system for reducing holding discussion and analysis

长期以来,国有股如何减持是一个棘手的难题。实践证明,我国试行的在证券市场上通过配售存量的国有股来减持国有股的办法是失败的。本文分析了失败的原因,认为该方式是一种激进式改革,不符合我国成功的渐进式改革的路径。从渐进式改革的路径依赖出发,提出了将存量的国有股转化为优先股是一种较好地符合渐进式改革路径的制度安排。

For a long time,how the withdrawing stateshares is a tough hard nut to crack.Practicing the proof our country tries a line stateshares a way for to reducing withdrawing stateshares that pass to go together with to sell to save the deal on the stock market is what failure.This paper analyzes the reason of the failure,thinking that the way is a path that a kind of radical type reform,disagreeing with matching our country the successful entering the type reformation gradually.From entering gradually the path of the type reformation depends on,putting forward that stateshares, transforming conversation a preferred stock this a kind of the type system arrangement of the path.