对国有股减持问题的反思

Retrospect on the sell-down of State-holdings

国有股一股独大与不能流通是历史造成的。当国有股的减持通过A股市场进行时,减持与全流通才变成同一个问题。反思国有股减持,应注意以下几个问题:股票市场不能仅为国企服务,股票市场应回归其最基本功能;不能再固守在发展中规范,在规范中发展的老路;重新提振机构投资者的信心;适当改变中国证监会的地位;应当停止上市公司国有股向民营企业、外资企业和管理者高层转让。

It is a historical reason to make the state-holdings the most powerful ones on the stock market and still lots of such holdings cannot be circulated. The sell-down of state-holdings through stock market is a necessity for the SOEs to operate like a real company. The article points out some problems that need to be focused.