国有股转流通问题的实质是修改金融契约——兼论中国股市金融压抑解除之道

The Essential of Transaction of the State-owned Stocks Is to Modify the Financial Contract ——And on the Ways to Release the Finance Restrict

股市的金融压抑必定需要通过国有股转为流通股解除,转为流通股实质上相当于修改金融契约,这是中国股市当前最大的系统性风险。在股市自由化过程中国家应注意协调与平衡利益关系,通过建立国有股准流通市场,树立股民的制度转轨预期,消除由计划股市向市场股市转轨的制度性风险,实现股市制度的平稳转轨。

Transaction of the state-owned stocks is the only way to release the fianance restrict of the stock market. While, the essential of transaction of the state-owned stocks is to modify the financial contract, that is the biggest systemic risk of the stock market of China at present. The authorities should coordinate and balance the interests relations during the stock market liberation. The stable transition of stock market system will come true by establishing the quasi circulating market of the state-owned stocks, by setting up stock owners' expectation of the transition of stock market system and by avoiding the system risk of the transition of stock market from a planning one to a marketable one.