论文部分内容阅读
目前我国A股市场上市公司股权分置改革试点已经结束,全面推进即将开始.从试点方案来看,试点公司普遍采用的非流通股低比率送股流通,没有追溯历史,回避和抹杀了非流通股与流通股持股成本的巨大差异,是不公平公正的方案,存在股市风险后置的隐患。而非流通股高比例缩股流通,则兼顾了非流通股股东和流通股股东的利益,能够真正实现两类股东“双赢”的股权分置改革目标。在股权分置改革全面推进阶段,非流通股缩股应取代送股成为A股市场上市公司股权分置改革的主流方案。
At present, China’s A-share market listed companies split share reform pilot has ended, the comprehensive promotion is about to start.From the pilot program point of view, the pilot companies commonly used low-rate non-tradable shares offering shares circulation, there is no history back to avoid and obliterate the non-circulation The enormous difference in the cost of holding stocks and tradable shares is an unfair and unjust plan that poses a hidden danger to the stock market risks. While the non-tradable shares with high proportion of condensed shares will take into account the interests of both non-tradable shareholders and tradable shareholders and truly achieve the goal of split share structure reform for both shareholders. In the stage of overall promotion of non-tradable share reform, the non-tradable shares should replace the bonus shares as the mainstream plan for the share-trading reform of listed companies in the A-share market.