论文部分内容阅读
我国上市公司的股权结构中存在国家股、法人股和社会公众股,其中只有社会公众股能流通。截止1999年底,沪深股市总市值为28000亿元,而流通市值只有8700亿,其中62％是国有股,市值达到17360亿元,可见目前流通市值占总市值的比重过小,国有股占总股本比重过大,这一大一小严重影响了上市公司的业绩和证券市场的正常发展,这是目前急需解决的难题。为了让我国证券市场更有效发展,必须减少国有股的持有量,让更多的股票上市流通,而国有股回购可以说是一种最为直接的收缩和变现国有股的方式,也是目前国有股不可流通条件下的一种变通的市场退出机制。
There are state shares, legal person shares and public shares in the shareholding structure of listed companies in our country, of which only public shares can circulate. By the end of 1999, the total market capitalization of Shanghai and Shenzhen stock markets was 2.8 trillion yuan while the market capitalization was only 870 billion yuan, 62% of which were state-owned shares with a market capitalization of 1.36 trillion yuan. It can be seen that the proportion of current market capitalization in the total market capitalization is too small and that of state- Too large, a freshman and a serious impact on the performance of listed companies and the normal development of the securities market, which is currently urgently needed to solve the problem. In order to make China’s securities market develop more effectively, the number of state-owned shares must be reduced and more shares should be traded. The state-owned shares repurchase can be said to be the most direct way to shrink and liquidate state-owned shares. It is also the current non-tradable state-owned shares Under a flexible market exit mechanism.