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1999年开始的国有股减持市场化实践 ,实际上已涉及到非流通股流通问题 ,2 0 0 2年 1月 2 7日在中国证监会网站公布的国有股减持方案阶段性成果 ,更是将国有股减持扩展到实现非流通股的流通这一关系股票市场全局的问题上。在开放与持续健康发展的要求下 ,上市公司股份分割缺陷是目前中国股票亟待解决的问题。本文在归纳已有的非流通股流通问题研究思路的基础上 ,着重分析了出售与缩股思路的出发点及存在的问题 ,提出了尊重历史、兼顾发起人对股份公司贡献的指导思想 ,引入发起人资本公积贡献杠杆作为调节系数 ,通过对非流通股的历史追溯调整来解决其流通问题。
The market-oriented practice of state-owned stocks reduction and reduction started in 1999 actually involved the circulation of non-tradable shares. The staged achievements of the state-owned shares reduction plan announced on the website of China Securities Regulatory Commission on January 27, 2002, The reduction of state-owned shares extends to the issue of the circulation of non-tradable shares, which affects the overall situation of the stock market. At the request of opening up and sustained and healthy development, the defect of share splitting in listed companies is a problem to be solved urgently in China. On the basis of summarizing the existing research ideas of the circulation of non-tradable shares, this paper emphatically analyzes the starting point and existing problems of selling and shrinking ideas, puts forward the guiding ideology of respecting history and giving consideration to the promoters’ contribution to the joint-stock companies, The contribution of human capital reserve leverage as a regulatory factor, through the historical retrospective adjustment of non-tradable shares to solve its circulation problem.