论文部分内容阅读
近十年来,我国股票市场取得迅速发展,上市公司数目超过1000家,流通市值超过8000亿元。但是占总股本60%以上的国有股却不能上市流通。在国有股占多数的公司中,政府通过股权控制企业,社会股东无法通过行使表决权维护自身利益,“用手投票”的机制不能发挥作用。同时,这种股权结构使经营者感受不到来自市场的企业被收购兼并的压力,“用脚投票”的机制不能发挥作用。如何解决国有股控股比例过高的问题?十五届四中全会通过的《中共中央关于国有企业改革和发展若干重大问题的决定》提出:“从战略上调整国有经济布局和改组国有企业”,“在不影响国家控股的前提下,适当减持部分国有股。”国有股减持成为解决国有股控股比例过高的一个重要手段。
In the past ten years, the stock market in our country has witnessed rapid development. The number of listed companies is over 1000, and the market capitalization is over 800 billion yuan. However, state-owned shares, which account for more than 60% of the total share capital, can not be listed for circulation. Among the companies that have the majority of state-owned shares, the government can not control the enterprise through equity and social shareholders can not defend their own interests by exercising their right to vote. The “voting by hand” mechanism can not play a role. At the same time, this ownership structure prevents operators from feeling pressured by mergers and acquisitions (M & A) from market players. The “vote by foot” mechanism can not work. How to Solve the Problem of Excessive Shareholding in State-owned Shares? The “Decision of the Central Committee of the Communist Party of China on Several Important Issues concerning the Reform and Development of State-owned Enterprises” adopted by the Fourth Plenary Session of the 15th CPC Central Committee puts forward the following measures: “strategically adjusting the layout of state-owned economy and restructuring state-owned enterprises; Under the premise of not affecting state-controlled shares, some state-owned shares should be appropriately reduced. ”The reduction of state-owned shares has become an important measure to over-control the shareholding of state-owned shares.