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本文系统研究了我国证券市场的国有股减持问题。在综合考虑多方面因素的基础上 ,本文提出 ,成熟的、符合市场化要求的国有股减持方案必须实现三个目的 ,即 :改善上市公司股权结构 ;提高上市公司资产整体流动性 ;实现套现初衷并适当补充社会保障资金。在国有股减持方案设计中 ,必须处理好三个关键问题 ,即 :国有股的流通方式、定价机制和减持资金运作模式。在解决三个关键问题时 ,必须坚持三条基本原则 ,即 :公平原则、稳定原则、效率原则。在考虑了众多复杂因素的基础上 ,本文提出了代表FSI观点的“三套修正方案” ,即 :配售修正案、回购修正案、折股修正案。本文对国有股减持资金的运作原则、方案、数量进行了系统研究。最后 ,对国内外主要的国有股减持方案从理论和现实的不同角度进行了综合评价。
This paper systematically studies the issue of the reduction of state-owned shares in China’s securities market. Based on the comprehensive consideration of various factors, this paper proposes that the mature state-owned shares reduction plan that meets the requirements of marketization must fulfill three purposes: to improve the ownership structure of listed companies; to improve the overall liquidity of listed companies; And appropriate replenishment of social security funds. In the design of state-owned shares reduction plan, three key issues must be handled, namely the circulation mode of state-owned shares, the pricing mechanism and the operation mode of reducing the capital. In resolving the three key issues, we must uphold three basic principles: the principle of fairness, the principle of stability and the principle of efficiency. On the basis of many complex factors, this paper presents “three sets of amendments” that represent the views of FSI, namely, the placing amendment, the repurchase amendment, and the discount amendment. This paper systematically studies the operating principle, plan and quantity of state-owned shares reduction funds. Finally, a comprehensive evaluation of the major state-owned shares reduction plan at home and abroad from a theoretical and practical point of view.