国有股减持作为一个重大的市场题材已经对股市运行产生了越来越大的影响。从本质上来说,国有股减持方案违背市场经济的基本原则,它是打着市场化的旗号来挑战市场原则,这种减持方式不但不能有效地促进股市的市场化进程,相反,它将对这个进程起阻碍作用,因此,从股市发展的进程来看,高价减持弊多利少。首先,国有股高价减持违背市场经济的定价原则。国有股是经济体制转轨时期的产物,是我国股份经济内在机制扭曲的突出表现。在国有企业改制上市的过程中,国有资产经过评估,已经出现了较大幅度增值(有人估计其增值幅度在80%左右),并且基本上是按面额折股,最高的折股价也不过为1.5元左右,通过上市时向社会公众的高溢价增发,国有股的净资产已经有了较大幅度的增 The reduction of state-owned shares as a major market theme has had a greater and greater impact on the stock market. In essence, the state-owned shares reduction plan runs counter to the basic principle of the market economy. It challenges the market principle under the banner of marketization. Not only can such a reduction mode not effectively promote the marketization of the stock market, on the contrary, This process hinders the development of the stock market. Therefore, from the perspective of the development of the stock market, the high price reduction and the reduction of advantages and disadvantages will be less and less. First of all, the reduction of state-owned shares at a high price violates the pricing principles of the market economy. State-owned shares are the product of the transitional period of the economic system and a prominent manifestation of the distortion of the intrinsic mechanism of the stock economy in our country. In the process of state-owned enterprises restructuring and listing, after the state-owned assets have been assessed, there has been a substantial increase in value (it is estimated that the value-added rate is about 80%), and basically denominated in nouns, the highest discount price is only 1.5 Yuan or so, through the listing of high premiums to the public public issuance, the net assets of state-owned shares have been more substantial increase