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被业界称为“一石三鸟且重大利好”的国有股转持政策体现了以行政为主导的部门利益分配,表面调和了部门矛盾但却难以真正实现各利益主体的协调运作,隐含着证券市场是一个相对边缘化的市场,并且社保基金作为财务投资者改善上市公司的法人治理结构难度极大,国有创投遭遇进退维谷的两难困境。长期来看,国有股转持是证券市场的利空措施,而当务之急是尽快出台国有股转持的配套细则。
The state-owned stock transfer policy, which the industry calls “a stone, three birds and great interests,” embodies the interests distribution of the department led by the administration. It has the surface to reconcile the departmental contradictions but it is difficult to truly realize the coordinated operation of all the stakeholders, implying The securities market is a relatively marginal market, and as a financial investor, the social security fund is extremely difficult to improve the corporate governance structure of listed companies. State-owned venture capitalists have to face the dilemma of advancing and retreating. In the long run, the transfer of state-owned stocks is a bearish measure for the securities market. The pressing task now is to issue supporting regulations for the transfer of state-owned stocks as soon as possible.