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1993年3月15日第九届全国人民代表大会第二次会议通过了宪法修正案,指出“我国将长期处于社会主义初级阶段。国家的根本任务是,沿关建设有中国特色社会主义的道路,集中力量进行社会主义现代化建设”。证券市场的发展就是走了一条有中国特色的社会主义的道路。其中特色在于按照股权持有人性质划分股票为个人股、法人股和国家股,按照这种分类规定了股票的流动性,就是个人股具有股票流通市场,即深沪交易所,法人股和国家股没有流通市场,只能协议转让。因为流通性的不同,影响股票的流通价格,导致同一公司的股票法人股转让价格远低于个人股市场价格,这实质意义是同股不同权,形成了具有特色的“法人股现象”。本文仅就我国证卷市场中所普遍存在的这一法人股现象及其运作作一个探讨。
The Second Plenary Session of the Ninth National People’s Congress on March 15, 1993 Adopted the Amendment to the Constitution, stating that “China will for a long time be in the primary stage of socialism. The fundamental task of the country is to follow the path of building socialism with Chinese characteristics Concentrate their efforts on the socialist modernization drive. ” The development of the securities market is to take the road of socialism with Chinese characteristics. Which is characterized by the nature of ownership of shareholders divided into individual shares, corporate shares and state shares, according to the provisions of the classification of the liquidity of the stock, that is, individual stocks with the stock market, that is, Shenzhen and Shanghai Stock Exchange, corporate shares and national shares are not Circulation market, only agreement transfer. Because of the different liquidity, the circulation price of the shares affects the transfer price of legal person shares of the same company which is much lower than the market price of individual stocks. This paper only discusses the phenomenon of corporate shares and its operation that are ubiquitous in China’s securities market.