近4个月的国有股减持,留给市场两个显著的变化,其一是上市公司在融资方式选择方面更加偏爱可转换债券;其二是以国有股权为标的的并购业务备受关注。对可转换债券的偏爱原因,除了市场利率较低的刺激以外,避免10％募集资金的上缴是又一个主要原因;并购国有股,上市公司通过并购使国有股权数量下降,可供减持的基数下降,上市公司在控制权方面可以少受些损失。产生这种局面的深层次原因是控制上市公司的人(代理人)追求控 The reduction of state-owned shares in the past four months has left two significant changes to the market. One is that listed companies prefer convertible bonds to the choice of financing methods. The second is that mergers and acquisitions, which take state-owned equity as the benchmark, have drawn much attention. Reasons for the preference for convertible bonds, in addition to the stimulus of lower market interest rates, to avoid the 10% of the proceeds raised is another major reason; the acquisition of state-owned shares, listed companies to reduce the number of state-owned equity through mergers and acquisitions, reducing the base available for reduction , Listed companies may be less at a loss of control. The deep-seated reason for this situation is that the person (agent) controlling the listed company pursues control