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2005年6月,注定要载入中国证券市场史。积弊十年的中国证券市场制度顽疾——股权分置,以迅雷不及掩耳之势被摆到桌面上进行“改革”了。一切都还处于“现在进行时”中,目前要做任何结论都嫌为时过早:改革对大盘走势将有何种影响,各市场主体对改革的总体接受程度如何,改革后上市公司治理水平能否得到迅速提升,此后的中国证券市场能否发育出其应有的功能……一切都还需要观察和等待。但并非只有结果才有意义。每一个试点公司将改革方案付诸表决、谋求通过的过程,实际上是控股股东、“散户”和“机构投资者”们寻求统一的利益机制的过程。股权分置造成了利益的分裂,更糟糕的是造成了利益机制的迥异甚至互相冲突,由此累积了无数不公正的损益和不体面的恩仇;如今骤然要求他们坐在一起谋求“统一”,将会呈现怎样一个场景?政府并没有出台一个“一刀切”的强制性方案,一切都留待各试点企业的所有股东们去表达、去纷争,以期达成最终的妥协。从目前几家试点企业的改革进程来看,妥协,而不是分裂,渐成主流。这给人以希望。这种妥协是日后中国证券市场一切向善趋势的原点。
June 2005, destined to load the history of China’s securities market. The problem of China’s securities market standing in the balance of ten years - the split-share structure has been “reformed” on the table with lightning speed. Everything is still in “now on”, and it is too early to make any conclusions: what kind of impact will the reform have on the broader market, what the market players’ overall acceptance of the reform, and the level of governance of listed companies after the reform Whether or not China’s securities market can develop its proper function afterwards can be rapidly upgraded ... Everything still needs to be observed and waited for. But not only the result makes sense. Each pilot company put the reform proposal in a vote and the process of seeking approval is actually the process by which controlling shareholders, “retail investors” and “institutional investors” seek a unified interest mechanism. The split share structure has caused the split of interests. What worse has resulted in the different and even conflicting interest mechanisms. As a result, innumerable unfair profits and ill-fated revenge have accumulated. Now they are suddenly asked to sit together and seek “unification” What kind of scenario will be presented? The government has not promulgated a “one-size-fits-all” compulsory program. All are left to all shareholders of the pilot enterprises to express their opinions and fight disputes so as to reach a final compromise. From the current reform process of several pilot enterprises, compromise, rather than division, has become the mainstream. This gives hope. This compromise is the starting point for all goodwill trends in China’s securities market in the future.