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１９９９年４月，云天化宣布斥巨资回购２亿国有股，引起我国股票市场的强烈反响。国有股回购作为我国股票市场完善过程中的一个“内生性”制度创新，在国有股流通性问题和股票市场监控功能缺陷问题走到十字路口时应运而生，有其客观必然性。云天化国有股回购这一典型案例...
In April 1999, Yuntianhua announced that it would repurchase 200 million state-owned shares at a huge investment, causing a strong reaction in China’s stock market. As a “endogenous” institutional innovation in the process of improving the stock market in our country, state-owned stock repurchase came into being at the crossroads when the problem of the liquidity of state-owned shares and the defect of the stock market monitoring function came into being, with its objective necessity. Yuntianhua state-owned shares repurchase this typical case ...