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1994年,中国股市面临着1000多亿元国债发行,上市公司高额大量配股,市场急剧扩容等巨大压力,资金供需矛盾十分突出。从目前股市的情况看,在我国大多数上市公司中,国有股约占总股本的80%,深沪市场上流通的股份中仅有不足18%的社会公众股,而且国有股属国有资产折价入股,没有高溢价发行的认购成本,经过这几年的分红派息,成本更已低于面值,沽售压力很重。目前,市场对18%的个人股已感资金不足,一旦国有股上市,必将对还不成熟的中国股市造大极大的冲击。这是个不容回避的问题,理论界和股民心里都很清楚,只有解决好这个后顾之忧,中国的证券市场才可能健康长远地向
In 1994, the Chinese stock market was under tremendous pressure of over 100 billion yuan of treasury bonds issuance, a large amount of placement of shares by listed companies, a drastic expansion of the market, and the contradiction between supply and demand of funds was outstanding. From the current stock market situation, most of the listed companies in our country, the state-owned shares account for about 80% of the total share capital, Shenzhen and Shanghai stock market circulation of only less than 18% of the public shares, and state-owned shares of state-owned assets discount shares, No high premium issue of subscription costs, after several years of dividend payouts, the cost has been lower than par, selling pressure is heavy. At present, the market has felt insufficient funds for 18% of individual stocks. Once the listing of state-owned shares is made, it will surely exert a tremendous impact on the immature Chinese stock market. This is an unavoidable issue. It is clear to the minds of both theorists and investors that it is only by resolving this worries that China’s stock market will be healthy and long-term