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我国国务院颁布的《减持国有股筹集社会保障资金管理办法》对上市公司国有股减持的方式和定价原则做出了明确规定。确定了国有股的减持主要采用存量发行方式,即将现有的国有股出售给二级市场投资者。具体发行上是以新股发行或增发股份时的融资额为基数,减持数为该基数的10％。减持定价原则上采取市场定价方式,即以二级市场价格为参考确定。这一减持方案在目前兼顾了三方利益:国有股以尽可能高的价格出售;社保基金增加了来源;股价二级市场扩容压力不大,股民也能承受。但这只是照顾了各方面利益的短期均衡,而长期平衡这三方面利益的关键却被忽
China’s State Council promulgated the “reduction of state-owned shares to raise funds for social security management” of state-owned shares of listed companies to reduce the way and pricing principles made clear. It is determined that the reduction of state-owned shares mainly adopts the stock issuance method, that is, the existing state-owned shares will be sold to the secondary market investors. The specific issue is based on the amount of financing the issuance of new shares or additional shares as the base, reducing the number of 10% of the base. Reduce the price in principle to take the market pricing approach, that is to determine the secondary market price as a reference. At present, this reduction plan takes into consideration the tripartite interest: state-owned stocks are sold at the highest possible price; social security funds have increased their sources; there is little pressure to expand the stock price secondary market and investors can afford it. However, this only takes into account the short-term equilibrium of interests of all parties. The key to long-term balance of these three interests is neglected