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国有股减持对于改善我国上市公司的股权结构、规范法人治理、筹集社保资金和抑制二级市场过度投资均有重要的积极意义。目前国有股减持所出现的问题并不在股权定价方式上 ,而是来源于流通性预期导致的市场短期供给曲线的过度移动所产生的反面效果。若处理不当 ,则存在着摧毁证券市场的巨大风险。国有股从诞生起就决定了它保持非流通性特征的合理成分 ,减持后仍保持其非流通性特征是克服政府长期目标与短期目标内在不一致、稳定与发展我国证券市场的唯一选择。
The reduction of state-owned shares plays an important and positive role in improving the ownership structure of listed companies in our country, standardizing corporate governance, raising social security funds and restraining over-investment in the secondary market. At present, the problems arising from the reduction of state-owned shares are not based on the equity pricing method, but from the negative effect of excessive movement of the market short-term supply curve caused by the liquidity forecast. If not handled properly, there is a huge risk of destroying the securities market. Since its inception, state-owned shares have determined its reasonable features of maintaining non-liquidity characteristics. Maintaining its non-liquidity characteristics after its reduction is the only option to overcome the inherent inconsistencies between the government’s long-term goals and its short-term goals and to stabilize and develop China’s securities market.