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我国上市公司国有非流通股份的过度集中,严重制约了我国证券市场资源配置功能的有效发挥,而以两倍以上的资产控制一倍的资源更是国有资产的重大浪费。因此,多年以来,管理层与市场一直在从理论与实践上探索我国上市公司国有股减持的可能性。2001年6月12日《减持国有股筹集社会保障资金管理暂行办法》(以下简称《减持办法》)的发布,意味着作为我国社会主义市场经济主要标志的证券市场将步入新的发展阶段。因此,加深对《减持办法》的理解必将有助于本办法的有效执行。
The over-concentration of state-owned non-tradable shares of listed companies in China has seriously restricted the effective utilization of resources allocation in China’s securities market. However, the control of resources twice as long as assets is a major waste of State-owned assets. Therefore, over the years, management and the market have been exploring the possibility of reduction of state-owned shares of listed companies in China both theoretically and practically. The promulgation of the Interim Measures on Administration of the Reduction of State-owned Shares to Raise Social Security Funds (hereinafter referred to as the “Measures of Reducing Stock”) on June 12, 2001, means that the securities market, which is the main symbol of China’s socialist market economy, will enter a new stage of development . Therefore, deepening our understanding of the “reduction measures” will surely help the effective implementation of these measures.