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建立现代企业制度,对国有大中型企业进行股份制改造,是我国国有企业改革的趋向。如何管理国有股,使国有资本有效运作,实现国有资产最大幅度的保值增值,是我国理论界和经济体制改革实践中面临的一个重要课题。自我国成立证券市场以来,尤其是在上海、深圳两地证券交易所上市公司中,国有股流通问题一直困扰着我们。我国在对国有大中型企业进行股份制改造之初,将上市公司的普通股份人为划分成可以在证券市场上自由流通的社会公众股和不具有流通功能的国有殷。以上交所为例,社会公众股在总股本结构中所占比例不到40%,而国有股超过60%。国有股
Establishing a modern enterprise system and reforming the shareholding system of large and medium-sized state-owned enterprises are the tendencies of the reform of state-owned enterprises in our country. How to manage the state-owned shares, make the state-owned capital operate effectively, and maximize the value preservation and appreciation of the state-owned assets are an important issue facing the theoretical circles and the economic system reform in our country. Since the establishment of the securities market in our country, especially in the stock exchanges listed in Shanghai and Shenzhen, the circulation of state-owned shares has been troubling us. At the beginning of the shareholding system reform of large and medium-sized state-owned enterprises, our country divided the ordinary shares of listed companies into state-owned shares that can circulate freely in the securities market and state-owned shares that do not have the circulation function. For example, the Shanghai Stock Exchange, public shares in the total share capital structure of the proportion of less than 40%, while the state-owned shares more than 60%. State-owned shares