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本文从证券市场国有股的形成的根源出发,说明了我国证券市场国有股存在的历史原因,阐明现阶段国有股的存在对证券市场进一步发展所起的消极影响,并从促进我国证券市场健康发展、完善公司内部治理结构、增强国有资产存量流动性方面分析了减持国有股的必要性和可能性。在对国有股减持难点进行探讨的基础上,分析评价了目前存在的一些减持方案,对保护投资者利益和国有股减持定价模式进行了研究。
This paper illustrates the historical reasons for the existence of state-owned shares in China’s securities market from the root of the formation of state-owned stocks in the securities market, and expounds the negative impact of the existence of state-owned shares on the further development of the securities market at this stage. From the perspective of promoting the healthy development of China’s securities market and improving the company Internal governance structure and enhancing the liquidity of state-owned assets, the necessity and possibility of reducing state-owned shares are analyzed. Based on the discussion of the difficulties in reducing the state-owned shares, this paper analyzes and evaluates some existing reduction plans, and studies the interests of investors and the state-owned shares reduction and pricing model.