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作为服务于投资者的中国权威财经媒体,《新财经》杂志始终重点关注中国资本市场的改革进程。为了解目前A股未试点公司对于股权分置改革的基本态度和困惑以及困难,《新财经》自7月20日开始进行A股上市公司股权分置改革问题调查。我们希望通过本次普查,向投资者和政策制定者传达更多真实、有效而积极的信息。本次调查,共发放1200份调查问卷(14道客观问题+8道主观问题),回收有效问卷283份,187份问卷的主观问题部分回答完整、清晰,其中,回收第一、二批试点公司调查问卷18份。以下,我们根据受访对象的调查结果进行了分类统计。统计显示,几乎100%的受访公司都深刻认识到了股权分置改革的积极意义:能够促使上市公司赖以生存的资本市场环境更加法制化、市场化,更有利于促进公司法人治理结构的完善和公司质量以及市场地位的提高。尽管目前完成的两批试点公司的改革方案对于后续筹备改革的公司在类型和性质上的确具有标杆作用,其方案基本能反映流通股股东和非流通股股东、以及市场其他各方的意见,能起到消除市场混乱、稳定市场预期的效果。但通过调查我们发现,由于政策层面仍缺乏一套统一的操作和对价原则,16%的上市公司对短期内顺利完成股改仍信心不足,配套法律制度缺失、大股东让步意愿弱、外部股东期望值过高、非流通股股东之间持股成本差别大等方面的阻力,使得这些公司一致认为,未来改革全面铺开还将面临更多挑战。
As China’s authoritative financial media serving investors, New Finance magazine has always focused on the reform process of China’s capital market. In order to understand the basic attitude, confusion and difficulties of the non-A-share Pilot Companies that are not involved in the reform of share holding structure, Xinbei Finance started a survey on the share reform of A-share listed companies since July 20. We hope that this census will send more real, valid and positive messages to investors and policymakers. In this survey, a total of 1200 questionnaires were issued (14 objective questions + 8 subjective questions), 283 valid questionnaires were returned, and some of the subjective questions of the 187 questionnaires were completely and clearly answered. Among them, the first and second batch of pilot companies 18 questionnaires. In the following, we conducted disaggregated statistics based on the respondents’ findings. Statistics show that almost 100% of the companies surveyed have deeply realized the positive significance of the non-tradable share reform: to promote the legalization and marketization of the capital market environment in which listed companies depend for survival and to promote the improvement of corporate governance structure And the company’s quality and market position to improve. Although the reform plans of the two pilot companies completed so far do indeed have a benchmarking effect on the type and nature of follow-up preparatory reforms, the plan basically reflects the views of tradable shareholders and non-tradable shareholders and other parties in the market. Play to eliminate market turmoil, the market expected to stabilize the effect. However, through the survey, we found that 16% of listed companies still lack confidence in the successful completion of the share reform in the short term due to the lack of a uniform set of operating and consideration rules at the policy level. The lack of supporting legal systems, the weakening of major shareholder concessions and the expectation of external shareholders High and non-tradable shares held by large differences in the cost of the resistance, etc., making these companies agreed that the full implementation of the future reform will face more challenges.