A Study On Releasing Ways Of Listed Companies'State Share

Having been developed for more than 10 years, China's securities market has exceeded 1000 listed companies and the value of share has surpassed 1000 billon. The rapid development of securities market raised the degree of financial liberalization. It also heightened the state-owned economic and made the China's economic growing steady and healthily. Obviously, the development of securities market is one of the most important achievement in 1990s' since China's opening and reform. But we must see, there are many problems as we achieve success in China's securities market, such as quantity controlled, stock divided and entry restricted. As other questions been solved, the state share becomes the most unfit. In fact, if the structural contradiction can not be settled thoroughly, this will affect it's further development of China's securities market. This article analyses the history of China's securities market, explains the reason to set up state share, illustrates it's positive effects and negative impact during different decades. By the reason of reorganization of the state economic strategy, perfection of legal person corporate governance and healthy development of China's securities market, it is time to release state share. Bases on the experience of releasing state share and perfectly research on theory, the author advances some feasible ways of releasing state share, from rules and regulations to the framework of administration. Not only summarizes the used ways, but also lies some specific plans. All the ways bases on the country, the market and the investors. If the state share can be released as we planed, it will do good to the reform of state-owned enterprise and the reorganization of state economic strategy, even to the development of China's economic.