A Deep Research On Reducing The Stated-Owned Shares

The reduction of the state-owned shares, which is one of the most sophisticated problems left in the development of the capital market, has been the focus of the whole society ever since it was first put forward, and is the central issue and hard nut of the recent economic reform. That the state-owned shares are in absolute dominant position and unable to circulate is the fundamental cause of the abnormal and irregular operation of the capital market and of the inefficient firm administrative system.My dissertation is divided into four chapters:In chapter one, the historical reasons of the irregular stock structure given by the state-owned shares in absolute dominant position and without circulation as well as the negative impact of it are first talked about. Then the background of the task, its roles and difficulties are discussed. Finally, a conclusion that the state-owned shares are the fundamental causes for the irregular operations of the capital market is made.Chapter two mainly concerns the relationship between the reduction and the firm administrative system. It is pointed out that the abnormal and irregular stock structure stands in the way of the efficient administrative system in terms of the internal and external administrative systems and the motivating system, and that the reduction can lay internal and external foundation for the construction of the firm administrative system and give promotion to the cultivation of the organizational investors as the positive forces in the capital market.Chapter three attaches special importance to the analysis and evaluation of the two reduction attempts in the past. It mainly gives the causes of the failures of these two attempts and what we can get from them.Chapter four involves two types of reduction program designs which are thereduction of multiplying the circulating shares in a all-circulation arrangement and a comprehensive design of reduction in multiple ways.