Thinking In All Reason About Transferring Equity Capital Owned By Government

Can the equity capital that owned by government be sold out in the stock market like the public share after the government ownership of industry transferred to system of share? This is a focus that is paid attention to by many economists in China or other countries. First of all, the dissertation analyzed the background and situation of national companies come into the stock market, and proved the conflict of interest between national shareholder and public shareholder, and studied inherent negative affection of national share to companies come into the stock market and stock market because national shareholder is the most shareholder holding nonnegotiable stock, and demonstrated from theory to practice the necessity of negotiability of national share at angle of view of government capital operation in all reason. Second, the dissertation concluded that privatization-nationalization-privatization is a dynamic course of economic development in which any change of specific link lies on the objective demand of economic development, by means of studying other countries experience in nationalization and privatization and considering reform of national companies in china, thus discussed the feasibility of transferring national share to stock market. Third, through comment of national share decreasing project, the dissertation provided a selection of transferring national share to stock market. Finally, the dissertation defined functional capital of government and suggested a managing frame of government capital and a conception that is a capital increased course in spiral by creating corporation, then selling corporation, recreating new corporation in which government capital and capital market were combined.