Discussion Of State-owned Stock Reduction

The continuing fall of stock market lead people focusing the concern to the state-owned stock reduction in last year, so the policy of state-owned stock reduction will influence the whole stock market, even can be the watershed to the development of future. The state-owned stock reduction is the crossover to the standardization of stock market, the deep reform of national-enterprise, the strategic adjustment of overall arrangement of state-owned economy and the complete development of welfarism. Therefore, the problem has extremely value to the order-development of stock market.In this thesis, we try to solve the problem. At first, the thesis expatiates on the fact of stock market in China and the chance of further development and tries to analyses the reason to the failure of the policy of state-owned stock reduction in the background of stock market of China. The character of stock market of China is expeditious development and the statue of it become more important in the national economy. However, because of the irrational shareholders that are divided to circulation stock and the mainly part -non-circulation stock , the problem come from this. It is that the company becomes tool to snatch money for the big shareholder because the profit of the big shareholders and the shareholder of circulation stock was separated, the price of the stock was irrationally high and the function to optimize resources was lost. All of those, as you know, hinder the continuing development capability to company and the capital market. After China entered the WTO, the imminency and necessary to make the stock market standardization and meet the international rule attach increasingly important to us. And the continuing development of Chinese economy and the 8000 billion yuans deposit gives the wonderful chance to the development and standardization.And then, the thesis analyses two reasons for the failure of the policy of state-owned stock reduction. The directed reason is the price of the stock of reduction is illogical high and unfair and the method does not completely solve the problem, makes the non-circulation stock more than before and lacks the practical value. Furthermore, the deep reason for this problem is the failure of the national-enterprise reform. The stock institution reform did not solve the separation of responsibility of the state and enterprise, property right and shortage of owner to the national-enterprise. From this, the government confused the responsibility in social management and owner of the capital. Because of this, the government has dual figure of "athlete" and "judge" to establish the rules. It is inevitably that where exist much failure in the strategyand tactic of state-owned stock reduction.From the above analysis, this thesis relocates the discussion of the problem of state-owned stock reduction and focuses it as the key of national development and reform. According to solve it, the object of national-enterprise reform can be realized. Contrasting seven methods, they all have the same shortage it is that they lack a scientific pricing method. In this thesis, we put forward floating ratio pricing method. It is a way by the searching pricing function of market to find a fair price that can be accepted by each side. Based of this, we get the model to estimate the reduction speed and the reluctant tactic. At last, we bring how to reform the management system of state-owned stock and the reason to it.