The Research On The Equity Interest Of The Listed In China

Since the establishment of the Securities market in China more than ten years , the equity economy and the listed companies' forces have been developing rapidly. But the disadvantages problems continuously appear all the time round. The intention of this dissertation is to analyze the roots of the problems and seek for the effective and best solutions and propose direct suggestions. Based on the achievement and progress of theories on the listed economy, the author analyzes the present situation, the existing problems, the defections, and the harmfulness from the improper listed stockholding structure , stockholding equity , stockholding circulating, stockholding breaking-up, as well as the non-circulation of the state-owned stocks. The author also compare the listed stock-holding structure to the performance, to the structure as well, from home to abroad; Based on the distribution of the stockholding and the harmfulness of absence of the stock right, analyzing the main one of the source of the problems. The conclusion is that one of the original reasons is the wrong opinions on the functions of the stock markets and the limits of viewpoint on keeping the public ownership as well as the reality of the Securities, accompanying with the following direct suggestions: building an absolute or relative system of the stockholding in big listed companies of competitive business based on the safe of and schedule for the country and people according to the arrangement of the economic structure in the country.; building a weak system or retreating absolutely in common business; reconstructing the agency model on the state-owned assets, separating the administration from the operation and enforcing the supervision to the agencies. The author suggests that selling the equity to other stockholders in circulation by the strategy of reducing the hold of the state-owned stocks in the second market, and to weaken the vibration of the stock market, selling partial state-owned stocks to legal-person investors abroad, not circulating in the second market but among the legal-persons at home and abroad to form an outer market.After the study and long-time consideration and experience from abroad, the conclusion is: for the solution of the listed company's problems in the share's equity in our country, the following two points should be completed: one is to adaptingdifferent strategies according to different property to reducing hold the state-owned equity and dividing into two kinds of circumstances: to reduce the state-owned stock to absolute or relative stock-holding situation in the monopoly or the competitive business, the proportion is below 33% to 51%33% or retreating out completely. The second is about the circulation of the state-owned stock equity. In the paper the author proposes that with a low-price police to sell the stock to the stock-holders in the market. In order to reduce the vibration of the price in the stock markets, selling with a auction to foreign capital, private capital or take a MBO. A special outer market, full of competition, should be formed where these stocks can be transacted freely.The main methods used in the paper is the method of comparative analysis.