The Research Of The Reduction Of The State-owned Shares

The securities market of our country develops on initial stage and adopts establishment that state-owned stock, the corporate share and public stock circulating not circulating coexist there are certain historical necessities. There is positive facilitation to the development of the capital market of initial stage.The fast developments of securities market, make the non-circulate stock of total amount reach 383,800 million during the past ten years, accounts for more than 65% of the whole securities markets. Through development in initial stage, all sorts of drawbacks existing in establishment of such?two?factors structure of stock right,it can't meet the need of the modern financial market development ,the obstacle has emerged to the in-depth of the modern financial market instead. 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. For this reason, our government began the pilot work that the state-owned stock was reduced since 1999, Scheme of adding 10% state-owned stocks of the placing were reduced when issuing additional after adopting the placing, buy-back and issue of the new stock successively etc. But because of the means to take planned economy, these tries did not achieve success. Cause the fluctuation by a wide margins of securities market is finally in claiming and suspend state-owned stock be reduced? June 2002 instead. Along with the development of economic integration of the world trend, accession to the WTO and the deepening of strategical reajustment of economic layout of our country, need of setting-up of the perfection, enterprise modernized mechanism of management of the securities market of our country. It has already been the trend of the times that the state-owned stock is reduced,it can't avoid . 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 proceeds from origin that the state-owned stock of securities market forms, has stated the historical reason of the existence of state-owned stock of securities market of our country, explains the existence negative influence gotten up toward further development of securities market of the state-owned stock in the present stage, and from state-owned economies strategical reajustment, perfected legal persons of the company and managed the structure and promoted the securities market of our country developping the angle in a healthy way etc, and analysed the necessity and possibility which reduces the state-owned stock. On reducing practice and theory and probe into foundation of abundant research to the state-owned stock. Analyse and appraise exist at present reduce scheme is to protecting and state-owned stock reduce interests fixed price go on and study by mode investor at some, and has proposed on the basis of this that many kinds of feasible innovation reduce schemes. Proceed from angle of market economy and use and have arbitrage not to be balanced to analyse, synthesize fixed price analyse, roll over whifves of coefficient simplify analyse, historical cost analysis,etc. method by mode, reduced the work and carried on positive exploration to the state-owned shares. If the state share can be released,it will do good to the reform state-owned enterprise and the reorganization of state economic strategy,even to the development of China's economic.?...