The Research On The State-owned Shares Lessening Based On Full Circulation Of Stock

With the acceleration of economy internationalization course and financial market opening, securities market's standardization, marketability and globality are required urgently, so all circles come to solidarity that the problem of "equity partition" should be solved as soon as possible. The nation has attempted to lessen the state-owned shares since the latter half of 1999, but for some reason, the result is not very good. So we should probe into the scheme which will accord with the market developing practice, be accepted by all and operate reposefully when it is carried out.This paper starts with the harmfulness of equity partition as the research background, and reviews the state-owned shares lessening course in our security market. Based on the summary of the past practical experience and lessons, it is put forward that the state-owned shares lessening must go along under the full circulation of stock. Although "State-owned shares lessening" and "full circulation of stock" are two different concepts, state-owned shares lessening must be based on full circulation of stock, otherwise it is a seeming lessening, it can't embody the principle of same stocks possessing the same rights, and can't form the corporation system which has transparent property right. After the analysis of the research production in existence, a new scheme is brought forward expressly, which settle the full circulation first, the negotiability allowed, then lessens the state-owned shares designedly according to the market value when necessary. The essence of the scheme designing is: stock gross fixed, the quantities of the prohibited shares and public shares are admeasured in the light of their present value proportion. The paper expound an innovate method to confirm the prohibited shares' present value: the price is based on net assets per share, and adjusted by average return on equity and P/B level.