Exploration And Discussion On Using ETF To Reduce And Circulate State-owned Stocks

With the end of the Equity-Splitted Reform, the liquidity-right of state-owned stocks in listed companies will be solved properly, which will lay the good system foundation for reduction and circulation of the state-owned stocks. But following it, a large quantities of state-owned stocks will enter the market to be traded, which will cause the huge pressure of expansion to the secondary market and disorder the anticipation to the stock market of the general investors. Traditional plans can't solve the above problems, it's very necessary for professional and scholar to design a set of plan to aim at these problems.As one kind of rising financial investment tool, ETF synthesize the common merits of open-ended funds and close-end funds. Relies on ETF's unique transaction way and the product superiority, the plan of ETF-pattern will be a feasible choice to solve the above problems. At the same time, under current market environment, developing the ETF vigorously have many positive influences to encourage the investor to invest rationally, to active and standardize the security market and to foster the organization investors.The paper reviews the equity-splitted phenomenon in our stock market under the background of the Equity-Splitted Reform., then analyses the present situation of the equity-structure in the listed companies and the influences caused by the circulation of the state-owned stocks to the whole security market. On this basis, the paper discusses how to use ETF to reduce the state-owned stocked in detail. Through a large number of academic and data analysis, the paper prove that the plan of ETF-pattern to reduce the state-owned stocked have very strong necessity and the feasibility, and the implementation of this plan will bring multitudinous positive influences to our stock market. At the end of the paper, the tentative plan named "JC—ETF" that takes ETF as basis is designed, and the key of this plan is emphasized.