China's State-owned Shares And The Countermeasures

Along with the step of our socialism market economy developments, we have to reform the state-owned enterprise deeply. So we must strategy reorganize the state-owned economy, establish the modern business enterprise system, with lessening the state-owned share. Although we have tried several times to lessen the state-owned share, it didn't satisfy us. According to this kind of background, the author tries to find new methods for lessening the state-owned share.The purpose of lessening the state-owned share in our country is to match with the reorganizing of the state-owned economy, collect exchequer for the social insurance fund. But we must realize that the more important purpose is to iron out many problems, which are brought by the high rate of the state-owned share in stock market of .China. Lessening the state-owned share is different to currency of the state-owned share, quitting the state-owned share and selling the state-owned share to get money, but again they are similar. So we must distinguish them. We can learn much from the studying on the lessening state-owned share hi west countries.We find out there are some advantage and defect of the current eleven kinds of methods of lessening state-owned share at the same time. According to the analysis of the listed company's share-holding structure ^ the content of the share marketing N the quantity of the state-owned share which need to be lessened, the new project of lessening of the state-owned share should be designed with the following conditions: Telling the listed companies apart according to their crafts; using several methods of lessening and pricing jointly; giving the same price and the same warrant to all of the shares of the new listed companies; finishing the lessening in 7 to 8 years gradually. In order to realize lessening and circulating the state-owned share at the same time, writer designs three new methods: selling the state-owned share with the issuance stock option; conjoining redeeming share and increase the circulating share; decreasing the state-owned share by the simple modulus and circulating the share in the stock market, and a new pricing method of lessening the state-owned share. In order to use the moneyfrom the lessening state-owned share efficiently and let everyone take part in the lessening positively, we should give the money from lessening to the central government, local government and enterprises. At last, writer checks the feasibility of the new methods by two examples.