| at the beginning of the stock experiment Chinese stock companies have state-owned shares,legal person shares,A shares and foreign capital shares.Among them state-owned shares and legal person shares are the main part shares during the stock system reform for state-owned companies.however,the department concerned does not allow the negotiation of state-owned shares and legal person shares.As the reform in the sock system is speeding up and the scale of China stock market is expanding,the volume of age old state-owned shares are growing.For the development of China security market,the negotiation of state-owned shares and legal person shares is a fundamental difficult problem.The negotiation of state-owned shares and legal person shares has its necessity and possibility. The stability and development of stock market,the standardization of internal mechanism of listed company and the industrial structure adjustment all need negotiation of state-owned shares and legal person shares.The realization of state-owned shares also can supply the funds for the estalishment of social insurance system.The regulations concerned in lay a law foundation for the negotiation of state-owned shares and legal person shares.Many people reach agreement on whether the negotiation of state-owned shares and legal person shares would result in the loss of state property and the effect on state holding quality.It is not easy for the negotiation of state-owned shares and legal person shares.If all state-owned shares and legal person shares are traded entirely.it should bring great shock to the secondary market at the present stage.The investors structure on the security market is not satisfactory.The lack of stable sources of funds is the main reason for the great stock market fluctuations.There are mainly nine modes suggested by the experts about negotiation of state-owned shares and legal person shares:(l)bring state-owned shares and legal person shares into issuing plan and merge with the public shares totally;(2)transform the STAQ and NET market into state-owned shares and legal person shares market and let it open to all the legal person investors;(3)transform state-owned shares and legal person shares into B shares and ADR;(4)transform part state-owned shares and legal person shares into preference shares and list them on the stock market;(5)list state-owned shares and legal person shares at a discount;(6)list state-owned shares and legal person shares afer transformed into convertible bonds;(7)set up investment funds for state-owned shares and legal person shares;(8) state-owned investment companies join the plan;(9)buy-back and matching selLAmong the modes,(l) is that state-owned shares and legal person shares are listed directly,(2) and (3) are that state-owned shares and legal person shares are negotiated on another market,(4),(5) and'(6) are that state-owned shares and legal person shares are listed after transformed,(7)and (8) are that state-owned shares and legal person shares are transferred to some operational organizations,and (9) is that some state-owned shares and legal person shares are negotiable and the others still are nonegotiable.This essay analyses the content,the characteristic,the pros and cons about the modes.There is not a perfect modes .Therefore,we should choose different modes according to their advantagesIn fact negotiation of state-owned shares and legal person shares has beenpractised before.The practices include the establishment of the STAQ and NET market,directional negotiation,being transformed into B shares,rights issue assigned to the public,and negotiated transference on kerb market among the legal person etc..The Party has said that state would properly reduce the owning of state-owned shares from some good state-owned listed companies without affecting -the holding quality and the realization funds would be used for the reform and development of the state-owned enterprises.The step of reducing state-owned shares and legal person shares is speeding up.The buy-b... |
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