| State-owned stock reduction, is a puzzle in the development of securities business and also an epitome of many difficult problems in economic shunt period in China. State-owned stock reduction is a policy difficulty, a discussing and an attention focus, because it is not only a problem in operational lay, but a high-difficult problem possessing deep-seated meaning and complicated background.The background of topic selection and the research significance: In the course of the transferring from planned economic system to market economy system, the power of market has been cultivated and has developed rapidly. The form and grandness of the power of market is the result of the reform, the need of develop and the locality of hope. At the same time, China becomes a member of WTO, so the new situation of reform opening not only challenges the enterprises, but also brings forward new request towards government behaviors and decision-making manners.With the rapid change of circumstances, state-owned stock design can not adapt to the new market and put up the malpractices. In order to adapt to the circumstances, the design of state-owned stock must be changed. However, to advance the work of state-owned stock reduction, it's necessary to consider the feedback of investors and the bearing ability of the market. The previous schemes are paused because of the market pressure. It suggests that the significance of state-owned stock reduction can be brought into play in maximum, when the advantages of each aspect are given attention to. Now, the new scheme of state-owned stock reduction is still in discussion. The policy pulse of state-owned stock reduction affects the securities market.In the complicated background, anglicizing state-owned stock reduces in a broader view and from all aspects helps to understand the work of state-owned stock reduction deeply. The purposes of this thesis is not to put forward a new scheme of state-owned stock reduction, but to open out the policy background, look back the practice road, compare the schemes, and hackle the related problems of state-owned stock reduction.The research ideas and the structure of the thesis:In order to make the argumentation convenient, in the foreword the author expatiates the conceptions of state-owned stock and state-owned stock reduction.The thesis is divided into four sections.Section 1 analyzes the necessity of state-owned stock reduction Section 2 analyzes the academic gist of state-owned stock reduction.Section 3 researches on the schemes of state-owned stock reduction and evaluates the schemes.Section 4 presents some policy options and analyzes the foreground of state-owned stock reduction.Section 1 analyzes the motive of state-owned stock reduction starting with the malpractices of the design of state-owned stock. Firstly, it describes the cause of state-owned stocks, which are a unique characteristic of Chinese stock market. Secondly, it examines drawbacks of state-owned stocks. Lastly, illuminates the obstacles in reduction of state-owned stocks. Although reduction and circulation of state-owned stocks are beneficial to development of capital market in the long run, they may bring a large temporal shock to the market. The proper pace and magnitude of the reduction can lower its unfavorable effects. The obstacles include the angle of idea, system, price, finance surroundings and the employment of reduction capital.Section 2 analyzes the necessity of state-owned stock reduction from the angle of theories, one is the theory of equity interest structure, and theother is the theory of employment of state-owned capital. Then it analyzes the actuality of stock market and draws a conclusion that state-owned stock should be reduced.Section 3 examines seven reduction plans and evaluates their merit and drawbacks. They are placing, fund, future right of negotiability, right certificate, adjustment of equity interest, reduction in the secondary market, and so on. After evaluating the plans one by one, it bri... |
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