Realistic Thinking On The State-owned Shares In Circulation

The state-owned shares' lessening and circulation are a heated issue concerning the government, the corporations, investors and other interest-related subjects, a delicate problem in the development process of China's stock market, an abbreviation of problems arising in the course of China's economic system shifting. The state-owned shares' lessening and circulation are relevant to the strategic adjustment of state-owned economy, the further development and advance of state-owned corporations' reform, the perfection of listed corporations' governance structure, the marketization and globalization process of the stock market and have a comprehensive significance in many aspects. It is generally accepted that the state-owned stocks should change the present situation of being "Predominant of one shareholder" and illiquidity. But during this process, the interest conflict between market subjects will turn into an unsteady factor disturbing the normal operation of the stock market. Besides, in the absence of the ready patterns to comply with, the formulating of projects & schemes of the state-owned shares' lessening and circulation is of great difficulty. While the seven kinds of projects & schemes gathered from all trades and professions by China SEC are of unique character & virtue, but of defect at different level, among which the negligence of circulation is prime of all, thus further improvement is in great need.The dissertation is divided into four parts, and the main content is as follows, The dissertation starts with state-owned shares, a character of socialist share system and primary stage of stock market, traces back to the historical background of this unique stock structure and illiquidity, and analyzes its negative effect on listed corporations' governance structure by applying modern corporation theory. Then based on the clarification of the basic meaning of state-owned shares' lessening and circulation, the first part also states the comprehensive and practical significance for reduction on state-owned shares and their circulation.The second part mainly introduces and analyzes the seven kinds of projects & schemes gathered from all trades and professions by China SEC, and elaborates several thinkings for state-owned shares' lessening and circulation.The third part probes into several delicate problems of focus concerning state-owned shares' lessening and circulation, the pricing system, the amount, the timing and the space of state-owned shares' lessening and circulation, which forms the preliminary plot for state-owned shares' lessening and circulation.Finally, based on the analysis of basic principals the state-owned shares' lessening and circulation should comply with and learning from the practice of state-owned shares' lessening and circulation in foreign countries, the fourth part puts forward some strategic schemes & suggestions, and also discusses the former and later problems concerning state-owned shares' lessening and circulation, in hope of providing some aid in the practice of state-owned shares' lessening and circulation.