国有股减持模式及我国证券市场和公司治理结构的影响

【作者】 钟辉；

【导师】 金雪军；

【作者基本信息】 浙江大学 ， 政治经济学， 2001， 硕士

【摘要】 国有股减持是推进我国经济改革的市场化进程和贯彻党的路线方针政策的重要环节。由于历史的原因，国有股权在企业中所占比重较高，这不仅造成资源配置上的极大浪费，也由于出资人不到位，使公司内部治理结构存在较大的隐患。而上市公司股权结构的不合理和流通股所占比重过低，更使上述问题表现突出，股价高企或市盈率过高一直是市场内外争论的焦点。随着中国加入世贸，国内各行各业都将面临激烈的竞争，作为一个发展中国家和人口大国，就业的压力也将日益显现，这对我国尚不健全的社会保障体系是一个极大的考验。在没有探索出其它有效途径的情况下，通过国有股变现补充社保资金的巨大缺口，不失为一种有益的尝试。 正因为上述种种原因，在党的十五大报告中，国有股减持才被放到了战略性高度加以认真对待。国内理论界对此展开了热烈的讨论，归纳起来有四种思路，即转换思路、流通思路、变性思路和综合思路。考虑到国内证券市场的实际情况和承受能力，尤其要做到减持和流通两个方面的良好衔接，笔者倾向于以综合思路为基本出发点，以配售、回购、协议转让等为具体办法来解决这一历史遗留问题。 在理论界讨论的同时，管理层也积极开展了国有股减持的尝试，第一次是1999年中国嘉陵、黔轮胎的配售试点，第二次是2001年6月新股发行和增发时的存量减持，但这两次试验都因不被市场认同而被迫中止。究其原因，第一次失败主要是样本公司选择不尽合理且配售价格偏高，而第二次失败不仅采取市场定价原则，减持价格明显偏高，还由于每次减持只占上市公司国有股存量的10％，使得彻底解决这一历史遗留问题变得遥遥无期，在背负如此巨大压力之下，市场信心崩溃，股价大幅大挫，在试行了四个月之后，中国证监会不得不宣布此次试验暂停。 从中我们可以感受到，国有股减持是一项艰巨复杂的系统工程，没有现成的经验可供借鉴，任何一种方案都存在着局限性，要彻底解决这一问题不是一朝一夕的事。但中国已经加入世贸，在时间安排上不允许我们有太多的犹豫。笔者认为，国有股减持的短期目标是弥补社保资金缺口，中长期目标是解决上市公司内部治理结构的不合理，而后者是国有股减持的关键所在。两次试验不浙江大学学位论文国有股减持模式及对我国证券市场和公司治理结构的影响被市场接受的共同点是国有股减持在定价原则上的不合理，由于国有股在资产评估和发行后的二次增值，已使每股净资产存在较大幅度的溢价，因此以净资产作为定价基础是较为现实的做法，只有在减持价格上作一定让步，才能顺利、彻底地解决这一难题，我们应从推进市场化进程的长远角度加以考虑，让步不是妥协，是为了完成我国经济体制改革的总体规化。 只有在定价原则这个大方针既定的情况下，才可能选择较为现实的操作办法:也只有在此大前提下，国有股减持才不致于对我国的各个经济层面和证券市场带来大的冲击。 目前中国证监会已向社会各界发出通知，广泛征集国有股减持的具体办法，这也体现出管理层对广大投资者的尊重。相信今后推出的办法应是对市场最有益的。笔者希望通过此文也能对这一系统工程作些有意义的探讨。更多还原

【Abstract】 State Owned Shares Reduce Holded (SOSRH) will be the major element that pushing forward the state economic especially in the market economic reform. For the historic reasons, State Owned Shares Holded Right (SOSHR) has a higher rate at the enterprises, which relate to the waste of state resources controlled. And the shortage of internal management structure in enterprise also occurred because of the lack of investings. The unreasonable share holded right structure of listing companies and the higher price of share or higher rate of return on invest also caused the arguments within internal and external security market. It should be a serious test for the social walfare system in China, in which due to the strong compete from domestic and oversea , the pressure from the unemployment, and the compete from the entry WTO by China. In further, author wish to apply a proper method to transfer the state owned shares capital into social walfare function in this issue.Gethering the reasons the SOSRH has been treated as a state level strategy in the report of 15th Committee of China Communist Party. Therefore a multi discussion has been taken by the national academic, and four major theories have been given, the transfer theory, the currency theory, the adapt theory, and the general theory. Due to the weak capacities of domestic security market, author in this issue suggests that the general theory should be the basis theory then apply plan sale, repurchase and transfer methods, to solve such historic propblem.During the argue period, the SOSRH gradually be introduced by relevant state managemnt levels. The first test was a plan sale and taken by China Jialin and Qin tyre in 1999. And the second test was a new share publish , and de-holded storages when adding published on June 2001. The first defeat refered to the tested companies choosed the unproper method and the higher price of plan sale. The late defeat thus refered to weak rate of storage of state owned shares, 10% in each. Furthermore , the tests could only remained their four monthes life circle due to the unstable security market, and China Security Inspected Committee had decided to stop in finally.SOSRH should be an complex and hard project, lack of present experiences and the limitation in each method inform that a long-run work will be given. Due to the entry WTO and times reasons, author in this issue therefore suggests SOSRH should reach to two goals. The short-run goal applies to make an contribution to the weak social walfare capital units, and the middle & long-run goal refers to solve the unresonable internal management structure in the listing companies. And the late goal will be the premier section for the SOSRH. For the unreasonable pricing pricipia of SOSRH thus an unacceptable had been taken by the market, and therefore the pricing pricipia should be the major element within the SOSRH applied structure. Author argues that the net asset basis pricing method must be the proper way to solve such problems due to the unstable share price, such as the unregular add-value of net asset. And thenet asset basis pricing method also could make an contribution to the full-run reform of state economic system.It could possibly to select the proper methods which basis on the pricing pricipia to meet real market requirements. And SOSRH thus will not again delive a bad affect to security market and other relevant economic sections in China.Recently China Security Inspected Committee informed that it would collect methods from whole nation. Mainly for the SOSRH reason , author will also argue the proper theories and methods to meet this environment in his whole issue.更多还原