摘要
国有资产变现、减持上市公司的国有股已经成为中国改革的既定政策。减持国有股要同时达到四个方面的目标 :一是补充社会保障基金 ,二是推进国有企业产权结构的多元化改造 ,三是从总体上增强国有经济的控制力并调整国有经济的布局 ,四是规范证券市场 ,使国有股、企业法人股实现为全部可流通。投资公司参与减持国有股的基本思路就是搭建“一级半”市场 ,首先由投资公司在场外将减持的国有股承接下来 ,然后再通过一定的退出方式使这些股权加入市场流通。这个方案的资金来源 ,一是质押贷款 ,二是国家以出资人身份给予投资公司一定量的现金增资 ,三是成立专门用于减持国有股的若干投资基金。
The marketability of state-owned assets and the reduction of state-owned shares of the listed companies have become the set policy for China's reform.The reduction of state-owned shares are to reach the following four goals at the same time:1.The replenishment of social security fund;2.The advancement of the reform for the pluralisation of the structure of property rights of state-owned enterprises;3.The overall enhancement of the state economy controlling power and the adjustment of the layout of state economy;4.The standardization of the security market so that the state-owned shares and the corporate shares can all be circulated in the market.The basic consideration for the investment companies to get involved in the reduction of state-owned shares is to build a “one and a half grades”market.first of all The investment companies will undertake all the reduced state-owned shares outside the market and then through a certain withdrawing channel yet the stock right involved in market circulation.The source of money for this plan comes from three channels:1.Pledged loans;2.The state adds more capital investment into the investment companies;3.Some investment funds are to be established specially for the purpose of reducing state-owned shares.
出处
《金融研究》
CSSCI
北大核心
2000年第10期109-114,共6页
Journal of Financial Research
关键词
国有股减持
证券市场
国有大型投资公司
政策
The reduction of state-owned shares,Social security fund,Reform of state-owned enterprises,The development of security market
