多元减资:比“减持”和“以股抵债”更广的国有股退出视角  

Multiple-way Capital Reduction: A Broadened Perspective for Withdrawal of State Stock

作　　者：顾纪生[1] 钟伟[2] 

机构地区：[1]江南大学金融研究所,江苏无锡214063 [2]北京师范大学金融研究中心,北京100075

出　　处：《财经理论与实践》2005年第2期57-63,共7页The Theory and Practice of Finance and Economics

摘　　要：随着经济体制改革特别是国有企业产权改革的不断深化 ,从国有企业“母体”上“嫁接”而成的上市公司 ,其国有资本如何从某些竞争领域有序退出 ,决策层曾作过多种尝试 ,如 2 0 0 1年试行通过二级股票市场存量发行“减持” ,2 0 0 4年通过电广传媒“以股抵债”冲销等 ,但实际效果均不理想。“多元减资”则是以国有股有序退出的紧要性作为逻辑起点 ,以减持、以股抵债的利弊分析作为比较视角 ,以多元减资思路的形成及其依据作为理论支撑 ,以试点实例与模拟模型作为进一步探索的实践取向。With the reform of economic system, especially increasingly deepening the ownership reform of state-owned enterprise, decision makers have taken some attempts to smoothly withdraw state stocks from those listed companies in some competitive areas. For example, “Capital Stock Reduction' in secondary stock market was adopted in 2001; “Debt Payment in Stock' was accepted in 2004. But the practical effect was not as ideal as expected. For the smooth withdrawal of state stock from listed companies, multiple-way capital reduction model is proposed based on a series of theoretical analysis with comparison of “Capital Stock Reduction' and “Debt Payment in Stock'. Empirical study and modeling methods are suggested for further research and improvement of the model.

关 键 词：国有股 减持 以股抵债 减资 

分 类 号：F830.91[经济管理—金融学]