论限售股集中上市风险及其化解  

On the Risk of Centralized Listed Restricted Stock and its Solution

作　　者：贺飞跃[1] 

机构地区：[1]湖南财经高等专科学校,湖南长沙410205

出　　处：《湖南财经高等专科学校学报》2009年第2期62-64,共3页Journal of Hunan Financial and Economic College

基　　金：湖南省社会科学基金立项课题"股权分置改革跟踪研究"(批准号:06ZC126)阶段成果之一

摘　　要：沪深交易所限售股按照成因可分为股权分置限售股和新老划断后限售股,限售股于2008年至2010年集中上市,对沪深股市大幅波动起到了推波助澜的作用。虽然监管部门发布一系列政策补丁,但效果并不明显。股市严重超跌,将反作用于实体经济,加深经济危机,推迟经济复苏。需要化解限售股集中上市和流通股扩容风险,而不能以限售股名义限制解禁减持通道,应当规范国有股减持通道,调节并改革新股发行,证券市场宏观调控职能与微观监管职能应分离,减免股市税费,推行休养生息的股市政策。At Shenzhen and Shanghai Stock Exchange restricted stock are divided into restricted stock of share distribution and restricted stock after old - new break. Almost all restricted stock came into the market from 2008 to 2010, which has caused the great changes in Shenzhen and Shanghai Stock market. Although the Supervision Department has issued a series of policies to change the situation, the result is far from satisfaction. The sharp reduction in stock market will react to the real economy, deepen the economic crisis and suspend economic recovery. So all restricted shares shouldnt come into the market in a short time and the risk of circulation stock needs to be reduced. The underweight should not be lifted the embargo on just in the name of restricted stock. State - owned stocks underweight channels should be regulated and new stocks issue be reformed. And the macro - control function and micro - supervision function should be separated, the stock market tax charge should be reduced and revitalizing policies on stock market should be encouraged.

关 键 词：股权分置改革 风险后置 限售股上市 国有股配售 

分 类 号：F830.91[经济管理—金融学]