国有股流通化探讨  

The Study of the Circulation of State Share

作　　者：刘慧勇[1] 

机构地区：[1]中国建设银行,北京100032

出　　处：《金融研究》2002年第4期46-52,共7页Journal of Financial Research

摘　　要：我国加入WTO ,国有股流通化势在必行。为兼顾各方利益 ,向流通股股东配售国有股 ,应当像新股发行一样按 2 0倍市盈率定价 ;向所有投资者公开竞售 ,宜用除权价 ;两者价差应按股均分退还给新老流通股股东。非流通股与流通股是两类性质不同的股票 ,遵循市场经济原则 ,国有股股东享有在规定价格范围内申报转让国有股的自主权 ,流通股股东拥有是否同意流通股扩容即是否接受配股的表决权。国有股转让资金转作国家证券投资基金 ,不离股市 ,补充社会保险基金通过债市解决。Chinese entry into the WTO makes it an inevitable move to capitalize the state0owned stocks. In balancing the interests of all sides, it is suggested that shareholders of common stocks redeemed with dividends of state owned stocks that are priced on the basis of a price\|earning ration of 20. The price after the dividend payment should be applied in capitalizing the state owned stocks to the general public. The difference between the two prices should be returned to shareholders of common sticks. Common stocks and state owned stocks are different in nature. In accordance with the market economic rules, shareholders of state owned stocks are given the right to sell in a pre defined price range and shareholders of common stocks are empowered with votes to decide on the capitalization of state owned stocks and stock dividend payment schemes. Proceeds from the capitalization of the state\|owned stocks should be kept in the stock market in establishing the National Securities Investment Fund. Replenishment the Social Security Fund should be resolved on the debt capital market.

关 键 词：国有股流通 资产价格模型 竞配售价差归属 配股表决权 国家证券投资基金 中国 

分 类 号：F830.91[经济管理—金融学]