中国证券市场的世纪性难题如何解决?——三论国有股流通问题  

How To Solve the Century's Problem of China's Stock Market?

作　　者：李茂生[1] 

机构地区：[1]中国社会科学院研究生院

出　　处：《中国社会科学院研究生院学报》2002年第3期3-12,共10页Journal of Graduate School of Chinese Academy of Social Sciences

摘　　要：中国证券市场规范化发展遇到的最大难题是如何解决国有股流通问题。国有股减持的几次努力都遭挫折,是由于减持方案存在先天不足。为了中国股市的稳定、规范、公平和效率,我提出了两步走方案:立即杜绝国有股增量、用“5年缓冲、10年转化”的方法逐步消化存量。与之相关,还提出了弥补社会保障基金缺口的新思路。The greatest difficulty confronting the standardized development of China' s stock market is how to solve the problem of circulation of her state-held shares. Due to the congenital deficiency of her plan to cut down state-held shares, efforts to reduce her shareholding have all been frustrated. Many plans collected in the last few months by China Securities Regulatory Commission from non-governmental sources are mostly unsound in theory and infeasible in practice. Based on a comprehensive discussion of stock-market fairness, and for the stability, standardization, impartiality and efficiency of China s stock market, the author puts forward a two-step plan to immediately stop growth of state-held shares and to gradually digest the existing stocks with '5 years cushioning and 10 years to trans form' . In relation to this, a new line of thinking to fill the gap in social security funding is also suggested.

关 键 词：中国 证券市场 国有股流通 股东 公平 社会保障基金 国有股增量 国有股存量 

分 类 号：F832.5[经济管理—金融学]