从国有股减持方案暂停执行谈新股发行机制的改革  

On the Reform of the Issuing Mechanism of New Stocks based on the Suspension of Decreasing State-owned Stocks

作　　者：陈建军[1] 

机构地区：[1]扬州职业大学,江苏扬州225002

出　　处：《扬州职业大学学报》2002年第1期11-14,共4页Journal of Yangzhou Polytechnic College

摘　　要：国有股减持方案虽然暂停了 ,但是本次减持价格是符合金融资产的定价理论的 ,它不能被投资者接受 ,说明中国股市投机过度泡沫严重 ,而问题的根源在于国有、法人股不能流通 ,使利益驱动机制发生扭曲。本文提出对新股发行取消非流通股 。In spite of the suspension of decreasing state\|owned stocks, the prices concerned conform with the price\|setting theory of financial assets. The fact that the suspension proposals were rejected by investors indicates that China's stock market has been suffering from excessive speculations whose origin in practice lies in the fact that state\|owned shares and corporation shares do not go into circulation, which distorts the system of gaining benefits. This paper suggests that the crucial step in redesigning China's stock market is to cancel non\|circulatory shares in issuing new stocks.

关 键 词：国有股减持 价格 非流通股 新股发行机制 改革 

分 类 号：F830.91[经济管理—金融学]