摘要
解决非流通问题应坚持的原则是,非流通股可以流通,但不应降低沪深股市A股的股指。通过对交易制度的不同规定,将流通制度作为期货来出售。初始时建立起两个资金面与参与者都相对隔离的市场,使它们的交易制度随时间的推移分阶段并轨,逐步缩小准流通股与A股的交易制度基差,分10年时间由T+365与每手5000股的交易制度向T+1与每手100股的交易制度过渡,流通制度差异缩小导致价格差异缩小,10年后同价,两市自然并轨。本方案达到减持国有股与保持A股指数不降的并行不悖。
This paper discusses the theory on transaction of the security of right to vote in state-owned stocks.The author points out that we should creat two markets of two transaction systems,and the new market is lower present value due to a long term transaction system and high risk. At this market, buy-out will finds efficient corporate governance structure, and will motivate the managers to raise the value of investors, so the index of A stock will not be downed.
出处
《西北第二民族学院学报（哲学社会科学版）》
2004年第2期70-75,共6页
Journal of The Second Northwest Institute For Ethnic Minorities(Philosophy and Social Science)
关键词
国有股
减持与全流通
制度期货
市场风险
股票指数
金融经济
state-owned stocks
reduction and transaction
future goods of exchange institution
market risk
stock index
finance economics
