我国上市公司国有股减持的制度创新研究
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摘要
全文主要是从制度创新的角度研究我国的国有股减持。本文首先对制度创新的相关理论进行了研究,简要介绍了制度以及创新的内涵、类型和功能,着重研究了制度创新的内涵、动力和过程。
论文分析了我国国有股减持的基本情况。深入分析了国有股问题的产生,并用数据、图表来详细解析我国国有股减持的现状。同时论文还介绍了国外国有股减持的概况,从中提取出值得我国借鉴的方式方法。采用辨证的方法着重分析了我国现有的国有股减持的方法,指出这些减持方案的优点与缺点,提出我国国有股减持不能采用“一刀切”的方式,应该具体问题具体分析,并且可以采用多种方案相结合的减持方法。
文中还引入了博弈论的方法,对我国国有股减持的参与主体进行了分析,指出各个参与主体均有为了各自的利益而采取对自己最优的策略,这就需要对博弈的均衡进行研究。
结合以上的研究,发现我国国有股减持制度存在着严重的供需失衡的现象,对制度的供给与需求进行了研究。
最后,论文在信息披露的监管、中小投资者利益保护、国有股减持的承接主体、“大小非”减持的制度规则以及减持定价的原则方面对我国国有股减持提出了政策建议。
The state-owned shares’lessening and circulation are relevant to the strategic adjustment of state-owned economy, the further development and advance of state-owned corporations’reform, the perfection of listed corporations’governance structure, market-oriented and globalization process of the stock market and have a comprehensive significance in many aspects. It is a heated issue concerning the government, the corporations, investors and other interest-related subjects, a delicate problem in the development process of China’s stock market, an abbreviation of problems arising in the course of China’s economic system shifting. After our country's stockholder's rights mounted cylinder reform, the state-owned shares’lessening and circulation are mentioned by the government once more, and the recent several years will become the key of the state-owned shares’lessening and circulation. Shang Fulin, Chairman of the SFC, pointed out the future will do a good job to increase the number of stocks for a period of time, and expanse the proportion of shares in circulation of listed companies which has been gone public.The point of view from statistical data that the reduction space which several important industries such as petrochemicals, coal, financial section, has been very limited, the industry which are the next major state-owned shares to reduce is expected to be concentrated in the food and drink, social services, and business sections. In order to the state-owned shares’lessening and circulation carry on smoothly, the way and the method of the state-owned shares’lessening and circulation should be improved fundamentally. This is just precisely the system stratification plane which is this article mentioned, it must obtain from the institutional innovations, to cause all quarters main benefit body to obtain the max benefit in the state-owned shares’lessening and circulation.
System means a series of rules, procedures and acts of law-abiding moral and ethical norms which have been enacted, it aimed to constraint the interests of welfare pursuing or utility maximization of the individual, it have formal system and informal system. System can reduce the transaction costs, create conditions for the realization of cooperation, provide people information about the operations, provide people the choice system for the individual, constraints the opportunistic behavior as well as the function of reducing the externality. Innovation put aside the old one to create new, including both technical innovation and institutional innovation. Technical innovation and institutional innovation are two inseparable aspects for a country and an enterprise, in order to achieve sustained develop, we must take the system of innovation and technological innovation at the same time, and make then go on a virtuous circle. The concept of institutional innovation based on the concept of innovation and system. Institutional innovation is not only an economic category, but also a social relationship between the areas, which includes both the system of innovation in the economic field or the enterprise sector, but also society as a whole and the various groups in specific areas, which not only involves the adjustment of economic interests, but also includes people's rights and the value of the adjustment about cultural values. The basely driving force of institutional innovation is that the benefit of innovation is greater than the cost of revenue, making profitable innovation. The process of institutional innovation is to abandon the process and then discarded. in order to make people innovation to pursuit the returns, we need give a stimulation which can bring the positive earning to the original system which have the defects. After a period of development, this new system will have a new defect, so that the new system will be created to replace the ole one. This cycle continues, making the institution innovation continue.
State-owned shares include legal person shares of state-owned and the country’s stocks, they can’t flow in the stock market. Reduction state-owned shares should be noted that the five question: the question of ideological concepts, the pricing of state-owned shares, the ownership of property rights, market affordability issues, wealth redistribution. A number of foreign countries have some worthy method to reduce state-owned shares, for example: the United Kingdom, France, Japan, Russia and India. China scholars are also carrying a series of studies in the way of state-owned shares, and point out the seven major types of programs: placement type, fund type, the default of non-negotiable stock, Class C of E, equity adjustment type and open up type of the secondary market, as well as the reduction of other types of programs. These reduction programs have played their role in a certain period of history, but they have their own advantages and their own shortcomings, which require concrete analysis to concrete problems in the actual process, take different ways to reduce, or take a variety of ways at the same time.
In the process of state-owned shares, the participation of the principal (then government and regulatory authorities, listed companies, non-tradable shares, the outstanding shares of the shareholders) will take their own action plan usefully in order to maximize their own interests. At this time there exist the conflict of interest between the main parties, a balanced participation in the main game need to be found - static balance and dynamic balance. Government and regulatory bodies made a variety of rules and regulations to regulate the conduct of state-owned shares. The phenomenon of internal control is very serious in listed companies, and the operators for their own interests maybe harm the interests of asset owners. Non-tradable shares should make balance between the reduction price and the reduction number in order to achieve the smooth reduction of state-owned shares, and they will obtain the maximum benefit. Only in this way, shareholders will accept the reduction prices to promote the reduction of shares. Only are the rights of others taken fully into account when the participation make actions, state-owned shares can be successfully completed.
China's state-owned shares are imbalance between the system of supply and demand, the state-owned shares as a market behavior involved the interests of all parties such as government, listed companies, non-tradable shares and shareholders, the parties will take actions for their own interests. However, these actions taken after non-rational games will be bound by the system. In relation to the high demand of system, there have seriously supply shortage and the supply "excess" (supply and demand doesn’t match). The balance between system’s supply and demand is really difficult to achieve, there is only a relative equilibrium for a specific period, which requires to adjustment this balance at any time. China's state-owned shares should strengthen the supervision of information disclosure, it is necessary to establish a prevention mechanism, a matter of oversight mechanisms and post-inspection mechanism; establish the right to vote trust system and the specialized institutions to protect the interests of small and medium investors, urge the normal operation of listed companies, monitor company directors, supervisors and senior managers to carry out their obligations; use state-owned assets as a main to contract a reduction of state-owned shares, by cross-holding state-owned shares, listed state-owned major shareholder of the company reduce the proportion of shareholding of the enterprises ,at the same time, through the relative holding, can increase the industry's control of upstream and downstream enterprises, integrate resources, optimize the industrial chain, improve the competitiveness of enterprises; further improve the system of size non-circulation stock, increase the system about the transfer acts and increase up the system of hypes congenially behavior; the price of state-owned shares should follow the "open, fair and just" principle, only by this way to make state-owned shares to maintain a reasonable price to ensure the smooth progress of the reduction and stable development of the stock market .
论文分析了我国国有股减持的基本情况。深入分析了国有股问题的产生,并用数据、图表来详细解析我国国有股减持的现状。同时论文还介绍了国外国有股减持的概况,从中提取出值得我国借鉴的方式方法。采用辨证的方法着重分析了我国现有的国有股减持的方法,指出这些减持方案的优点与缺点,提出我国国有股减持不能采用“一刀切”的方式,应该具体问题具体分析,并且可以采用多种方案相结合的减持方法。
文中还引入了博弈论的方法,对我国国有股减持的参与主体进行了分析,指出各个参与主体均有为了各自的利益而采取对自己最优的策略,这就需要对博弈的均衡进行研究。
结合以上的研究,发现我国国有股减持制度存在着严重的供需失衡的现象,对制度的供给与需求进行了研究。
最后,论文在信息披露的监管、中小投资者利益保护、国有股减持的承接主体、“大小非”减持的制度规则以及减持定价的原则方面对我国国有股减持提出了政策建议。
The state-owned shares’lessening and circulation are relevant to the strategic adjustment of state-owned economy, the further development and advance of state-owned corporations’reform, the perfection of listed corporations’governance structure, market-oriented and globalization process of the stock market and have a comprehensive significance in many aspects. It is a heated issue concerning the government, the corporations, investors and other interest-related subjects, a delicate problem in the development process of China’s stock market, an abbreviation of problems arising in the course of China’s economic system shifting. After our country's stockholder's rights mounted cylinder reform, the state-owned shares’lessening and circulation are mentioned by the government once more, and the recent several years will become the key of the state-owned shares’lessening and circulation. Shang Fulin, Chairman of the SFC, pointed out the future will do a good job to increase the number of stocks for a period of time, and expanse the proportion of shares in circulation of listed companies which has been gone public.The point of view from statistical data that the reduction space which several important industries such as petrochemicals, coal, financial section, has been very limited, the industry which are the next major state-owned shares to reduce is expected to be concentrated in the food and drink, social services, and business sections. In order to the state-owned shares’lessening and circulation carry on smoothly, the way and the method of the state-owned shares’lessening and circulation should be improved fundamentally. This is just precisely the system stratification plane which is this article mentioned, it must obtain from the institutional innovations, to cause all quarters main benefit body to obtain the max benefit in the state-owned shares’lessening and circulation.
System means a series of rules, procedures and acts of law-abiding moral and ethical norms which have been enacted, it aimed to constraint the interests of welfare pursuing or utility maximization of the individual, it have formal system and informal system. System can reduce the transaction costs, create conditions for the realization of cooperation, provide people information about the operations, provide people the choice system for the individual, constraints the opportunistic behavior as well as the function of reducing the externality. Innovation put aside the old one to create new, including both technical innovation and institutional innovation. Technical innovation and institutional innovation are two inseparable aspects for a country and an enterprise, in order to achieve sustained develop, we must take the system of innovation and technological innovation at the same time, and make then go on a virtuous circle. The concept of institutional innovation based on the concept of innovation and system. Institutional innovation is not only an economic category, but also a social relationship between the areas, which includes both the system of innovation in the economic field or the enterprise sector, but also society as a whole and the various groups in specific areas, which not only involves the adjustment of economic interests, but also includes people's rights and the value of the adjustment about cultural values. The basely driving force of institutional innovation is that the benefit of innovation is greater than the cost of revenue, making profitable innovation. The process of institutional innovation is to abandon the process and then discarded. in order to make people innovation to pursuit the returns, we need give a stimulation which can bring the positive earning to the original system which have the defects. After a period of development, this new system will have a new defect, so that the new system will be created to replace the ole one. This cycle continues, making the institution innovation continue.
State-owned shares include legal person shares of state-owned and the country’s stocks, they can’t flow in the stock market. Reduction state-owned shares should be noted that the five question: the question of ideological concepts, the pricing of state-owned shares, the ownership of property rights, market affordability issues, wealth redistribution. A number of foreign countries have some worthy method to reduce state-owned shares, for example: the United Kingdom, France, Japan, Russia and India. China scholars are also carrying a series of studies in the way of state-owned shares, and point out the seven major types of programs: placement type, fund type, the default of non-negotiable stock, Class C of E, equity adjustment type and open up type of the secondary market, as well as the reduction of other types of programs. These reduction programs have played their role in a certain period of history, but they have their own advantages and their own shortcomings, which require concrete analysis to concrete problems in the actual process, take different ways to reduce, or take a variety of ways at the same time.
In the process of state-owned shares, the participation of the principal (then government and regulatory authorities, listed companies, non-tradable shares, the outstanding shares of the shareholders) will take their own action plan usefully in order to maximize their own interests. At this time there exist the conflict of interest between the main parties, a balanced participation in the main game need to be found - static balance and dynamic balance. Government and regulatory bodies made a variety of rules and regulations to regulate the conduct of state-owned shares. The phenomenon of internal control is very serious in listed companies, and the operators for their own interests maybe harm the interests of asset owners. Non-tradable shares should make balance between the reduction price and the reduction number in order to achieve the smooth reduction of state-owned shares, and they will obtain the maximum benefit. Only in this way, shareholders will accept the reduction prices to promote the reduction of shares. Only are the rights of others taken fully into account when the participation make actions, state-owned shares can be successfully completed.
China's state-owned shares are imbalance between the system of supply and demand, the state-owned shares as a market behavior involved the interests of all parties such as government, listed companies, non-tradable shares and shareholders, the parties will take actions for their own interests. However, these actions taken after non-rational games will be bound by the system. In relation to the high demand of system, there have seriously supply shortage and the supply "excess" (supply and demand doesn’t match). The balance between system’s supply and demand is really difficult to achieve, there is only a relative equilibrium for a specific period, which requires to adjustment this balance at any time. China's state-owned shares should strengthen the supervision of information disclosure, it is necessary to establish a prevention mechanism, a matter of oversight mechanisms and post-inspection mechanism; establish the right to vote trust system and the specialized institutions to protect the interests of small and medium investors, urge the normal operation of listed companies, monitor company directors, supervisors and senior managers to carry out their obligations; use state-owned assets as a main to contract a reduction of state-owned shares, by cross-holding state-owned shares, listed state-owned major shareholder of the company reduce the proportion of shareholding of the enterprises ,at the same time, through the relative holding, can increase the industry's control of upstream and downstream enterprises, integrate resources, optimize the industrial chain, improve the competitiveness of enterprises; further improve the system of size non-circulation stock, increase the system about the transfer acts and increase up the system of hypes congenially behavior; the price of state-owned shares should follow the "open, fair and just" principle, only by this way to make state-owned shares to maintain a reasonable price to ensure the smooth progress of the reduction and stable development of the stock market .
引文
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[40]鲁剑,中国证券市场制度创新分析,东南大学经济管理学院,2005
[41]刘熀松，中国股市制度缺陷研究，上篒缈凭盟?005
[42]贾明东、张丽娟,国有股不同减持方式对流通股内在价值的影响研究,西南财经大学,2005
[43]李新,国有股减持模式的比较与选择,财贸经济,2005
[44]杜葳,国有股减持相关问题研究,东北财经大学,2005
[45]江涛,关于国有股减持模式创新的思考,西南财经大学,2005
[46]方青军,制度缺陷与资源配置效率——来之中国股票市场的实证研究,上海财经大学会计学院,2005
[47]黄承,中国证券市场的投资者行为博弈分析,武汉理工大学,2005
[48]王正一,利用ETF进行国有股减持流通问题探讨,江西财经大学,2006
[49]殷小东,中国上市公司国有股减持研究,厦门大学,2006
[50]但飞苇,国有股减持实践的法律问题研究,四川大学,2006
[51]薛彤,上市公司非流通股的定价研究,对外经济贸易大学,2006
[52]樊文静,国有股减持、投资者定价方式转变与股价波动的行为金融学分析,广东外语外贸大学,2006
[53]吴广灼,中国股权分置制度研究,武汉大学,2007
[54]戴爽,非流通股解禁及减持情况分析,联合证券,2007
[55]田静,股票市场对非流通股的价格反应,泰山学院经济管理系,2007
[56]曲卫彬,完善大小非坚持制度规则:股市走强的重要保障,东北财经大学,2008
[57]赵震宇、潘慧峰,如何化解“大小非”解禁对中国股市的负面影响,清华大学、对外经济贸易大学,2008
[58]曾煌辉,大小非解禁,令股市不安的“堰塞湖”,金融经济,2008
[59]《股票发行与交易管理暂行条例》
[60]《上市公司股东持股变动信息披露管理办法》
[61]《关于加强对上市公司非流通股协议转让活动规范管理的通知》
[62]《国有股东转让所持上市公司股份管理暂行办法》
[63]《国有单位受让上市公司股份管理暂行规定》
[64] http://www.csrc.gov.cn/n575458/index.html中国证券监督管理委员会
[65] http://finance.sina.com.cn/stock/新浪财经
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③李新,国有股减持模式的比较与选择,财贸经济,2005,第9期,69—71
①盛洪,现代制度经济学(上、下卷)序言,北京大学出版社,2003
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①卢现祥,新制度经济学,武汉大学出版社,2004,110~111
②卢现祥,新制度经济学,武汉大学出版社,2004,118
③卢现祥,新制度经济学,武汉大学出版社,2004,115
④(美)道格拉斯C诺思,经济史中的结构与变迁,上海三联书店、上海人民出版社,1994,49
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①卢现祥,新制度经济学,武汉大学出版社,2004,145
②卢现祥,新制度经济学,武汉大学出版社,2004,145
①证券业从业资格考试统编教材(2007年)——证券市场基础知识,中国财政经济出版社,2007
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[43]李新,国有股减持模式的比较与选择,财贸经济,2005
[44]杜葳,国有股减持相关问题研究,东北财经大学,2005
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[47]黄承,中国证券市场的投资者行为博弈分析,武汉理工大学,2005
[48]王正一,利用ETF进行国有股减持流通问题探讨,江西财经大学,2006
[49]殷小东,中国上市公司国有股减持研究,厦门大学,2006
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[51]薛彤,上市公司非流通股的定价研究,对外经济贸易大学,2006
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[59]《股票发行与交易管理暂行条例》
[60]《上市公司股东持股变动信息披露管理办法》
[61]《关于加强对上市公司非流通股协议转让活动规范管理的通知》
[62]《国有股东转让所持上市公司股份管理暂行办法》
[63]《国有单位受让上市公司股份管理暂行规定》
[64] http://www.csrc.gov.cn/n575458/index.html中国证券监督管理委员会
[65] http://finance.sina.com.cn/stock/新浪财经