中國證券市場非流通股減持流通方案設計探討.pdf

1、廈門大學碩士學位論文中國證券市場非流通股減持流通方案設計探討姓名：連格申請學位級別：碩士專業(yè)：工商管理指導教師：吳世農20020101ABSTRACTTheequnysharesofcorporationstradedjntl】eChjna’sstockcxchangemarketarepurposelydividedintotwocategories：tradablesharesandnontradablesharesThissepm

2、tionofsharesbadly1imitSthedevelopmentofChina’sstockmal_ketTheexistenceofnorltradablesharesbrill2saboutaseriesofproblemsForexarrlple，“weakenstheemciencVofstockmarketpanlydeprivestheoptimizationofresourceallocationsandimpe

3、desthemoreimprovementof也es仇lctllresoftllecorporationgovemanceRecemlythesettlememoftheissuehasbecomeoneofthemostur色enttasksinChina’sstocknlarketThispa口erhasdetailedlystudiedtlleissueoftllenontradabesharesintheChina’sstock

4、markett1rougtlcasea11alysis，comp撕sonstudyandemperimentalstlldy，inhopeto矗ndouttheoptimalschemeforsolvingtheDroblemofnontradablesharesThesection1intllispaperbrienvreviewsⅡ1ediscussion鋤dthetestingpracticesof廿leredu“onofthes

5、tate_hoIdingsharessinceJune2001111esection2includest11ebackgroundintroduction，ttlebasiccomems，tllereactionandfenectjonby出emafkettot11eGovcmmentenacn】1ent—T1】eRegu】atorySchemeForCollectingSocialSecurityFundByReducingtl】eS

6、tate—HoldingSharesfPmvisioIlal)nesection3deeplystIldystheissueofnon—tradableshares卸danaIyzedthenecessity鋤durgencyofsolvingt11enon—nadableshareDroblemInt11esectionwealsoconcludedsomebasicagreementand口rinciplesont11enontra

7、dable—shareissueThesection4focusesonⅡlebriefin仃ocIuctionandevaluationofthOseAltenlativeSolutioIlSa11dCut—priceSolutionsformestate_holdingnon訂adalblesharesintensivelyproposedbyChinaSecllritiesRcglllatoryCommissionsinceJaI

8、luaⅨ2002Basedontheprevious4sectionsofthispaper’thesection5m枷ypresentsamaorschemetosolvetlleaboveproblembyincreasiIlgmebuyback，andofwhich也epanicularschemedesign，demons仃ationaJldcom呻hensiveeValuationaI_eprovidedInt上1isDa口e

9、r、vcstlldiedmeissueofnon廿adablesh盯esaIldpresentedmeoptimaldesignonsolvingt11eissuea11dflnallypmpoundollrownViewpointsandsuggestionsonmeissueofnon一仃adingsharesKeyWords：Non—tradabIeShares；AltcmatiVeSolutionscomparisonstudy