國(guó)有股權(quán)市場(chǎng)化減持問(wèn)題研究.pdf

1、復(fù)旦大學(xué)碩士學(xué)位論文國(guó)有股權(quán)市場(chǎng)化減持問(wèn)題研究姓名：蔡楨申請(qǐng)學(xué)位級(jí)別：碩士專業(yè)：工商管理指導(dǎo)教師：陳穎杰2001.10.3099M073國(guó)有股權(quán)市場(chǎng)化減持問(wèn)題研究AbstractAbigissueintheeconomicIirenowadayssurewithfarreachingimpactsonChinesecapitalmarketthedecreaseofstatedownedstakeshasledtoahotdebatew

2、ithinbothacademicandpracticecirclesPioneeredbythetentativepracticesofChinaJialingandQianTyresthereductionofstatedownedshareshaswitnessedaseriesofattemptsdemonstratedintherepurchasecaseofShengNengdecreaseInthecaseofChinaP

3、etrochemiceIandtheIatestreductionofstateownedportionlinkedtosecondaryissuesthroughpublicofferingsHoweverinnovativethesetrialsare，thejmplicatJoneffectsarefarfromsarisfactoryThepactof“decreaseinstateownedstakesthroughmarke

4、torientedmeans”endorsedbytheauthorityhasbeenconsiderediIIconceivedandbelievedtohavesparkledtheplungeinChinesestockmarketInthewakeofthissituationthisdissertationconductsresearchaddressing”whatisthedecreaseinstateownedstak

5、esWhetherisitnecessaryHowcanthisbedoneetc”throughdataanalysisandcasestudyfrombothhomeandabroadThemainideastobediscussedare1)causesthatpromptthereductioninstateownedstakes2)necessityfordoingthat3)impactsthereductionhasons

6、tockmarket4)actionplanforthemarketorientedreductionpracticesbasedontheperformancemeasuredrawnfromcasestudy(bothhomeandabroad)andquantitativeanalysisacrossindustrycompetitionandtargetachievement(measuredinTobinQ)5)legalis

7、suessurroundingimplicationproceduresinthereductionforIistedcompaniesTheconclusionsare：11thereductionofstateownedstakesstemsfromIonglastinghistoricaIcomplications，whichwarrantalongandsystematicsolutionprocess2)basedonthec

8、asestudyperformedthere’sapositivecorrelationbetweenlistedcompanies’operatingperformanceandthesharingofstakes，therefore。itisabsolutelynecessarytoalterthedominantstakesownedbythestate3)ThemexistedstructuraIproblemsinprevio

9、usattemptsofthereductionmarketorientationisanaimtostrivefor4)Them’sapositivecorrelationbetweenlistedcompanies’operatingperformanceandthedegreethesharesclusterinthebiggest5shareholdersthereforeonetendencyinthereductionist

10、obringinnewinvestorstostrengthenthecheckandbalancefunctionthroughnegotiatedtransfer5)Reductionpracticesshouldbetalliedwithdomesticeconomy’sstrategicrealignment，therefore。thepercentagetobereducedandthemeanstobetakenshould

11、varvfromcasetocase6)ThethreemostpracticablemeansatthisstagearenegotiatedtransferprivateplacementandstateinvestmentfundsKeywords：Statedownedstakes、Decreasestatedownedstakesthroul：hmarketorientedmeans、Negotiatedtransfer、Pd