股权分置问题的探索

从上市公司股东结构构成、国有股减持、C股市场三个方面分析了股权分置对股票市场的影响,认为在没有相关配套政策和交易机制实施的情况下,实行国有股减持和变向通过C股市场实现股票的全流通是不可行的,并探讨了通过市净率和市盈率对上市公司进行分类区分、国有股拍卖、旧股换新股等方案解决股权分置问题的交易规则,同时对国有股减持的时间选择也进行了深入探讨,认为在A股和C股价格相差较小实现全流通对流通股股东的损失较小。

Exploration of Stock Equity Distribution

This paper analyzes the influence of equity distribution on the stock market by looking into the structure of shareholders,the reduce of state-owned shares and C stock market.The research shows that fully tradable shares seem impossible if there are no supporting policies and trading mechanism.Meanwhile,the paper explores the solutions to the problem,and suggests using P/B and P/E to classify the listed companies,using auction to sell state-owned shares and substituting old shares by new ones may be helpful for solving the problem.Furthermore,the paper proposes that the loss of tradable stocks shareholders will be reduced if shares are made fully tradable when the difference of A stock and C stock is smaller.