| 国有股减持的一种有效工具:配售 |
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| 引用本文： | 孟令平.国有股减持的一种有效工具:配售[J].华东师范大学学报(哲学社会科学版),2001,33(2):90-95. |
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| 作者姓名： | 孟令平 |
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| 作者单位： | 华东师范大学经济系,上海,200062 |
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| 摘 要： | 股份配售是一条操作性强且行之有效的国有股减持的新途径。它充分考虑了各方利益，有助于实现国有经济战略布局的调整，促进证券市场的长期健康发展。根据有关规定，适宜于股份配售的公司应符合上市已满3年、总股本在2亿股以下，国有股占总股本65％以上、3年平均净资产收益率高于10％等要求，目前沪深股市可遴选出11家上市公司进行此项试点。以已进行了配售的中国嘉陵作案例分析，因该公司业绩欠佳、配售价格不合理、配售后公司股权结构未发生实质变化，因而效果欠佳，但这恰恰为制度规范和具体操作等提供了有益的借鉴。
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| 关 键 词： | 国有股减持 股份配售 上市公司 股权结构 市场效应 配售效果评价 经营业绩 |
| 修稿时间： | 2000年12月6日 |
An Effective Instrument of Decreasing the Holdings of State-Owned stocks: Stock Allocation |
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| MENG Ling-ping.An Effective Instrument of Decreasing the Holdings of State-Owned stocks: Stock Allocation[J].Journal of East China Normal University :Philosophy and Social Sciences Edition,2001,33(2):90-95. |
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| Authors: | MENG Ling-ping |
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| Institution: | MENG Ling-ping |
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| Abstract: | The paper made a comprehensive and systematic introduction on stock allocation which is an effective instrument to reduce state-owned stocks. As far as its structure is concerned, the paper firstly centered on the basic concept and market effects of stock allocation; secondly, the author summarized the common characteristics of listed companies which meet the demand of stock allocation and then selected 11 samples from Shanghai and Shenzhen Exchanges. The last part of paper made a thorough analysis on a case of stock allocation in 1999. |
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| Keywords: | decrease of holdings of state-owned shares stock allocation listed company share structure |
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