A Research On Related Financial Problems In State-owned Shares Lessening Of Chinese Listed Companies

Considered from the angle of the country's strategic adjustment or healthydevelopment of the security market. State梠wned shares lessening is imperativeunder the practical circumstances. We also have had many conditions to enforce it inthe situation of economic development in China, but it is not an easy thing tosuccessfully do that because of complicated questions that should be dealt with andmany stakeholders to which it may relate. Suspending the action of state梠wnedshares lessening has reflected it from another aspect in the last year. Thus, based onpractical national conditions and synthetic consideration of factor in many ways, thisthesis analyses the reasons why state梠wned shares lessening was eventually forcedto suspend in the last year, and comparatively systematical research the problem ofstate梠wned shares lessening in the security market in China, In addition to that, thisthesis pays emphasis on the financial influences and relative problems whichstate-owned shares lessening brings to listed company. Some views of the author arepresented to state梠wned shares lessening on the basis of that. The whole thesis hasseven parts, concrete structures is as follows:Part 1 expounds the meaning of state梠wned shares lessening. It mainlyintroduces state梠wned shares and its classification, the meaning of state梠wnedshares lessening, some feasible mode which is summarized and promulgated in thestaggered achievement of state-owned shares lessening by China SecuritiesRegulatory Commission (CSRC), practical proceeding of state梠wned shareslessening and its broken off in China.Part 2 introduces some situation of state梠wned shares lessening in the westerncountries. Firstly, it simply introduces the situation of state梠wned shares lesseningin England, France and Japan, based on that, it analyzes the motive of state-ownedshares lessening in the western countries, and gains some enlightenment tostate梠wned shares lessening in China from the experiences and lessons of westerncountries.Part 3 discusses the necessity and possibility of state梠wned shares lessening inChina. This part discusses the necessity from four aspects: reforming the structure ofinternal stock rights, fostering the circumstance of market competition, raising socialsecurity funds, normalizing the securities market. On the basis of that, state梠wnedshares lessening has many conditions to achieve complete success started from thereality in China. It is mainly analyzed from three aspects: the number of inhabitantdeposits, intensive wishes of government, the mental and economic ability of theinvestor enduring the risk of the securities market.Part 4 discusses the financial influence of state梠wned shares lessening on listedcompanies. This part demonstrates that state梠wned shares lessening changesshareholders' structure and targets, which results in the financial influence. At first,state梠wned shares lessening changes financial targets from large shareholders'benefit maximization to shareholders' benefit maximization. Secondly, state梠wnedshares lessening normalizes financial behavior of listed companies: (1) enterprise'sfinancing preferring bond financing to stock financing, (2) enterprise's investingbehavior being more reasonable, (3) normalizing enterprise's profit distribution.Thirdly, state梠wned shares lessening increases financial leverage of listedcompanies. At last, state梠wned shares lessening increases listed companies'income.In part 5, some financial problems of state梠wned shares lessening are broughtup: (1) the price of lessening harming benefit of common stock shareholders, (2)unfair distribution of lessening capital harming other stakeholders' enthusiasm, (3) thereal price of listed company stock disaccording the lessening price of state梠wnedshares, (4) accounting information disclosure not being in time during state梠wnedshares lessening.Part 6 analyzes th...