On Problems Of Selling Off State_Owned Shares In Enterprises

It is quite a complicated system project for how to sell off government shares in enterprises and make them to be circulated and transferred in Chinese Security Market well and smoothly; which is relevant to the state interest ,the company interest and the investors' interest ,therefore which not only the question about the pure technical measures but also the question about people's cognition of the socialist market economy, so people relevant to this question can not reach an agreement about it. We have found that at present it is not only lack of the laws to support to sell off government shares in enterprises and make them to be circulated and transferred in Chinese Security Market but also this strategic reform discords with our actual laws in many fields.Because the Chinese reform of state-owned enterprises were conditioned by some special history factors at the time when we at first introduced the joint-stock system to reform to convert Chinese state-owned enterprises into standard companies in compliance with the requirements of the modern enterprise system and improve their corporate governance, and people at that time created a particular stock system with Chinese characteristics, which they thought can keep Chinese stock security market and state-owned enterprises socialistic by setting up a stock security system with the state-owned stock, the corporate governance stock and public stock. We think the problems of Chinese stock market can be ascribed to Chinese particular stock system, especially the problems of both making government shares in enterprises to be circulated and transferred in Chinese Security Market and selling off government shares in enterprises. Regrettably all the efforts to resolve this problem are lost greatly. To avoid such tragic accidents appearing again, we have also studied the operation principle of circulation and selling off of government shares in enterprises, studied the technologic methods to resolve the problem. After all it is naturally required to sell and buy stocks freely by stock market system, so developed countries take timing policy to regulate their amounts of state-owned stocks and especially meaningful for us obviously.