| The state-owned shares'lessening and circulation are relevant to the strategic adjustment of state-owned economy, the further development and advance of state-owned corporations'reform, the perfection of listed corporations'governance structure, market-oriented and globalization process of the stock market and have a comprehensive significance in many aspects. It is a heated issue concerning the government, the corporations, investors and other interest-related subjects, a delicate problem in the development process of China's stock market, an abbreviation of problems arising in the course of China's economic system shifting. After our country's stockholder's rights mounted cylinder reform, the state-owned shares'lessening and circulation are mentioned by the government once more, and the recent several years will become the key of the state-owned shares'lessening and circulation. Shang Fulin, Chairman of the SFC, pointed out the future will do a good job to increase the number of stocks for a period of time, and expanse the proportion of shares in circulation of listed companies which has been gone public.The point of view from statistical data that the reduction space which several important industries such as petrochemicals, coal, financial section, has been very limited, the industry which are the next major state-owned shares to reduce is expected to be concentrated in the food and drink, social services, and business sections. In order to the state-owned shares'lessening and circulation carry on smoothly, the way and the method of the state-owned shares'lessening and circulation should be improved fundamentally. This is just precisely the system stratification plane which is this article mentioned, it must obtain from the institutional innovations, to cause all quarters main benefit body to obtain the max benefit in the state-owned shares'lessening and circulation.System means a series of rules, procedures and acts of law-abiding moral and ethical norms which have been enacted, it aimed to constraint the interests of welfare pursuing or utility maximization of the individual, it have formal system and informal system. System can reduce the transaction costs, create conditions for the realization of cooperation, provide people information about the operations, provide people the choice system for the individual, constraints the opportunistic behavior as well as the function of reducing the externality. Innovation put aside the old one to create new, including both technical innovation and institutional innovation. Technical innovation and institutional innovation are two inseparable aspects for a country and an enterprise, in order to achieve sustained develop, we must take the system of innovation and technological innovation at the same time, and make then go on a virtuous circle. The concept of institutional innovation based on the concept of innovation and system. Institutional innovation is not only an economic category, but also a social relationship between the areas, which includes both the system of innovation in the economic field or the enterprise sector, but also society as a whole and the various groups in specific areas, which not only involves the adjustment of economic interests, but also includes people's rights and the value of the adjustment about cultural values. The basely driving force of institutional innovation is that the benefit of innovation is greater than the cost of revenue, making profitable innovation. The process of institutional innovation is to abandon the process and then discarded. in order to make people innovation to pursuit the returns, we need give a stimulation which can bring the positive earning to the original system which have the defects. After a period of development, this new system will have a new defect, so that the new system will be created to replace the ole one. This cycle continues, making the institution innovation continue.State-owned shares include legal person shares of state-owned and the country's stocks, they can't flow in the stock market. Reduction state-owned shares should be noted that the five question: the question of ideological concepts, the pricing of state-owned shares, the ownership of property rights, market affordability issues, wealth redistribution. A number of foreign countries have some worthy method to reduce state-owned shares, for example: the United Kingdom, France, Japan, Russia and India. China scholars are also carrying a series of studies in the way of state-owned shares, and point out the seven major types of programs: placement type, fund type, the default of non-negotiable stock, Class C of E, equity adjustment type and open up type of the secondary market, as well as the reduction of other types of programs. These reduction programs have played their role in a certain period of history, but they have their own advantages and their own shortcomings, which require concrete analysis to concrete problems in the actual process, take different ways to reduce, or take a variety of ways at the same time.In the process of state-owned shares, the participation of the principal (then government and regulatory authorities, listed companies, non-tradable shares, the outstanding shares of the shareholders) will take their own action plan usefully in order to maximize their own interests. At this time there exist the conflict of interest between the main parties, a balanced participation in the main game need to be found - static balance and dynamic balance. Government and regulatory bodies made a variety of rules and regulations to regulate the conduct of state-owned shares. The phenomenon of internal control is very serious in listed companies, and the operators for their own interests maybe harm the interests of asset owners. Non-tradable shares should make balance between the reduction price and the reduction number in order to achieve the smooth reduction of state-owned shares, and they will obtain the maximum benefit. Only in this way, shareholders will accept the reduction prices to promote the reduction of shares. Only are the rights of others taken fully into account when the participation make actions, state-owned shares can be successfully completed.China's state-owned shares are imbalance between the system of supply and demand, the state-owned shares as a market behavior involved the interests of all parties such as government, listed companies, non-tradable shares and shareholders, the parties will take actions for their own interests. However, these actions taken after non-rational games will be bound by the system. In relation to the high demand of system, there have seriously supply shortage and the supply "excess" (supply and demand doesn't match). The balance between system's supply and demand is really difficult to achieve, there is only a relative equilibrium for a specific period, which requires to adjustment this balance at any time. China's state-owned shares should strengthen the supervision of information disclosure, it is necessary to establish a prevention mechanism, a matter of oversight mechanisms and post-inspection mechanism; establish the right to vote trust system and the specialized institutions to protect the interests of small and medium investors, urge the normal operation of listed companies, monitor company directors, supervisors and senior managers to carry out their obligations; use state-owned assets as a main to contract a reduction of state-owned shares, by cross-holding state-owned shares, listed state-owned major shareholder of the company reduce the proportion of shareholding of the enterprises ,at the same time, through the relative holding, can increase the industry's control of upstream and downstream enterprises, integrate resources, optimize the industrial chain, improve the competitiveness of enterprises; further improve the system of size non-circulation stock, increase the system about the transfer acts and increase up the system of hypes congenially behavior; the price of state-owned shares should follow the "open, fair and just" principle, only by this way to make state-owned shares to maintain a reasonable price to ensure the smooth progress of the reduction and stable development of the stock market . |
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