Analysis Of State-owned Shares Of Listed Companies In China

Analyses Programs for Reducing the Proportion of State-owned Shares of Listed Company in ChinaAbstract:In June,2001,the carrying out of the administrative interim procedures of reducing the state-owned shares to replenish the social security fund, published by the State Council undoubtedly was a heavy bomb be dropped in the security markei, which aroused violent reaction of various circles and influenced the stock index trend strongly. The discussing about the reducing of state-owned shares has become one of most important problems, and each one airs his own views and there're different standpoints and different judgments梡recise or depreciate. In the text, I try to setout from the background of reducing program, to make a systematic study of the reducing a plan and give out a set of comprehensive program of state-owned shares' reducing.In the security market of out country, state-owned shares occupy more than one third of shareholding equity and which are prohibited to circulate. The peculiar structure of share ownership of China had made very important action during the historic economic developing process. But today , with the trend that the market regulation is being perfect, it has already become a serious factor that critical restrict the listed company to establish the modern enterprise system and the standardized development of security market. State-owned shares must be reduced not only in absolute quantity, but also in relative quantities. Listed company have tried some plan of reducing, such as the case of success fully repurchasing of YunnanYuntianhua Co. LTD. and there also a plan come to an lose end---replacement, attempted by China Jialing Industrial Co. LTD. and Gui Zhou Tyre Co. LTD. Through analyzing these plans can give a lot of profitable experience and lessons. The plan of selling reserve stocks to reducing the holding of state-owned shares put into effect in June, 2001 is a plan for the first in large-scale and give rise to most intensive society reflection. Through a systematic analysis about the market influence, society reaction, and the characteristic of the plan to give out the view that this plan is practicable and has many advantage, but which also has some insufficiencies. Start with the conclusion, I give out a whole systematic set of multi-profession, multi-step, and multi-method tentative program about reducing the holding of state-owned shares. The program made the plans of now the basis and give out perfect measures, which include fixing the price, carrying out and working together harmony and so on. Further, I divide the listed company into four categories according to their profession, on the basis of strategic adjusting of out nation to formulate the final reducing target for into three steps. Third, specialized on the most sensitive problem of fund, give out detailed measure and compute from the aspect of demanding, supplying and applying. Last, accomplish the systematic analysis and tentative of reducing the holding of state-owned shares of out listed company in the view of theoretical and positive.