论国有股减持与上市流通

在对国家股和法人股流动方案的设计中,大多数文章只是笼统地提出了一系列的流通渠通,但却较少考虑在这些流通渠道中可能遇到的障碍,也很少谈及这种种流通方式从短期和长期可能对中国的股市产生的影响。本文在考虑公股流通的问题时,将其同上市公司治理结构的改善、对企业高层管理人员和技术创新人员有效的激励和约束有机地结合起来,对以激励高层管理人员和技术创新人员为目的的股票期权方案作了详细的论述。

On the Reduction of State-held Shares and Their Circulation on Stock Market

In design of the circulation scheme of state owned share and legal person share, many articles have put forward a series of circulation channel in general, but lack of the consideration of the obstacles which may be met during the course. They haven't mentioned the effect of circulation scheme to China stock market in short run and long run either. Conversely, when considering the circulation problem of the government share, this article combines it with the improvement of listed company governance, encouragement and restraint to the management and technicians. Then it puts forward the stock option as an approach of lessening holding the state owned share and dicusses how to design it in detail.