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Fish and can not have both

Abstract: The state-owned shares controversy, is still confusing, some people say 4000 = 0, that is, reduction of 4,000 kinds of programs still do not give a good idea. State-owned assets only trying to better price through the stock market, and trying to get the stock market remain stable, we seem to be no solution to solve a problem already, reduction must go beyond the interests of the dispute, government, stock market, and investors seem to have no reason for profit sharing , reduction to re-establish the rules, and this is what we do, which I hope such an attempt be useful to try from 0 to 1. Keywords: state-owned shares of capital market, social security funds a realized gain and re-position reduction target (a) full of state-owned shares and the irrelevance of social security funds In the state-owned shares, the most incredible thing is to raise social security funds it and the process is linked. And these two things in essence is in no way related to, regardless of whether the reduction will be implemented, the social security system are facing funding problems. Its sources of funding, including tax, debt and other means, in theory, the state-owned asset side of the account can be used to supplement the lack of social security funds, and funds generated after reduction, not only has nothing to do and how to define the reduction program, not even the main form of social security funds and lasting source, unless the reduction is going to be endless, and the continuing acts of cash from the stock market, showing reduction and financing of social security funds has nothing to do after the earnings reduction how to deal with people's congresses at all levels must be determined, into the social security system is only after reduction of a possible use of funds, nothing more. The state-owned shares and make up the gap directly linked to the Social Security Fund is not conducive to a scientific seminar program of state-owned shares in the social security fund will make up the gap and the state-owned shares directly linked to the conditions, which may occur ignore the internal market operation mechanism, the interests of investors and stock market development prospects and simple social security funds from the requirement of the funds to establish the idea of state-owned shares and the tendency of the program, there to obtain funds for the tendency of reducing state shares and even social security funds raised should be in accordance with the demand for funds to arrange the progress of the idea of the process of state-owned shares. (B) What is the purpose of reduction see the whole process from the reform: reduction aims to standardize the development of China's securities market ①, making the national economy Fully play its role in resource allocation, a mature reflection of the stock market can play a role in national economic conditions, not the flow of state-owned shares in listed companies in the vast majority of our share of this market is difficult to reflect the economic growth conditions, always be the troubled state-owned shares in circulation a major threat to the stock market, increased market speculation, long-term stock market can not continue to take on the important task of the rational allocation of resources, only through state-owned shares, so that a large proportion of long-term stagnation of the early state-owned shares in circulation, can be more Good to play stock market's role in resource allocation. ② the number of reduced state control of capital, shrink the state-owned economic front, a portion of the withdrawal of its state-owned assets should not have to enter the field. Reasonable adjustment of the industrial layout of state-owned economy, should be allowed to really take on the function of its own, to better promote the healthy development of the national economy, promoting the reform process. ③ addition optimization of the ownership structure of listed companies, clear property rights, improve the corporate governance structure, completely change their operational mechanism, the establishment of modern enterprise system is truly state-owned shares is another important purpose. Most state-owned enterprise reform was originally designed to conversion mechanism, as for the purpose of profit-maximizing real market players. At present, listed companies, the proportion of state-owned shares common high ownership concentration and so is not conducive to the diversification of investors and the formation of checks and balances property rights, nor to the establishment of scientific corporate governance structure, controlling shareholders in the country's absolute control of even the existing The law can not protect the interests of the minority shareholders, there will be a large shareholder expropriation of minority shareholders interests, the state-owned shares and the nature of their agency generated uncertainty of property rights and interests of power and so the problem does not lead to high agency costs, efficiency low, only a significant reduction in the ratio of state-owned shares can be an effective solution to these problems, the development of market economy to establish standardized modern enterprise system. Reduction of state-owned shares of state-owned enterprises do not always state-owned enterprises, has nothing to do with the market not listed. From the point of view: state-owned shares is the realization of assets, the process of reduction at this time to be realized as much as possible to reduce the discount rate, as much as possible to improve the stock of assets that may be obtained through the reduction of benefits. That is, how in the social context of limited financial resources, the Government will in the hands of this state-owned assets to buy a good price as low as possible, so that the process of state-owned shares, where to sell, how to sell and sell to the problem is not important the important thing is whether the sell out, can fetch a high price, which is realized from the perspective of state-owned assets of the reduction, only the state-owned assets in Shanghai and Shenzhen stock markets and possible future flows through the market one after another by means of the stock market in the reduction of these two state-owned assets only, and securities markets, but even the reduction of these two state-owned assets, it does not have to solve by the Shenzhen and Shanghai stock markets. II homes will be one of: the purpose of reduction of two positions incompatibilities incompatibility one: If the pursuit of reduction of income, then the reduction of non-adoption of the Shenzhen and Shanghai stock markets do not have to be resolved, if to be resolved in the market and the pursuit of reduction of income, then the reduction will lead to conflict of interests. Incompatibility of the two: assume that reduction in the market to solve the dispute, the government seeks to adhere to a very sensible macroeconomic principles, this principle can guarantee the realization of assets the government could tolerate the purposes of discount and put into uniform, the principles must be serious damage on the micro-development of the stock market and norms. Incompatibility three: assumed to resolve disputes reduction in the market, the Government let, and investors looking for a very rational to adhere to the principles of macro, this principle can ensure that investors are interested in the program as a reduction providers of funds exist, and put into a unified effect, the principle is almost bound to become redundant in the implementation of the principle.

three measures: taking care of fish and eat it too if we recognize the reduction of the stock market is to standardize and develop the service, then the reduction is not the focus of that part of being underweight prices of state-owned assets, this time reduction is not only the government should not raise funds from the stock market, but whether the Government can focus on long-term growth of capital markets, listed companies not to put up with the flow of state-owned shares at the cost of re-winning investment by confidence. Realization of state-owned assets as the objective function of the reduction programs, concern is the realization of assets after the reduction of the number, that is, reduction of the objective of maximizing revenue and reduction in the development of this target price; to develop and regulate the capital market as the goal reduction programs, concern is whether the reduction of the stock market after the remodeling of the micro-foundation for a more healthy, the former focus on reduction of prices, which focus on reduction rules. Obviously,mbt chaussures paris, in a market economy, price is not important as a result of its own and can not be regulated, but regulation of the price formation is extremely important. Trying to promote the state-owned shares to maximize revenue, the result can only be: to eliminate the stock market crash and the name of creating a stock market crash can not be recovered to. The purpose of this reduction can not give up, the only thing we can choose the objective function, can only be: reduction of sound through the governance structure of listed companies; through the reduction of promoting the standardization of securities market regulation; through the reduction of the stock market into the capital market, rather than state-owned enterprises refuge shelters. In determining the price of state-owned shares, first to respect the history of the formation of state-owned shares, to establish Share of net assets basis, should not be too high, the specific pricing methods determined by the following formula: price per share = Net assets per share * discount factor discount factor which determined by the profitability of assets, either greater than 1 they can be less than 1. Assumed to be 2 yuan, reduction of 100 million shares are now required to take 2 million in cash, stock in the normal performance of the case can go to the 5-6 element, may grant an additional 50 million of the price set at 4 yuan, told investors just to buy those additional state-owned shares, no other uses, will complete additional 2 billion raised funds of funds with the 200 million exactly to 100 million shares, including non-tradable state shares to buy back shares, 2 million in cash to the country away. Is to allow cancellation of shares of the Company, if used for inventory stock is not allowed. A special limited so as to prevent insider trading, repurchase shares of the Company is not canceled, is not allowed to sell in the future, it does not meet the principle of fairness, there is suspicion of insider trading, but it is possible for the write-off,mbt batai, bought and then written off, this one million write off of non-tradable shares, bringing the total reduction of share capital 5,000 million capital increase shares outstanding 5,MBT Günstig,000 million, reduced non-tradable share capital of 1 million, is to reduce the 5000 general shares. If this is the 100 million listed company's share capital 5 million,nike high heels, 50 million shares outstanding after the reduction of the flow into 100 million shares. In this way, the same total profit, earnings per share increased by 1 / 3, the original is now 0.3 yuan to 0.45 yuan may rise because of outstanding capital stock was expanded to 100 million. Expansion of the 50 million of the outstanding shares will affect the stock price is, stock prices will fall, but contracted by 100 million, giving earnings per share increased, both the kinetic energy is close, the result is likely to maintain the original stock prices, even higher. Some people may ask the price of two dollars per share will be the loss of state assets, in fact, even if the net assets per share to set the reduction of prices, state-owned assets will not be lost. Assessment of the state-owned reserve stocks as overvalued by the net asset value of the discounted shares, the listed company Shiyou the issued and outstanding shares issued at a premium, state-owned shares where the share from the public shares a lot of premium income, substantially increased the share of net assets. According to statistics, state-owned shares in the market assessment is the average net assets per share was 0.68 yuan, and now the average net assets per share was 2.68 yuan, that is, to obtain a release from the premium income of two dollars, so now's share of listed companies is significantly higher than the actual net asset value, press the price or even less than this price but as long as 0.68 yuan higher than the state-owned assets are not lost. about most also entered ST, PT ranks, there is the necessary reduction of the loss, now is not as important as suppression pressurizing the problem, if we continue to regulate capital markets, the idea of progressive development, 5 years after the problem may just help things along . In short, the reduction of state shares is difficult, but reduction of state-owned shares it must, let us wish: state-owned shares,christian louboutin scarpe, a good journey! Reference: Wu Xiaoqiu, dispute More articles related to topics：

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