【作者】 王建平；

【导师】 赵守国；

【作者基本信息】 西北大学 ， 工商管理， 2006， 硕士

【摘要】 上市公司的股权分置状况是我国特殊历史国情下的产物，我国大部分上市公司从股份制改造到募集资金上市的过程中形成了股份区分为流通部分(即公众股)和不可流通部分(国家股或法人股)，这种不同股不同价不同权的状况即为股权分置。虽然股权分置的做法在当时对证券资本市场的开放和发展起到了重要的推动作用，但随着企业改革的不断深入和证券资本市场发展的日益深化，股权分置问题所带来的缺陷和不足也越来越突出，严重制约了上市公司以及证券资本市场的健康发展，解决股权分置问题已成为刻不容缓的任务。2004年2月初，国务院颁布《关于推进资本市场改革开放和稳定发展的若干意见》明确提出，“积极稳妥解决股权分置问题”，“稳步解决目前上市公司股份中尚不能上市流通股份的流通问题”。2005年5月起，中国证监会、国务院国资委等部门共同出台系列政策，推动上市公司的股权分置改革，其目的也就是要妥善解决我国证券市场特有的“三不同”问题，核心内容就是将上市公司目前尚不流通的股份，通过支付对价的方式获得上市流通权，从而使上市公司的全部股份均上市流通。通过股权分置改革，力图解决证券市场预期稳定和价值发现功能弱化、公司治理缺乏共同的利益基础、不能很好地体现市场公平的原则，不利于国有资产管理体制改革的深化，从而影响资本市场定价功能的正常发挥，不能有效发挥资本市场的优化资源配置功能等等弊端，从而促进上市公司以及证券资本市场的长远健康发展。股权分置问题的产生虽然有其特有的历史原因，但对上市公司的影响却是多方位的，如何结合案例企业的实际情况，综合支付对价、股权结构、公司治理等因素，积极稳妥的解决股权分置问题，从而达到促进公司规范治理、健康发展的目标是本文重点研究的问题。在本次论文写作过程中，通过对案例企业相关问题的研究，结合案例企业的实际情况并与股权分置改革方案统盘考虑、提出建议，目的就是通过实施股权分置改革使这些相关工作得到改进和提高，使股权分置改革能够落到实处、解决一些深层次的矛盾，无疑这对今后公司发展具有深远的现实意义。更多还原

【Abstract】 Divided distribution of stock shares of listed companies in China results from China’s special conditions. The majority of China’s listed companies, from their reforming of stock shares to accumulating and putting capital into the market, applies the divided distribution of stock shares, meaning that the stock shares are divided into two parts: the circulating part (public shares) and non-circulating part (shares belonging to the state or certain legal representative). This separation of different shares, of different prices, and of different ownership is called divided distribution of stock shares.Divided distribution of stock shares did play a role in opening and developing the stock market. However, with the deepening reform in enterprises and the stock market, the problems caused by the divided distribution of stock shares become more and more serious, which has hindered the healthy development of listed companies and stock market. Thus there is the necessity to solve the problems in the divided distribution of stock shares.In February, 2004, the State Department promulgated "A Few Opinions on Reforming and Developing Stock Markets," which pushes to solve problems in distribution of stock shares and the circulation of the non-circulating stocks. In May 2005, China Stock Supervising Committee, National capital Committee of the State Department and others have made a number of policies to push for reforms in divided distribution of stock shares, the purpose of which is to solve the various problems mentioned above. The key is to enable the non-circulating shares to circulate through buying the non-circulating shares and putting them to markets.Reforms in divided distribution of stock shares aim to solve the following problems: expected unstability of stock markets, weak system in evaluation, lack of motivation in reforming the company, difficulty of fair play in market, unfavorable factors in reforming the system to manage national assets, pricing system in stock market, best utilization of capital resources, and the long-term and healthy development of listed companies and markets.Though divided distribution of stock shares has its own reasons for existence, it has multiple impacts on listed companies. The main objective of this project is to find solutions to divided distribution of stock shares and ensure appropriate reform and healthy development of the listed company through case studies of a specific company, its pricing, structures and other factors.This project aims to map out some suggestions on divided distribution of stock shares through researching a specific company and putting that company in the broad context of reforming the divided distribution of stock shares. Of far-reaching and practical importance, this project hopes that through reforming the distribution of stock shares it will help to solve some deep-level problems in the company.更多还原