国有股减持的问题研究-金融学专业论文.docxVIP

’两730《7摘要 ’两730《7 摘要 国有股减持从本质上来说，就是国有资本的退出，其他各类资本的进入。随着国 有企业改革的深入，如何促进国有股权多元化，增强固有资本的控制力成为各界关 注的焦点。其必出之路便是通过固有资本的残持。让国有资本在全社会范围内“有 进有退”，进行全面而有效的资本运作，从而实现国有资本的优化配置，达到增强国 有资本整体控制力的目的。国有殷减持作为实现股权多元化，国有资本优化配置的 唯～途径，其实施已刻不容缓。但由于种种原因，国家、投资者、地方等各方面的 利益没有得到有效的均衡．固有股的减持工作被追暂停。但是，无论如何．对国有 股减持的研究，仍然是实务界和决策界值得关注的～个重大课题。 本文以产权理论和委托代理理论为基础，运用眈较分祈的方法，从理论和实践两 个方面系统的分析了国有股减持，力图从国有股减持的定价机制的选择中为国有股 减持的困境找到出路。 本文首先对西方各国的国有股减持进行了历史的考察并从中得到有益的启示；其 次，对国有股减持进行了详细的论证。认为委托代理理论和产权理论为国有股减持 提供了充分的理论前提；然后对我国现有的各种国有股减持方案进行了比较分析． 得出定价机制不合理是我囡目前国有股减持叫停的一个最重要的原因，本文在此基 础上提出自己∞定价方案，以蜘为固有股的减持起到抛砖引玉的作用。 r关键词] 国有殷减持 定价机制 方案股权结构 Abst Abst ract In sense。State．owned share reduction js that the national capital reduce and other sorts of capital come in．With the deep of innovation of the national enterprises，the diversification of national ownership and increase of controlling ability of national is the cope of attention．State—owed share reduction is sole rode of the diversification and must be in action immediately．But for many course．there has not been a equilibrium among nation，investor and local authority。The reduction of State．owed share has to be ceased． Based on the theodes of property fights and financial，this dissertation systematically analyses the necessary of the reduction of State—owed share from the aspects of theory and practice by normal analysis and comparative analysis，and try to find out an approach of the State·owed share reduction．This whole dissertation includes four parts．Firstly,the dissertation surveys the State-owed share：Secondly,the dissertation argues that the financial theory and property fights are the base ofthe State—owed share reduction：Thirdly, the dissertation compares the modes of State—owed share reduction，argue that the pricing is the key course of the stop of State-owed share reduction：Finally，the dissertation point out one pricing modes for the reduction of State—owed share． [Key words]State-owned share reduction；Pricing model Plan：Ownership structure Il 第一章 第一章 引言