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国有股与法人股不能上市流通是困扰我国股票市场的一大难题,由于大量非流通股份的存在,股票市场对资源优化配置的作用大大减弱,也就削弱了促进上市公司有效竞争的激励机制,很大程度上影响了我国股票市场发展的成熟及有效性。所以关于国有股减持的问题一直是股票市场的热点。除了回购以外,其它国有股减持方法无不将直接或间接导致二级市场扩容,也就是说需要二级市场有足够的资金支持,所以如何保证二级市场有足够的资金来源是国有股减持工作的核心问题。
Due to the existence of a large number of non-tradable shares, the stock market plays an important role in optimizing the allocation of resources, thus weakening the incentive mechanism for the effective competition of listed companies, which is very large To some extent, it affects the maturity and effectiveness of the development of China’s stock market. Therefore, the issue of state-owned shares reduction has been a hot stock market. Except for repurchase, the reduction of other state-owned shares will all directly or indirectly lead to the expansion of the secondary market. In other words, the secondary market needs sufficient financial support. Therefore, how to ensure adequate funding source for the secondary market is the reduction of state-owned shares The core issue.