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理想的股权结构不仅要求公司股权具备足够的流通性,而且要求股权分布适度集中。对于国家不必继续控制的行业或企业所属的上市公司,国有投资主体应该一次性彻底退出,至少不再是第一大股东。从优化股权结构的角度出发,一个好的减持方案应该有助于塑造“积极的股东”。管理层熟悉公司经营管理活动、充分了解公司现实盈利水平以及未来发展潜力,让管理层成为大股东,不失为优化股权结构的一条途径。诸如认股权证、零息回购转债等期权类的减持方案也许有助于股权重新集中的过程。
The ideal ownership structure not only requires the company to have sufficient liquidity of equity, but also requires a moderate concentration of equity distribution. For the listed companies in the industries or enterprises to which the state does not have to continue to control, the main body of state-owned investment should completely withdraw from the enterprise at one time, at least no longer the largest shareholder. From the perspective of optimizing the ownership structure, a good reduction plan should help to create a “positive shareholder.” The management is familiar with the operation and management activities of the Company, fully understand the actual profitability of the Company and its potential for future development, and make management a major shareholder as a way to optimize the structure of the shareholding structure. Options such as warrants, zero coupon redemption options, such as the reduction plan may help to equity re-concentration process.