基金不战而降助纣为虐

• 出 处: 资本市场
• 发表日期: 2005年08期
• 关键词: 不战 长江电力 指标股 用脚投票 交叉持股 上证综指 国有控股公司 囚徒 非流通股股东 转增股本

尽管长江电力、宝钢股份等大型国有控股公司推出的方案离市场的预期相当的远,但最终获得通过却是没有悬念的。在上证综指八年新低的时点上,重仓持有的基金对这些权重指标股用脚投票的可能性非常小。即使有基金想通过抛售来避免表决时违心同意方案,但众多基金交叉持股形成的囚徒困境,又让用脚投票变得异常艰难。既然如此,这些基金只能选择不战而降。

Although plans put forward by large state-owned holding companies such as Yangtze Power and Baosteel Co., Ltd. are quite far from market expectations, they will eventually be passed without any suspense. At the eight-year low of the Shanghai Composite Index, the funds held by Shigekura are less likely to vote on their feet with these weighted index stocks. Even if a fund wants to avoid a dissent agreement by selling to avoid voting, the prisoner’s dilemma created by the cross-holding of many funds makes it extremely difficult to vote by foot. In this case, these funds can only choose to go without fighting.