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目前我国证券市场的股权分置改革已接近尾声,在股权分置改革中形成了数量巨大的限售股。2008年将是限售股流通的高峰。如何减少限售股流通对市场的压力,是确保股权分置改革成功的重要方面之一。本文从限售股对市场的影响入手,分析了不同上市公司限售股流通可能产生的效果,并从存量发行和场外交易两个方面提出了主动化解限售股上市流通压力的政策建议。
At present, the non-tradable share reform in China’s securities market is drawing to a close and a huge number of restricted shares have been formed in the non-tradable share reform. 2008 will be the peak flow of restricted shares. How to reduce the pressure on the market through the circulation of restricted shares is one of the important aspects to ensure the success of share-trading reform. This article starts with the influence of restricted shares on the market, analyzes the possible effects of the restricted shares circulation of different listed companies, and puts forward the policy recommendations on how to take the initiative to resolve the pressure on the listing and circulation of restricted shares from the aspects of stock issuance and over-the-counter trading.