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2004年12月15日,上海、深圳交易所和中央登记结算公司联合发布《上市公司非流通股股份转让业务办理规则》,按照《规则》,05年1月1日起上市公司非流通股转让正式开始由“场外”转至“场内”即深沪交易所进行。政策甫一出台,无异于打开了“所罗门的魔瓶”,其冲击波不亚于当年国有股减持试点方案的推出,两市股指应声而下,已触及亚洲金融危机之后的低点,学界、业界争议声四起。事实上已诞生的非流通股流通权,A股含权预期的破灭,A股与C股价格的差距等等,将给市场带来的负面影响令人担忧,专家学者呼吁,决策层应从尊重证券市场发展历史、保护流通股股东利益的角度,重新审视政策的合理合法性。
On December 15, 2004, the Shanghai Stock Exchange, Shenzhen Stock Exchange and the Central Register and Clearing Co. jointly issued the Rules for Handling Non-tradable Shares in Listed Companies. According to the Rules, from January 1, 2005, the transfer of non-tradable shares of listed companies Officially started from the “off-site” to “venue” that is, Shenzhen and Shanghai Stock Exchange. As soon as the policy was introduced, it was tantamount to opening “the magic bottle of Solomon.” Its shock wave was no less than the introduction of the pilot program of state-owned stock holdings in the same year. The stock market indices of the two cities came down softly and hit a low point after the Asian financial crisis. Industry controversy everywhere. In fact, the circulation of non-tradable shares, the expected burst of A shares, the price gap between A-shares and C-shares, etc. will bring worries to the market. Experts and scholars call for the decision-making level to be respected Securities market development history, the protection of the interests of shareholders of circulation point of view, re-examine the reasonableness of the policy.