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本文认为 ,中小投资者是我国证券市场的主体 ,但同时又是一个弱势群体 ;将国有股转让与国有股流通人为割裂的做法 ,将导致我国股市的长期下跌 ,损害了广大流通股持有者的利益 ;国有股按净资产优先配售给流通股持有者 ,将在解决国有股流通问题的同时 ,最大限度的保护了广大流通股持有者的利益 ;国有股按净资产优先配售给流通股持有者 ,将有助于解决国有股一股独大问题 ,增加中国股市的投资价值 ,充分发挥资本市场的资源优化配置功能 ;推行股票质押贷款是国有股优先配售给流通股持有者的重要配套措施 ,对促进市场的繁荣具有重要意义。
This paper argues that small and medium-sized investors are the main body of China’s securities market, but at the same time it is also a vulnerable group. The separation of state-owned shares from state-owned shares through artificial circulation will lead to the long-term decline of the stock market in our country and damage the interests of the holders of tradable shares ; The state-owned shares will be given priority to holders of tradable shares according to the net assets, which will maximize the protection of the interests of the holders of tradable shares while resolving the circulation of state-owned shares; the state-owned shares will be preferentially placed to the holders of tradable shares according to the net assets, Will help to solve the problem of a single dominant state-owned shares, increase the investment value of China’s stock market and give full play to the optimal allocation of resources in the capital market. The implementation of stock-backed loans is an important supporting measure for state-owned shares to be preferentially placed by holders of tradable shares, The prosperity of the market is of great significance.