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我国企业股份化改造继1984年北京天桥百货股份有限公司成立和1986年上海飞乐音响股份有限公司发行股票以来,虽步履艰难,但成绩喜人。企业股份化虽在一定程度上使企业过去产权关系不明确的状况得以改善,但企业股份化与转换企业经营机制还是严重脱节。有的企业虽然股份化了,但经营方式未真正转变;有的企业虽发行、上市了股票,但并未真正履行股份公司应有的责权利关系,只是把发行、上市股票作为一种筹资手段,且所筹资金的实际用途时常与招股说明书披露的用途相左,使股东权益受到严重侵犯。这种状况从根本上造成了股票二级市场的过度投机。
Since the establishment of Beijing Tianqiao Department Store Co., Ltd. in 1984 and the issuance of shares by Shanghai Feile Audio Co., Ltd. in 1986, although the company struggled hard, its performance was gratifying. Although the shareholding of the enterprise can improve the unclear relationship of the property rights of the enterprise to some extent, the shareholding of the enterprise is seriously out of line with the transformation of the operating mechanism of the enterprise. Although some enterprises are stocked up, the mode of operation has not really changed. Although some enterprises issue and list stocks, they have not really fulfilled the rights and responsibilities that the stock companies should have. They just use the issuance and listing of stocks as a means of financing , And the actual use of the raised funds is often at odds with the disclosure of the prospectus, causing serious infringement of shareholders’ rights and interests. This situation fundamentally caused the stock market over-speculation.