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股市全流通本质上就在于股权分置这个不合理制度及其派生的一系列不合理机制所造成的制度缺陷的改革,其中如何根据公司特征选择可行的股权分置解决方案是改革的关键。笔者通过对目前市场主流股改方案——“送股”与吉林敖东的创新方案——“缩股”两种股改模式的利弊比较分析,认为以资本价值缩股流通制度可以科学有效地解决尚待破题的ST类上市公司股改这一个重大的历史问题。
The full circulation of the stock market essentially lies in the reform of system defects caused by the unreasonable system of share-trading and a series of unreasonable mechanisms from which it is derived. Among them, how to choose a viable share-holding solution according to the characteristics of the company is the key to the reform. The author analyzes the advantages and disadvantages of the two stock reform patterns of “offering stock” and Jilin Aodong - “shrinking stock” through the current stock market share reform plan, and thinks that the capital value shrink circulation system can solve the problems ST class listed companies to be broken topic stock reform this a major historical issue.