成型于2009年的国有股转持制度,是我国政府为充实国家社会保障基金、舒缓证券市场“大小非”减持压力,以及维护资本市场安全、稳定国家战略储备的有力措施。根据《境内股市转持部分国有股充实社保基金实施办法》(以下简称《转持实施办法》)的规定,股权分置改革新老划断后,凡在境内证券市场首次公开发行股票并上市的含国有股的股份有限公司,除国务院另有规定的,均须按首次公开发行时实际发行股份数量的10%,将股份有限公司部分国有股转由全国社会保障基金理事会持有。尽管该制度的设计初衷值得肯定,但立 The state-owned stock transfer system, formed in 2009, is a powerful measure our government has taken to strengthen the national social security fund, ease the pressure on the securities market, reduce the size of the stock market, and safeguard the security of the capital market and stabilize the national strategic reserve. According to the provisions of the Measures for the Implementation of the Law of the People’s Republic of China on the Transfer of Some State-owned Shares in the Domestic Stock Market (hereinafter referred to as the Implementing Measures for the Transfer of Shares), after the listing of new and old shares in the non-tradable share reform is completed, Co., Ltd. shall, subject to the provisions of the State Council, be required to transfer some of its state-owned shares to the National Council of Social Security Fund for 10% of the actual number of shares for initial public offering. Although the original design of the system is worthy of recognition, it stands