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《减持国有股筹集社会保障资金管理暂行办法》(以下简称《暂行办法》)的出台,宣告在各方久久期待之中的国有股减持方案终于显露了冰山一角。《暂行办法》规定,凡国家拥有股份的股份有限公司向公共投资者首次发行和增发股票时,均应按融资额的10%出售国有股,因此可以预计,将有越来越多的上市公司加入到国有股减持的行列中来.决策层的几点考虑从目前来看,决策层确定国有股存量发行为减持的主要方式可能出于以下几点的考虑:1、最大额度的收回国有资金与配售、回购、协议转让等其他国有股减持的方式相比,存量发行是一种减持价格最高的方式,它通过将国有股权在二级市场出售的形式获得几倍于其账面价值的资金,其实质无异于社会保障基金向股票市场的募资。由此我们不难看出决策层急于将国
The promulgation of the “Provisional Measures for the Administration of the Reduction of State-owned Shares to Raise Social Security Funds” (hereinafter referred to as the “Interim Measures”) announced that the long-awaited plan of state-owned shares reduction finally revealed the tip of the iceberg. The Interim Measures stipulates that any state-owned company limited by shares should issue state-owned shares at 10% of its financing amount when it first issues and issues additional shares to public investors, so it can be expected that more and more public companies will join To the ranks of state-owned shares reduction in. Some considerations for decision-making layer From the current point of view, decision-making to determine the issuance of state-owned shares as the main way to reduce the stock holdings may be out of the following considerations: 1, the maximum amount of state-owned funds and Stock issuance is the most expensive way to reduce the price of state-owned shares, which is obtained by selling state-owned equity in the secondary market several times its book value , Its essence is tantamount to social security funds to the stock market fund-raising. It is not hard for us to see that the decision-making layer is eager to go to the country