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上市公司發起人持有股份與社會公眾持有股份的公平分析.rar

資料分類:經濟學院 上傳會員:我的美女老師 更新時間:2013-10-24
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摘要:改革開放以來,中國股票市場不斷發展,成為證券市場的重要組成部分。上市公司公開向社會公眾發行股票,其主要的作用是向社會籌集資金、分散投資風險、實現創業資本的增值、為公司做公告宣傳。股票的最原始作用就是籌集資金,通過發行股票,股份公司可廣泛地吸引社會暫時閑置的資金,在短時間內把社會上分散的資金集中成為巨大的生產資本,組成一個“社會企業”-股份有限公司,使得企業進一步發展成為可能。但是在公司上市的這樣的一個過程當中存在著公司發起人持股與社會公眾持股的不公平的現象,其本質是公司發起人持股與社會公眾持股成本的差異。股權分置改革之后,隨著越來越多的公司爭相上市,這種不公平的現象給證券市場帶來的壓力也不斷的凸顯。

   本文首先闡述了近幾年股票市場的行情持續走低,上市公司家數不斷增加,億萬富翁越來越多的情形,并指出造成這種不對稱情形的主要原因是發起人與社會公眾持股成本的巨大差異。在大量分析各個板塊的發起人和社會公眾持股成本的差異的基礎上,提出公司上市時發起人持有股份應將凈資產按發行價折股。該方案可使公司發起人與社會公眾的持股成本相同,真正體現上市公司同股同權,維護公眾投資者的利益,促進真正有潛力的公司上市,降低證券市場的擴容壓力。

關鍵詞:發起人 社會公眾 持股成本 公平

 

ABSTRACT:Since reform and opening, China's stock market continues to evolve, to become an important part of the securities market. Open space of listed companies issuing shares to the public, its main role is to raise funds to the community, diversify investment risks and achieve venture capital appreciation, publicity announcements for the company.  Role is the most primitive stocks to raise capital. Through the issuance of stocks, shares the company can be widely attract social temporarily idle funds to the community in a short time become a huge decentralized funds focused productive capital, constitute a "social enterprise" - Corporation, making it possible to further development of enterprises . But in the listed company in which such a process exists and the public shareholding company sponsors holdings unfairness, its essence is shareholding company sponsors and the public holding cost differences. After the split share structure reform, as more and more companies are competing to market, this unfairness to bring pressure on the securities market also continued prominent.

   This paper first describes the stock market in recent years, the stock market continued to decline, the increasing number of listed companies, an increasing number of billionaires case, noting that the main cause of this situation is asymmetric promoters and the public float the cost of a huge difference. Each section in a large number of promoters and the public holding cost differences based on the proposed listing of the Company shares held by the promoters of net assets should be converted into shares at the issue price. The program allows the company sponsors and the public cost of holding the same, and truly reflects listed companies with same rights and safeguard the interests of the investing public, the company has the potential to promote real market, reduce stock market expansion pressure.

Keywords: Sponsor;Public;The cost of holding;Fair

 

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上傳會員 我的美女老師 對本文的描述:本文首先闡述了近幾年股票市場的行情持續走低,上市公司家數不斷增加,億萬富翁越來越多的情形,并指出造成這種不對稱情形的主要原因是發起人與社會公眾持股成本的巨大差異。......
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