华东师范大学学报(哲学社会科学版) ›› 2001, Vol. 33 ›› Issue (2): 80-83.doi: 10.16382/j.cnki.1000-5579.2001.02.017

• 经济 金融 • 上一篇    下一篇

国有股减持的路径: 一种基于公司控制权市场的观点

余颖   

  • 收稿日期:2000-12-06 出版日期:2001-03-01 发布日期:2025-12-19

The Way to Decrease the Proportion of State - Owned Shares—A View Based on the Market for Corporate Control

Ying YU   

  • Received:2000-12-06 Online:2001-03-01 Published:2025-12-19

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摘要：

国有股减持是公司控制权的重新配置, 其实质在于以此达到完善公司治理结构、提升公司价值的目的。分析表明, 一步到位式的减持诸如民营企业买壳上市, 相对于渐进式的减持如黔轮胎的国有股配售, 更符合上述目的。因此, 应采取竞价的方式, 在国有股减持的同时, 引入有管理才能的、以利润最大化为目标的经济人为新的大股东, 促进公司价值的更大增长。

关键词: 控制权市场, 公司价值, 国有股减持

Abstract:

Although decreasing the proportion of state - owned shares is a basic policy, the issue of how to operate efficiently is still worth inquiring into. There are two ways as to the problem. One is to decrease the proportion step by step, and the other is to accomplish the decrease just in one step. From the angle of the market for corporate control we find that the second way is more efficient since it can improve the corporate value to the full.

Key words: the market for corporate control, corporate value, decrease of holdings of state -owned shares