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Optimization Problems of state-owned shareholding structure


Institutions established with the central state-owned shares to exercise Congress report on the spirit of the state-owned assets management system, in the central and local levels of government under the guidance of three state-owned assets as quickly as possible management model, the state-owned shares of listed companies, decentralized by different asset management companies or investment institution authorized by the SAC held investment income or equity in accordance with the principle of maximizing the value of engaging in capital management, the absence of a fundamental solution to the problem owner. Such institutions should be in accordance with While limiting and regulating the relationship between listed companies and their parent company, related to eliminate unfair trade. 2, to actively create conditions for reducing state shares. Largest shareholder through the guide appropriate to reduce the stake of state-owned shares,[link widoczny dla zalogowanych], increasing the number of shares of other shareholders and the equity ratio, to resolve the current state-owned shares State-owned shares can be used the way state-owned shares buy-back mode (with the Regardless of the model should be trial and error yi �� 1l ��market interests of all parties share the same rights in the same principle, according to the amount of reduction required for each case and listed companies to determine the number of state-owned shares price. 3, with the state share reduction program, the relevant departments should actively adjust and formulate relevant policies. Allow the placement of some listed companies and the additional use of funds for state-owned shares repurchase, or refinancing of listed companies at the same time limit its sale of some state-owned shares; combined with social security reform, a portion of the transfer of state-owned shares held by social security institutions, through capital operation of the market proceeds, earmarked for social security funds to make up; state-owned shares,[link widoczny dla zalogowanych], legal person shares with the shareholders to give up equity, allowing it to turn with, or even consider the transfer of allotment option directed to other corporate bodies. This would not only reduce the state share faster ratio of listed companies can also introduce new institutional investors, the equity structure of listed companies tend to be reasonable; In addition, with the participation of other legal institutions can make in the ownership structure of listed companies and governance mechanism for optimizing the same time, to get more high-quality assets, capital structure of listed companies to improve and expand the operation scale and improve profitability is extremely favorable. 4, to further improve the capital market, issuing convertible bonds. Subject in the control of state-owned shares, the small proportion of the shareholders of tradable shares that can be control of the company is not essentially affected, thus making the equity loss of their functional role and the formation of a serious bonds and other corporate bonds, shares of listed companies can overcome the system's governance shortcomings set, main functions: First,[link widoczny dla zalogowanych], the debt of hard constraints soft constraints alternative options to reduce the compared to bank loans, the creditor is not a state-owned banks, but the public, credit and debt is the norm in the legal sense of civil obligation, to bring pressure on the operation management and control are real; Third convertible bond adjust the capital structure for the distribution companies to provide a broader operation of the space. For listed companies with higher debt ratios, conversion of convertible bonds through an arrangement,[link widoczny dla zalogowanych], and gradually reduce the debt ratio and financial risks. The proportion of equity financing for large companies, by way of access to low cost capital buy back the same time, on the one hand the state-owned shares, while increasing the proportion of tradable shares, a breakthrough system of artificial division of listed company shares the situation. 5, and strive to foster an open, fair and just society monitoring and evaluation environment. Ownership structure of listed companies on the one hand depends on the formation of the shareholders of the company ownership structure design, on the other hand depends on the level of development of securities markets, and therefore with Meanwhile, on the basis of perfect capital markets, to strengthen the technical, management and human capital factors such as markets and intermediaries such as service system, improve the trading mechanism and rules of information disclosure of listed companies to improve business performance and corporate governance rating function and index system, encourage the media to the major shareholders of misconduct news monitoring,[link widoczny dla zalogowanych], internal and external efforts to create an open, fair and impartial monitoring and evaluation of the environment. (Editor: Lu Yingxia)
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