国有股减持与资本市场的均衡发展

均衡发展是资本市场运行的最佳状态，然而我国上市公司的国有股份比重过大且不能流通却严重影响了资本市场的均衡发展。国有股减持是一个复杂的系统工程，关系到国家、公司和投资者的利益，影响到资本市场资金、股票的供求平衡，影响到股价的波动，最张影响到资本市场的均衡发展。国外在国有股减持过程中，很重视资本市场上各市场关系的均衡。我们有必要在国有股减持的程序高度、减持步骤及价格的确定等方面体现市场均衡的精神。

The Marketability of the State-owned Shares and the Balanced Development of the Capital Market

Balanced development is the best working condition of the capital market,whereas the state-owned shares in the listed companies in our country are too large in percentage and incapable of circulating,which affect the balanced development of the capitla market.The marketability of the State-owned shares is a complex systematic project that is related to the interests of the state ,companies,and investors ,affects the equilibrium of demand-supply of money and stock,affect the fluctuation of stock price,and eventually affects the balanced development of the capital market.Foreigners attach importance to the balance of any market relationship in the capital market in the marketing of the state-owned shares.We should pay more attention to the balanced development of the capital market in stock pricing,procedure designing in the marketing of the state-owned shares.