2009年股市限售股“大小限”解禁问题探析

目前市场上的限售股分为股改限售股（“大小非”）、首发和增发限售股（“大小限”）以及股改对价和股权激励股份三类，其中第三类规模小，对市场的影响有限。“大小非”随着时间的推移，总量越来越少，最终将得到完全解决。但“大小限”是企业在全流通条件下发行股票时形成的，数量多、股东持股成本低，上市带来的冲击超过“大小非”。2009年6893亿股限售股解禁规模中“大小限”4656．58亿股，占比67．56％。本文侧重于对2009年“大小限”问题进行探析，并从股票发行机制等角度初步探讨解决问题的思路。

The Analysis on the Lifting of "Limited size" of Non-tradable Shares in 2009

In the present stock market,non-tradable shares consist of stock sale restriction("non-size"),initial offerings and additional issues in non-tradable shares("limited size") and the consideration of share-reform and incentive stock options.The third kind has a limited impact on market because of small scale.As time goes on,the amount of "non-size" has been less and will be completely solved.But "limited size" is formed when the companies issue stocks u.Due to large quantity and low cost of share-holding,its ...