上市公司存量非流通股流通改造方法研究

1999年开始的国有股减持市场化实践，实际上已涉及到非流通股流通问题，2002年1月27日在中国证监会网站公布的国有股减持方案阶段性成果，更是将国有股减持扩展到实现非流通股的流通这一关系股票市场全局的问题上。在开放与持续健康发展的要求下，上市公司分割缺陷是目前中国股票亟待解决的问题。本文在归纳已有的非流通股流通问题研究思路的基础上，着重分析了出售与缩股思路的出发点及存在的问题，提出了尊重历史，兼顾发起人对股份公司贡献的指导思想，引入发起人资本公积贡献杠杆作为调节系数，通过对非流通股的历史追溯调整来解决其流通问题。

Study on Reforming Non-circulative Share Method

One of the big changers of stage achievement of reducing state-owned share plan that proclaimed by China Securities Regulatory Commission on Jan. 27th, 2002 is that the focus discussion expands from reducing state-owned share to reforming non-circulative share. Form this change, we could see that how to integrate share of listed company that owned by different owner is the main problem that should be settled down in China stock market. This problem influences the development of our stock market. The author first sums up the existing research thoughts then provide history traced back to adjustment plan of non- circulative share. Respected history as well as considered contributions of sponsor is the principle of this plan. The author first provides the sponsor's capital accumulation fund lever, and put it as a adjustment coefficient.