Basic contents of share-trading reform

The basic content of share-trading reform: Share-trading refers to the existence of non-tradable shares and tradable shares in listed companies in China. Except for the huge difference in the cost of holding shares and the difference in circulation rights, other rights granted to each share are the same. Due to the huge difference in the cost of holding shares, there is a serious injustice between the two types of shareholders. In the reform of non-tradable shares, if we don't consider the holding costs of non-tradable shares and tradable shares, and don't admit the difference between the holding costs of the two types of shareholders, we will lose the logical basis for solving the problem, let alone protect the legitimate rights and interests of the vulnerable group of social public investors and the three public interests.

There is only one criterion to judge the success or failure of the share-trading reform, that is, whether the holding cost of all shares of listed companies is the same after the share-trading reform.

The problem of non-tradable shares has always been the most important problem that puzzles the healthy development of the stock market. Unequal and unequal ownership structure mainly includes three meanings. First, the rights are not equal, that is, the rights enjoyed by different shareholders are not equal, which is mainly manifested in the inequality and inequality in participating in management decisions; Second, the obligations are not equal, that is, the obligations of different shareholders (referred to as stock holders) to raise funds for enterprise development and to bear debts are not equal or equal; Third, the benefits and risks of different shareholders are unequal and unequal. The split share structure makes it impossible to straighten out the property right relationship, the enterprise structure can not be conducted and effectively managed, the enterprise management decision can not be more democratic and scientific, dictatorship and insider control are inevitable, and even become the biggest obstacle to opening up, enterprise property right reform and deepening economic system reform. Therefore, to solve the stock market problem, we must solve the problem of non-tradable shares.

On the formulation of non-tradable shares. At first, the reduction of state-owned shares was proposed, and then it was fully circulated. Now it is proposed to solve the problem of non-tradable shares. In fact, the meanings of the three are completely different. The reduction of state-owned shares includes the concepts of realizing through the securities market and withdrawing state-owned capital; Full circulation includes the concept of liquidity of non-tradable shares; Solving the problem of non-tradable shares is a concept of reform, the essence of which is to change non-tradable shares into tradable shares and truly realize the same share and right, which is an important content of the basic system construction of capital market. Moreover, after solving the problem of non-tradable shares, tradable shares do not have to actually enter circulation, which is not necessarily related to market expansion. Clarifying this point is conducive to stabilizing market expectations and solving the problem of non-tradable shares on the premise of maintaining market stability.