流通股份

我国非流通股份的流动性价值研究

Study for Liquidity Premium of Illiquid Share in China

随着非流通股份的自由转让与通畅流通，原非流通股股东的利益实现方式与市场的关联性越来越直接。

With the free transfer of non-tradable shares and the smooth flow of the original non-tradable shareholders and the market to achieve relevance means more direct .

投资者在上市公司股权分置改革前持有的非流通股份，在股权分置改革完成且限售期满后可以出售；

Non-tradable shares held by the investor before the reform hereof may be sold after the completion of non-tradable shares reform and the expiration of time limit for share selling ;

利用单位标准股份的均衡价格、非流通股份和流通股份的交易价格及成交量等指标，构造了紧度、结构弹性和结构深度等指标用于度量国内整体股票市场的流动性。

The thesis constructs indexes of liquidity of national securities market , such as tightness , structure resiliency and depth , based on the equilibrium price of criterion share , the trade price and volume of liquid and illiquid share .

说明任何的操纵必然会导致流通股份向操纵者账户流动的趋向，而且还伴随有换手率的急剧上升，这也为监管层控制操纵现象提供了参考。

There is a description of any outstanding shares will inevitably lead to manipulation of accounts to manipulate the flow of trends , but also accompanied by a sharp rise in turnover , which also provide a reference for control the manipulation of the phenomenon to the regulators .

而造成系统风险大、股价波动高的原因是：（1）存在不流通的股份是中国证券市场发展的一个极大阻碍；

China stock markets have several special characteristics , as : ( 1 ) The existence of non circulating stocks , which is a block to china stock markets .

回购股份：指上市公司收购本公司发行的流通股股份，并在收购后予以注销的行为。

Share repurchase : refers to the actions that a listed company buys the negotiable shares of the company and cancels the registration of the shares after the shares are bought back by the company .

这些品牌必须是有流通股的股份有限公司。

The brands had to be public limited companies with liquid stock .

全流通时代大股东股份减持的问题与对策

The Problems and Countermeasures of Large Shareholder 's Stock Selling in the Full Circulation Times

全流通的难点是非流通股份以何种方式进入市场，才能被二级市场所接受。

The difficulty is in which way the non-circulating stock can acceptably enter the second order market .

解决股权分置问题，让非流通股变成可以流通的股份，必然存在非流通股股东为换得流通权而向流通股股东支付对价的问题。

To solve the stock right splitting problems of turning non-floating stock into floating stock , it would happen that non-floating stock holders pay consideration to floating stock holders for gaining circulation right .

但是国内上市公司股权结构复杂，其突出特征是存在流通股与非流通股的区别，非流通股份比重大，流通股东的监督力度弱小，与国外的研究环境具有较大差别。

But the situation in China is complicated and the prominent character of ownership structure in Chinese listed companies is the separation between circulated shares and non-circulated shares .

流通股股东获得对价的基础在于非流通股股东在股份发行之初有关所持国有股、法人股暂不流通的承诺构成与流通股股东之间的合同。

The basis of the consideration is that the promises of non-circulating shareholders constitute a contract between the shareholders and shares in circulation .