The tradable shares refer to the number of shares of listed companies that can be circulated on the exchange. Its concept is relative to the securities market. Among the tradable shares, according to different market attributes, they can be divided into A shares, B shares, legal person shares and overseas listed shares. There are also non-tradable shares corresponding to tradable shares, which mainly refer to state shares and legal person shares that cannot be listed and circulated for the time being.
Question 2: What does the reduction of state-owned shares mean? As an important measure to deepen enterprise reform, the reduction of state-owned shares aims to realize "separation of government from enterprise", transform enterprise management mechanism, make it truly become the economic subject in the market economy, and lay the necessary micro-foundation for realizing the fundamental transformation of economic system and establishing a truly modern enterprise system.
According to the company statistics published by Shanghai and Shenzhen Stock Exchanges 1998, there are as many as 273 companies with state-owned shares and state-owned legal person shares accounting for more than 50% of the total share capital, accounting for 8 13.
33.58%, especially in 1 12 companies whose total share capital exceeds 400 million yuan, more than half of the state-owned shares exceed 70%, which has obvious absolute holding position. According to the principal-agent theory, the state should exercise its owner's rights to enterprises and bear the consequences of exercising their property rights, that is, fulfill their property responsibilities or obligations. Whether undertaking rights or fulfilling obligations, owners need to establish a tough and effective incentive and restraint mechanism for operators. However, the absence of owners actually leads to the privatization of state-owned property rights and the socialization of property responsibilities, and the imperfect corporate governance structure formed on this basis directly leads to serious corruption, an amazing number of state-owned assets loss and a large number of economic crimes. Obviously, solving the phenomenon of "absence of owners" has become the key to alleviate the problem. However, the nature of public property rights of state-owned assets determines that the problem of owner vacancy cannot be solved in a real sense, and cheap control rights will always exist. Therefore, the realistic approach is not to expect the owners of state-owned property rights to take power, but to weaken the role of cheap control rights in corporate governance through other flexible ways. The introduction of "reducing state-owned shares" is in line with this idea. By reducing the proportion of state-owned enterprises in China, introducing other forms of equity and decentralizing the ownership structure, the control power of state-owned equity can be weakened legally, and the governance structure of state-owned enterprises in China will be gradually improved.
Question 3: What is state-owned stock? The shares held by state-owned and state-holding enterprises are state-owned shares.
Question 4: What do you mean by transfer of state-owned shares and transfer of state-owned shares? The main difference is where the state-owned shares go. For example, the transfer of such state-owned shares to other holders (the public, the collective or the individual) through sale is called transfer. Transfer means that the state transfers part of the state-owned shares of listed companies to the national social security fund (such as pension) for free as convertible shares for future social insurance.
Question 5: Basic knowledge of stock: What is state-owned stock?
Departments or institutions that have the right to invest on behalf of the state invest in shares acquired by joint-stock companies with state-owned assets.
State-owned assets are owned by the state, that is, by the whole people. The departments or institutions that represent the state's right to invest are: the State Council and the State-owned Assets Management Committee (hereinafter referred to as SASAC) and investment companies authorized by local governments.
Question 6: What are state-owned shares, legal person shares and public shares? The stocks issued in China stock market can be divided into state shares and legal person shares.
State-owned shares and state-owned shares are held by the state in enterprises, which is conducive to macro-control. At the same time, the state also attaches importance to enterprises and benefits from them, ensuring support when enterprises are in the most crisis.
Legal person shares refer to the shares subscribed by legal persons (units) with their own funds or the shares converted after the assets of the original collective enterprises are revalued.
Public share is a concept relative to state-owned shares and legal person shares. In the secondary trading market, which is what we call the securities market, all transactions are public shares. State-owned shares and legal person shares are unlisted shares, which are caused by the institutional defects of the former state in order to prevent the so-called "loss of state-owned resources". After the share-trading reform in April 2005, all shares will be fully circulated, so there is no distinction between state-owned shares and public shares.
Upon approval, the shares formed by foreign investors and investors from Hong Kong, Macao and Taiwan in China are called foreign shares.
Question 7: What do the stock issuance and incremental issuance of state-owned shares mean respectively? Incremental issuance is based on the original shares of the company, by expanding the issuance of share capital. Stock issuance refers to the initial public offering, that is, the old shareholders sell some shares publicly, or after listing, the old shareholders reduce all or part of their shares in some way.
Question 8: What does it mean that the largest shareholder of state-owned shares is based on its property right relationship? That is to say, the state-owned shareholders who hold the most shares in the enterprise are responsible for reporting, while other state-owned shareholders are not responsible for reporting.
Question 9: State-owned shares are mainly state-owned. What does diversification mean? This means that state-owned enterprises should transfer part of their shares to social capital under the condition of ensuring their controlling rights, so that all forces can participate in the investment of state-owned enterprises. Of course, the operation is still the responsibility of the state.
Question 10: how to accurately define state-owned shares and state-owned legal person shares? Broadly speaking, state-owned shares are a big concept, including state-owned legal person shares.
State-owned legal person shares mean that the shareholder is a company, and the controlling shareholder of this company is a state institution, such as SASAC, state ministries and commissions, and so on.
State-owned shares in a narrow sense refer to shares directly held by state institutions. For example, the shares held by the State Council can be regarded as state-owned shares in a narrow sense.