国有股

Thus,the abolishment of the government's controlling right is one of the keys to optimizing capital structure of listed companies.

因此，国家控制权是优化上市公司资本结构的关键之一，不放弃控制权的国有股减持是没有意义的。

As for the second conclusion, the authors explanation can be divided into two parts: on the one hand, the more self-identity that investor put on for the value of state-owned assets ,the lower risk agio the investor ask for, so the underpricing of IPO is low.

对于国有股比例与IPO抑价程度的负相关关系的解释是：一方面国有股比例所内含的政府信用的隐性担保功能降低了投资者的风险，其所要求的风险贴水也就相应降低，因此IPO抑价程度也低。

The result states that corporate stock acquisition is more marketing than national stock acquisition. In the acquisitions, the different view between consignee and alienator makes the difference on valuation base. Commodity price theory tells us that alienators sell commodity for the value, while consignee buy commodity for the using value.

从国有股和法人股的分组情况来看，国有股收购价格同每股净资产的相关性更为明显，而法人股同收益指标的相关性较为明显，证明法人股收购的市场化程度高于国有股收购。

After the actual data analysis, this article discovered that, the circulation stock and the law annual bonus account for the total capital stock proportion elevating, is advantageous to the promotion enterprise's management achievements, has confirmed this article the supposition which starts in the article to propose; But the national stock institute accounts for the enterprise total capital stock the proportion and the enterprise manages in the achievements overall to assume the negative influence, moreover because the state-owned stock generally accounts for the maximum proportion, therefore, the stockholder's rights centralizations manage the achievements in the this time also basic performance for the state-owned stock to the enterprise the influence, basically has also confirmed myself the supposition which proposed to the national stock.

经过实际数据的分析，本文发现，流通股和法人股所占总股本比例的升高，有利于提升企业的经营绩效，验证了本文在文章开始提出的假设；而国家股所占企业总股本的比例与企业经营绩效总体上呈负面影响，而且由于国有股一般占最大比例，所以，股权集中度在此时也基本表现为国有股的对企业经营绩效的影响，基本上也验证了本人对国家股提出的假设。

Based on the analysis on the ten shortcoming of the plans for the sell-off of state-owned share of listed companies in China, and based on the analysis about the limitation and temporariness of the decision of stopping the sell-of of state-owned shares, this paper presents C Share Solution for the sell-off of state-owned share in China, and gives the positive evaluation to the effect of the Act.

本文在剖析现有的中国上市公司国有股减持方案所普遍存在的"十大缺陷"的基础上，在指出了停止国有股减持决定的局限性和暂时性的基础上，提出了中国国有股减持的" C 股方案"及其实施要点，对该方案的实施效果给予了乐观的分析评价。

Moreover, we examine how the agency cost between managers and liquid shareholders is affected by nonliquid shares and stateowned shares, which we believed to exist only in Chinese Market. Through the same method of event study, we find a symmetric effect regardless of the proportion of nonliquid shares, and this shows that the proportion of nonliquid shares is not a factor of conflicts between managers and liquid shareholders. As for the sub-sample with stateowned shares, there is a larger positive price impact for firms with high proportion of stateowned shares, which tells us that the stateowned shares do raise the problem of "absence of the owner", and it is a part of agency cost in China.

我们进一步检验了国内特殊存在的非流通股以及国有股对于管理层与流通股东之间代理成本的影响，通过同样的事件研究方法对上述样本进行市场宣告反应检验，结果发现非流通股比例不同的公司其市场反应并无显著差异，说明非流通股的存在对管理层与流通股东之间的代理问题没有影响；而国有股比例不同的公司其市场宣告反应存在显著差异，这说明国有股产生的&所有者缺位&问题成为国内代理成本的一部分，并确实影响了现金股利的发放。

We see that in 2001 the introduction of state-owned shares wishfully reduction, but will eventually become the five-year long bear market has led to the fuse is also a strong appeal in various sectors, the management eventually stopped state-owned stock price reduction policy, the policy announcement day knew of the wonders of market trading.

我们看到，在2001年国家实行国有股一厢情愿地减少，但最终成为长达5年的熊市导致保险丝也是在各界的强烈呼吁，管理层最终停止国有股降价政策，政策宣布当日知道市场交易的奇迹。

So the aim of this article is to analysis the influence the existed three scheme, directional offering, repurchasing scheme and agreement transfer scheme. And then the listed companies can choice the suitable scheme by condition of themselves.

本文的写作目的就是试从上市公司自身的角度来分析目前已实际操作的三种国有股减持方式对上市公司的影响，以便有利于上市公司根据自身的实际情况来选择有利的国有股减持方式。

The third model is die combination widi concentrating-share model and discount model. Firsdy, we must concentrate state-owned share based on investing cost; secondly, we can evaluate die stock on full-flowing condition by discount model, dien we can get die reasonable price of state-owned share.

3折股贴现模型：该模型其实是折股模型与贴现现金流模型的组合，首先我们要将国有股按投资成本进行缩股，使之与流通股同股，进而实现全流通，然后用自由现金流模型计算全流通条件下股票的内在价值，最后再来推算国有股的价值。

The future did not always look thus. During 2002-04 China's stock market looked sick, crippled by slow profit growth, hundreds of scandals and concerns over the huge overhang of state-owned shares, which investors worried might one day flood the market.

未来并不总是像看上去的那样。2002年至2004年间，由于利润增长缓慢，数以百计的丑闻，加之投资者对数量庞大的国有股心存忧虑（他们担心非流通国有股有一天可能涌入市场），中国股市看上去出现了问题。

With Death guitarist Schuldiner adopting vocal duties, the band made a major impact on the scene.

随着死亡的吉他手Schuldiner接受主唱的职务，乐队在现实中树立了重要的影响。

But he could still end up breakfasting on Swiss-government issue muesli because all six are accused of nicking around 45 million pounds they should have paid to FIFA.

不过他最后仍有可能沦为瑞士政府&议事餐桌&上的一道早餐，因为这所有六个人都被指控把本应支付给国际足联的大约4500万英镑骗了个精光。