论使A股指数不跌反涨的国有股准流通市场

解决国有股非流通问题不应降低深沪股市A股的股指,可以通过对交易制度的不同规定,将T+1流通 制度作为期货来出售。指出初始时建立两个资金面与参与者都相对隔离的市场,使它们的交易制度随时间的推 移分阶段并轨,逐步缩小准流通股与A股的交易制度基差,分10年时间由T+365与每手5000股的交易制度向 T+1与每手100股的交易制度渡,流通制度差异缩小导致价格差异缩小,一直存在并轨中,10年后同价,两市自 然并轨。本方案可以达到减持国有股与使A股指数不跌反涨的效果。

Theory on Transaction of the State-owned Stocks

There is no necessary to lower the index of A stock to solve the problem of non-circulation of the state share. This paper gives the way that sets different regulations on circulation system to sell T+1 system as time bargain. First, two markets with capital and participator independent to each other are set up, then two markets are gradually unified in several years, gradually reducing the transaction basis of semi-circulating stocks and A stocks in ten years from system of T+365 with lot size 5000 to system of T+1 with lot size 100. The reduction of difference in circulation system leads to reduction of difference in price, making the two markets unify after ten years. In this way, index of A stock will rise instead of dropping in the process of selling state share.