国有股减持中的代理冲突、股权价值与路径依赖

本文认为国有股减持中政府、公众投资者和承销商等利益相关者之间没有形成“多赢”的局面 ,实际上是国有股减持涉及的代理关系中相关各方之间利益冲突的表现。其根源在于公众投资者在现行上市公司股权结构和治理结构中对股权价值的低水平预期。由于国有股东不会轻易放弃其私有收益 ,使得国有股减持中存在着路径依赖 ,所以 ,在现行的减持方案下国有股出售受阻 ,就谈不上国有股减持有改善上市公司治理结构和提高证券市场功能效率的意义。要达到现行《减持办法》中确定的国有股减持目标 ,必须在政府与公众投资者之间实现激励相容。这实际上是要政府“让利”于投资者 ,打破目前的股权结构、治理结构和相关法律法规的路径依赖 ,从证券市场功能完善、健康发展以及由之实现的国民经济战略调整中获得更多的收益。

The Agency Clashes,the Share Valuation and the Path Dependence in State-owned Share Downsizing

We are of the opinion that the failure to complete a"beneficial-to-all" group picture in terms of profit shared, in the process of state-owned shares downsizing, by the government, public investors, consignees and other interest-related parties, is actually an expression of gain conflict among the above-mentioned agency-related parties involved in state-owned shares downsizing(hereafter abbreviated to SSD)......an expression given by the underlying root that lies, because of the listed companies' present share-ownership structure and management structure, in the low level of expectation of the ownership value cherished by the public investors. Because the unwillingness of state-owned shareholders to give up their gains easily has sparked off the on the path dependence, the sale of state-owned shares under the present SSD program has encountered obstacles, which implies SSD's meaninglessness to the improvement of listed corporate governance structure as well as the increase in the function of the securities market.To hit the target for SSD set in "SSD Measures" being enforced,we must materialize the encouragement to the compatibleness of the government and the public investors......actually a governmental act of conceding benefit to investors to terminate the path dependence caused by the current equity structure concerned, so as to reap more gains from the perfection and healthy development of securities market functions, and from the national economy strategic adjustment to be realized thereby.