股权分置改革前后我国上市公司股票市场的比较分析

股权分置改革前后我国上市公司股票市场的比较分析 目录 一(摘要........................................................................................................................ 1 二(股权分置及股权分置改革概述 ........................................................................... 1 三(股权分置改革前后对上市公司及股票市场的影响 ........................................... 2 1.股权分置改革前.................................................................................................. 2 2.股权分置改革后.................................................................................................. 3 四(股权分置改革中的对价 ....................................................................................... 4 五(案例分析-------三一重工 ...................................................................................... 4 六(股权分置改革后出现的新问题 ........................................................................... 5 七(股权分置改革的建议 ........................................................................................... 9 八(参考文献................................................................................................................ 9 protection measures or programmes. To prevent surface water from entering Excavation and trench to avoid slope collapse or destruction of soil. Section III, soft landscape construction schemes and technical measures soft landscape projects, delivery standards construction and acceptance should meet the current code for construction and acceptance of City Green (CJJ/T82-99), and urban landscaping and landscape plant materials (wood of Materia Medica) (CJ/T34-91), the relevant provisions. 1, site preparation and construction technical measures and leveling site preparation: planting soil 50cm all debris should be cleared, litter and not conducive to plant growth in the soil, timely removal of weeds in clean soil, large stones and so on. 20cm 30cm which cannot be more than diameter of surface soil stone; design requires terrain of the site, should be dealt with in strict accordance with the design requirements into the terrain. Site levelling: 30cm soil should be according to the requirements of soil, fertilization, added nutrition, leveling height differences less than 5cm per square metre, and should comply with the design requirements of the slope, keep the soil loose, ventilation and good permeability. Soil: the soil should be well drained soil is neutral and organic-rich soil, should not contain gravel or other toxic or inhibit growth of debris. Poor soils including strong acids, strong alkali soils and heavy clay, sandy and saline soils. Before planting the soil conditions should be checked, and in some key growing areas to ensure that environments must be to improve the soil. For planting soil and backfill, efficiency of fertilizer should be added, joining at least 5cm of humus in the soil. Containing construction waste and other harmful substances, Ph standard, saline soils and heavy clay, soil or soil improvement technology measures should be used. Planting soil: cultivation prior to planting in the region of 股权分置改革前后我国上市公司股票市场的比较分析 摘要:股权分置改革是近几年来中国资本市场最重要的性变迁，也是近年来和未来一段时期影响上市公司经营管理的最重要的制度性因素。本文就股权分置改革前后对上市公司的影响做了简要分析并以三一重工为案例具体说明了改革的举措，就改革中存在问题提出了相关建议。 关键词:股权分置 股权分置改革 对价问题 三一重工 一(股权分置及股权分置改革概述 股权分置，也称为股权分裂，是指上市公司的一部分股份上市流通，另一部分股份暂时不上市流通。前者主要称为流通股，主要成分为社会公众股;后者为非流通股，大多为国有股和法人股。这种同一上市公司股份分为流通股和非流通股的股权分置状况，为中国内地证券市场所独有。非流通股与流通股这二类股份，除了持股的成本的巨大差异和流通权不同之外，赋于每份股份其它的权利均相同。 股权分置改革，是当前我国资本市场一项重要的制度改革，就是政府将以前不可以上市流通的国有股(还包括其他各种形式不能流通的股票)拿到市场上流通，即包含的是通过证券市场变现和国有资本退出的概念。解决股权分置问题是一个改革的概念，其本质是要把不可流通的股份变为可流通的股份，真正实现同股同权，这是资本市场基本制度建设的重要内容。而且，解决股权分置问题后，可流通的股份不一定就要实际进入流通，它与市场扩容没有必然联系。明确了这一点，有利于稳定市场预期，并在保持市场稳定的前提下解决股权分置问题。 我国上市公司的股权分置是我国特殊国情下的产物，我国大部分上市公司从股份制改造到募资上市的过程是:国家(或法人)投资兴建的企业经资产评估后按一定比例折股，在符合上市条件后向社会公众溢价发行，企业股票上市后则分为可流通部分(即公众股)和不可流通部分(国家股或法人股)，同股不同权不同价。这既不符合国际惯例，不利于入世后我国证券市场与国际市场顺利接轨，也不能很好地体现市场公平的原则。从而影响资本市场定价功能 rich soil, should n-oil loose, ventilation and good permeability. Soil: the soil should be well drained soil is neutral and organicng height differences less than 5cm per square metre, and should comply with the design requirements of the slope, keep the sleveliinto the terrain. Site levelling: 30cm soil should be according to the requirements of soil, fertilization, added nutrition, face soil stone; design requires terrain of the site, should be dealt with in strict accordance with the design requirements of surwth in the soil, timely removal of weeds in clean soil, large stones and so on. 20cm 30cm which cannot be more than diameter easures and leveling site preparation: planting soil 50cm all debris should be cleared, litter and not conducive to plant gro91), the relevant provisions. 1, site preparation and construction technical m-99), and urban landscaping and landscape plant materials (wood of Materia Medica) (CJ/T34-nce should meet the current code for construction and acceptance of City Green (CJJ/T82cceptaII, soft landscape construction schemes and technical measures soft landscape projects, delivery standards construction and aammes. To prevent surface water from entering Excavation and trench to avoid slope collapse or destruction of soil. Section Iprotection measures or progr1of clay, soil or soil improvement technology measures should be used. Planting soil: cultivation prior to planting in the regioneavy t least 5cm of humus in the soil. Containing construction waste and other harmful substances, Ph standard, saline soils and henvironments must be to improve the soil. For planting soil and backfill, efficiency of fertilizer should be added, joining a e thaty clay, sandy and saline soils. Before planting the soil conditions should be checked, and in some key growing areas to ensurot contain gravel or other toxic or inhibit growth of debris. Poor soils including strong acids, strong alkali soils and heav 的正常发挥，不能有效发挥资本市场的优化资源配置功能。 二(股权分置改革前后对上市公司及股票市场的影响 1.股权分置改革前 股权分置的体制性缺陷导致了其他的机制性缺陷和规则性缺陷，制约了我国上市公司和股票市场的发展。 从体制性缺陷来看，股权分置导致非流通股的未来流动性处于一种不确定的状态，流通股股东利益处于一种不确定的损害状态。上市公司2/3股份不流通彻底破坏了上市公司的利益机制一致性的基础，股权分置使得非流通股东的资产投资收益并不是取决于上市公司的每股利润而是净资产。股权分置的格局客观上使得非流通股股东特别是控股股东的资产价值与市场走势毫无关系。 从机制性缺陷看，由于股权分置这个体制性的原因，我国股票市场上的竞争机制、约束机制和激励机制方面都存在诸多问题。在竞争机制方面，上市公司缺乏产权明确的市场主体，缺乏由竞争而形成的市场价格，以致股票市场上的资源配置机制不能有效形成。在约束机制方面，我国大部分上市公司是由国有企业改造而来，因而上市公司中普遍存在转轨不转制的情况。在激励机制方面，在上市公司中，国有股东处于控制地位，上市公司原主管部门以国有股代的身份对企业进行干预，而对干预后果不需要承担责任，激励机制缺乏。 从规则性缺陷看，由于股权分置的存在，一系列的法律制度不完善，股票市场的正常运行必须遵循市场经济规律，并以健全的法律体系为支撑。我国股票市场是在新旧体制交替过程中形成的，其所形成的市场规则很难及时有效的指导市场的运行。 这些体制性、机制性、规则性的缺陷使得我国股票市场表现出与其他成熟股票市场不同的特征，具体表现为:股权分置损害了上市公司的利益机制、市场内幕交易盛行、市场信息失真、上市公司控股股东的扭曲行为、追求高溢价的股权融资，和并购重组具有投机性等。 证券市场本身具有企业融资功能和优化资源配置功能，股票只有在全流通的情况下才能更好的实现上述两项职能(如控股股东可以通过抛售股票筹集资金，同时也其他机构和个人也可以通过购买公司股票或参与IPO及增发来发现市场优势企业并获利退出。但由于我们国家历史原因形成了非流通股与流通股的同股不同权的问题，非流通股成本低，但无法流通实现优化资源配置和弱化了融资功能，其搞好上市公司经营的动力就很低，造成了只知道圈钱不注重上市公司业绩的情况;而流通股虽然可以流通交易，但是取得成本高，也难以获得 soil in of the site, should be dealt with in strict accordance with the design requirements into the terrain. Site levelling: 30cmclean soil, large stones and so on. 20cm 30cm which cannot be more than diameter of surface soil stone; design requires terra soil 50cm all debris should be cleared, litter and not conducive to plant growth in the soil, timely removal of weeds in 91), the relevant provisions. 1, site preparation and construction technical measures and leveling site preparation: planting-) (CJ/T3499), and urban landscaping and landscape plant materials (wood of Materia Medica-onstruction and acceptance of City Green (CJJ/T82technical measures soft landscape projects, delivery standards construction and acceptance should meet the current code for c struction of soil. Section III, soft landscape construction schemes andprotection measures or programmes. To prevent surface water from entering Excavation and trench to avoid slope collapse or de2logy measures should be used. Planting soil: cultivation prior to planting in the region ofng construction waste and other harmful substances, Ph standard, saline soils and heavy clay, soil or soil improvement technontainisoil. For planting soil and backfill, efficiency of fertilizer should be added, joining at least 5cm of humus in the soil. Coting the soil conditions should be checked, and in some key growing areas to ensure that environments must be to improve the kali soils and heavy clay, sandy and saline soils. Before planrich soil, should not contain gravel or other toxic or inhibit growth of debris. Poor soils including strong acids, strong al-y. Soil: the soil should be well drained soil is neutral and organicbilitr square metre, and should comply with the design requirements of the slope, keep the soil loose, ventilation and good permeashould be according to the requirements of soil, fertilization, added nutrition, leveling height differences less than 5cm pe 较好投资收益。股权分置改革就是为了通过非流通股补偿流通股股东的形式彻底实现股票的全流通，进而确保非流通股通过对流通股股东补偿获得流通机会，激发非流通股的经营积极性搞好上市公司业绩，有效实现再融资功能和优化资源配制功能;而流通股股东由于获得补偿，且公司经营效益会出现预期的向好从而也实际获得更大的投资收益(所以从某种意义上来说，股权分置改革是必须的，改革则股市有希望，不改革则股市会渐渐失去其融资和资源配置的功能，变为一个赌博者的乐园。 2.股权分置改革后 1)有效地抑制二级市场的投机性，重塑投资者的理性价值投资概念。股权分置使三分之二的股份处于不流通状态，在“一股一票”的制度下股同参与经营决策的能力十分有限，而通过参与公司决策提高公司价值的动力不足，所以股东很少期望从公司价值发展中受益，而是通过获取买卖差价来实现自身的收益，就是所谓的投机。而投机行为使股价波动不能正确的反映公司的经营业绩，而改革之后所有读懂有了共同的利益目标，即使公司价值上涨，有利于培养战略投资者进而有利于股市的健康发展。 2)改善公司治理状况 由于非流通股中国有股占到60%左右，而上市公司第一大股东所持比例超过50%处于绝对控股地位，由于控股股东的利益无法在证券市场上实现，所以就通过侵占上市公司的利益来实现自身的利益，主要是非法占用上市公司资金，通过关联交易将上市公司资产或利润转移，误导投资者侵占上市公司投资者收益和透支上市公司信用来实现。 当股权分置改革后，一方面，国有控股股东的股份可以通过二级市场按市价转让，上市公司经营业绩的好坏直接影响到起切身利益，控股股东侵占上市公司利益的状况将得到有效的改善，另一方面，股份全流通后，控股股东很难维持其绝对控股地位。控股股东在经营公司的过程中如果经营不善，则会导致上市公司股价下跌，此时就会有其他股东通过上市公司的股票来获取上市公司的控制权，既原股东失去控股地位。出于以上两点的考虑，控股股东会尽心尽力经营上市公司。 3)股权分置改革会消除流通股股东和非流通股股东之间的权利不对称问题。我国流通股股东和非流通股股东之间的权利不对称问题只要存在于新股发行时期、配股时期和增发新股时。股权分置改革从根本上消除了流通股和非流通股的差异，也就解决了流通股股东和非流通股股东之间的权利不对称问题，真正实现了“同股同权同利” 对于重塑投资者信心，建立规范化的股市，有十分重要的作用。 -oil loose, ventilation and good permeability. Soil: the soil should be well drained soil is neutral and organicng height differences less than 5cm per square metre, and should comply with the design requirements of the slope, keep the sleveliinto the terrain. Site levelling: 30cm soil should be according to the requirements of soil, fertilization, added nutrition, face soil stone; design requires terrain of the site, should be dealt with in strict accordance with the design requirements of surwth in the soil, timely removal of weeds in clean soil, large stones and so on. 20cm 30cm which cannot be more than diameter easures and leveling site preparation: planting soil 50cm all debris should be cleared, litter and not conducive to plant gro91), the relevant provisions. 1, site preparation and construction technical m-99), and urban landscaping and landscape plant materials (wood of Materia Medica) (CJ/T34-nce should meet the current code for construction and acceptance of City Green (CJJ/T82cceptaII, soft landscape construction schemes and technical measures soft landscape projects, delivery standards construction and aammes. To prevent surface water from entering Excavation and trench to avoid slope collapse or destruction of soil. Section Iprotection measures or progr3of clay, soil or soil improvement technology measures should be used. Planting soil: cultivation prior to planting in the regioneavy t least 5cm of humus in the soil. Containing construction waste and other harmful substances, Ph standard, saline soils and henvironments must be to improve the soil. For planting soil and backfill, efficiency of fertilizer should be added, joining a e thaty clay, sandy and saline soils. Before planting the soil conditions should be checked, and in some key growing areas to ensurot contain gravel or other toxic or inhibit growth of debris. Poor soils including strong acids, strong alkali soils and heavrich soil, should n 三(股权分置改革中的对价 对价是股改中投资者最关心的问题之一，也是股权分置改革最核心的内容。股改中对价的基本含义是未来非流通股转为可流通时，由于会导致流通股股价下跌，因此，流通股股东同意非流通股可流通的同时，非流通股股东也要对这一行为发生时将充分保护流通股股东的利益不受损作出相应承诺。显然，这实际上是双向承诺。其目的要是展望中国股市必然并轨的未来，尤其保护中小股东的利益。 四(案例分析-------三一重工 三一重工是三一集团的核心企业，集团成立于1989年，秉持“创建一流企业，造就一流人才，做出一流贡献”的企业宗旨，打造了业内知名的“三一”品牌。目前，三一已全面进入工程机械制造领域其中混凝土机械、桩工机械和 履带起重机为国内第一品牌，主导产品混凝土泵车已全面取代进口品牌，国内市场占有率居达56%，居国内首位，且连续三年产销量居全球第一。三一重工于2003年7月3日上市，是中国股权分置改革第一家成功的企业，目前市值居中国工程机械上市公司之首。 三一重工作为中国证券市场股权分置改革试点的第一家上市公司，率先推出了自己的改革试点。公司利用的对价原理为:模拟在全流通环境下发行股票, 将发行市盈率超出完全市场环境下发行市盈率倍数作为一个计算流通权价值的参考。对价公式如下: 每股流通权的价值= 超额市盈率的倍数×公司每股税后利润 对价比例= 每股流通权的价值×流通股总股数?交易价格?流通股总股数 由此，公司非流通股股东拟向流通股股东支付每10股划转3股返利8元的对价，并获得股票上市流通权。按照该公司目前18000万非流通股，6000万流通股的数字来计算，此方案完成后，原非流通股的股本数将下降为16200万股，原流通股东所持股本数将上升为7800万股，并获得4800万现金。 这个方案就相当于现在有一家原来股本为16200万股、每股净资产为3.21元的公司，以12.42元的价格发行7800万股新股，该公司股票上市之后将直接全部流通。 这样的一个发行方案是否值得投资呢,我们看看历史上三一重工的EPS:2003年1.35元，2004年1.36元。按照目前三一重工公布的对价方案，以12.42元购买三一重工的股票， logy measures should be used. Planting soil: cultivation prior to planting in the region ofng construction waste and other harmful substances, Ph standard, saline soils and heavy clay, soil or soil improvement technontainisoil. For planting soil and backfill, efficiency of fertilizer should be added, joining at least 5cm of humus in the soil. Coting the soil conditions should be checked, and in some key growing areas to ensure that environments must be to improve the kali soils and heavy clay, sandy and saline soils. Before planrich soil, should not contain gravel or other toxic or inhibit growth of debris. Poor soils including strong acids, strong al-y. Soil: the soil should be well drained soil is neutral and organicbilitr square metre, and should comply with the design requirements of the slope, keep the soil loose, ventilation and good permeashould be according to the requirements of soil, fertilization, added nutrition, leveling height differences less than 5cm pe soil in of the site, should be dealt with in strict accordance with the design requirements into the terrain. Site levelling: 30cmclean soil, large stones and so on. 20cm 30cm which cannot be more than diameter of surface soil stone; design requires terra soil 50cm all debris should be cleared, litter and not conducive to plant growth in the soil, timely removal of weeds in 91), the relevant provisions. 1, site preparation and construction technical measures and leveling site preparation: planting-) (CJ/T3499), and urban landscaping and landscape plant materials (wood of Materia Medica-onstruction and acceptance of City Green (CJJ/T82technical measures soft landscape projects, delivery standards construction and acceptance should meet the current code for c struction of soil. Section III, soft landscape construction schemes andprotection measures or programmes. To prevent surface water from entering Excavation and trench to avoid slope collapse or de4 其市盈率仅为9倍，完全符合一个成熟证券市场的定价区间。从动态来看，2005年1季度0.215元。虽然今年1季度该公司的业绩比去年同期有所下降，但不排除其中有偶然因素的影响。即使是按2005年同期下降30%计算，实施了对价方案后，三一重工今年的预测市盈率也不会高于13倍。 目前三一重工的价格稳定在18元左右，在实施对价方案前的静态市盈率为13.34倍，按同口径的2005年预测市盈率为19倍。这样的一个市盈率在目前的二级市场中也是不太多的。这至少说明市场对三一重工的迅速发展是认可的，在对价方案出来之前，流通股东通过市场价格的定位已经给予三一重工一个很高的认可和评价。而从更宏观和全面的角度看待三一重工历年来的业绩和中国重工业化的大趋势，三一重工的对价方案对流通股东来说是个相对公平的方案。因此，我们认为，三一重工的股权分置改革试点方案还是给了流通股投资者一个较为合理的价格。 五(股权分置改革后出现的新问题 三一重工是股权分置改革的成功案例，但是仍然存在着许多问题。 1.根据2008年沪深两市每日收益指数的分析调查，无论沪市还是深市，股权分置改革后股市波动性均大于股权分置改革前。从以下图1中可以看出三一重工股权分置改革后的股价波动。 rich soil, should n-oil loose, ventilation and good permeability. Soil: the soil should be well drained soil is neutral and organicng height differences less than 5cm per square metre, and should comply with the design requirements of the slope, keep the sleveliinto the terrain. Site levelling: 30cm soil should be according to the requirements of soil, fertilization, added nutrition, face soil stone; design requires terrain of the site, should be dealt with in strict accordance with the design requirements of surwth in the soil, timely removal of weeds in clean soil, large stones and so on. 20cm 30cm which cannot be more than diameter easures and leveling site preparation: planting soil 50cm all debris should be cleared, litter and not conducive to plant gro91), the relevant provisions. 1, site preparation and construction technical m-99), and urban landscaping and landscape plant materials (wood of Materia Medica) (CJ/T34-nce should meet the current code for construction and acceptance of City Green (CJJ/T82cceptaII, soft landscape construction schemes and technical measures soft landscape projects, delivery standards construction and aammes. To prevent surface water from entering Excavation and trench to avoid slope collapse or destruction of soil. Section Iprotection measures or progr5of clay, soil or soil improvement technology measures should be used. Planting soil: cultivation prior to planting in the regioneavy t least 5cm of humus in the soil. Containing construction waste and other harmful substances, Ph standard, saline soils and henvironments must be to improve the soil. For planting soil and backfill, efficiency of fertilizer should be added, joining a e thaty clay, sandy and saline soils. Before planting the soil conditions should be checked, and in some key growing areas to ensurot contain gravel or other toxic or inhibit growth of debris. Poor soils including strong acids, strong alkali soils and heav 图1 股票价格在6月14日公布股权分置改革方案实施公告，及15日股权登记日后，连续两日涨停达到近期峰值，但17日公布公司本次股权分置改革方案实施前后的股份结构变动公告，股票价格暴跌30.27%，此后股票价格趋于稳定，维持正常价位。在6月30日除权除息后，股票价格当日收跌到每股7.69元。此后，股票价格随大盘走势，震荡盘升。 2.由于中国股市的情况，值得长期投资的企业并不多，而机构投机者就出现了“扎堆”的现象，三一重工(找一下股权结构)机构投资者数量就很多，因此流通股和非流通股之间的博弈就变成了流通股股东和机构投机者之间的博弈，由此中小股东的利益就被抛在了一边，如何维护中小股东的利益，成为股改后关注的重点。 表1 股改前前五大股东 截止日期: 2005-06-16 持股 持股数量股份性占总股 序号 股东名称 变动数 (万股) 质 本比例 (万股) 三一集团 1 15,353.15 流通A股 63.97% 0 有限公司 昆山市三 2 一重机有限公295.60 流通A股 1.23% 0 司 无锡市亿 3 利大机械有限147.81 流通A股 0.62% 0 公司 河南兴华 4 机械制造有限78.83 流通A股 0.33% 0 公司 5 娄底市新24.61 流通A股 0.1% 0 bilitr square metre, and should comply with the design requirements of the slope, keep the soil loose, ventilation and good permeashould be according to the requirements of soil, fertilization, added nutrition, leveling height differences less than 5cm pe soil in of the site, should be dealt with in strict accordance with the design requirements into the terrain. Site levelling: 30cmclean soil, large stones and so on. 20cm 30cm which cannot be more than diameter of surface soil stone; design requires terra soil 50cm all debris should be cleared, litter and not conducive to plant growth in the soil, timely removal of weeds in 91), the relevant provisions. 1, site preparation and construction technical measures and leveling site preparation: planting-) (CJ/T3499), and urban landscaping and landscape plant materials (wood of Materia Medica-onstruction and acceptance of City Green (CJJ/T82technical measures soft landscape projects, delivery standards construction and acceptance should meet the current code for c struction of soil. Section III, soft landscape construction schemes andprotection measures or programmes. To prevent surface water from entering Excavation and trench to avoid slope collapse or de6logy measures should be used. Planting soil: cultivation prior to planting in the region ofng construction waste and other harmful substances, Ph standard, saline soils and heavy clay, soil or soil improvement technontainisoil. For planting soil and backfill, efficiency of fertilizer should be added, joining at least 5cm of humus in the soil. Coting the soil conditions should be checked, and in some key growing areas to ensure that environments must be to improve the kali soils and heavy clay, sandy and saline soils. Before planrich soil, should not contain gravel or other toxic or inhibit growth of debris. Poor soils including strong acids, strong al-y. Soil: the soil should be well drained soil is neutral and organic 持股 持股数量股份性占总股序号 股东名称 变动数 (万股) 质 本比例 (万股) 野企业有限公 司 合计 15,900.00 66.25% 表2 股改后前十大股东 截止日期:2005-06-30 股东名持股数量股份性占总股持股变动序号 称 (万股) 质 本比例 数(万股) 三一集?1 30,928.44 流通A股 64.43% 团有限公司 13547.5072 申万巴 黎盛利精选?2 600.00 流通A股 1.25% 证券投资基258.3464 金 昆山市 ?3 三一重机有591.20 流通A股 1.23% 591.1974 限公司 中信经 ?4 典配置证券540.63 流通A股 1.13% 266.6459 投资基金 无锡亿 ?5 利大机械有295.62 流通A股 0.62% 128.2864 限公司 e thaty clay, sandy and saline soils. Before planting the soil conditions should be checked, and in some key growing areas to ensurot contain gravel or other toxic or inhibit growth of debris. Poor soils including strong acids, strong alkali soils and heavrich soil, should n-oil loose, ventilation and good permeability. Soil: the soil should be well drained soil is neutral and organicng height differences less than 5cm per square metre, and should comply with the design requirements of the slope, keep the sleveliinto the terrain. Site levelling: 30cm soil should be according to the requirements of soil, fertilization, added nutrition, face soil stone; design requires terrain of the site, should be dealt with in strict accordance with the design requirements of surwth in the soil, timely removal of weeds in clean soil, large stones and so on. 20cm 30cm which cannot be more than diameter easures and leveling site preparation: planting soil 50cm all debris should be cleared, litter and not conducive to plant gro91), the relevant provisions. 1, site preparation and construction technical m-99), and urban landscaping and landscape plant materials (wood of Materia Medica) (CJ/T34-nce should meet the current code for construction and acceptance of City Green (CJJ/T82cceptaII, soft landscape construction schemes and technical measures soft landscape projects, delivery standards construction and aammes. To prevent surface water from entering Excavation and trench to avoid slope collapse or destruction of soil. Section Iprotection measures or progr7of clay, soil or soil improvement technology measures should be used. Planting soil: cultivation prior to planting in the regioneavy t least 5cm of humus in the soil. Containing construction waste and other harmful substances, Ph standard, saline soils and henvironments must be to improve the soil. For planting soil and backfill, efficiency of fertilizer should be added, joining a 股东名持股数量股份性占总股持股变动 序号 称 (万股) 质 本比例 数(万股) 国泰君 安,建行, ? 6 香港上海汇180.37 流通A股 0.38% 180.3736 丰银行有限 公司 申银万 ? 7 国,花旗,160.94 流通A股 0.34% 160.9416 UBS LIMITED 河南兴 ? 8 华机械制造157.66 流通A股 0.33% 68.4174 有限公司 ? 9 邱利松 132.71 流通A股 0.28% 132.705 博时裕 ? 10 富证券投资125.24 流通A股 0.26% 72.9097 基金 合计 33,712.80 70.24% 从表1、表2中可以看出，股权分置改革后三一重工股权分散，在这种情况下，中小股东联合极为困难，可以与经营管理者抗衡的股东合力也难以形成。广大的中小股东往往以获得二级市场上的差价为投资目的，他们无心也无力去关心上市公司的经营决策。小股东们由于缺乏专业的知识、精力和时间，参与公司治理的成本和收益不对称，失去了参与公司治理的积极性，放弃了公司的控制权，无法形成对控制公司的经理人员的有效监督。公司的经营业绩在这时往往受经营者目标的影响，股东需要承担经营者的目标偏离股东目标的风险。 bilitr square metre, and should comply with the design requirements of the slope, keep the soil loose, ventilation and good permeashould be according to the requirements of soil, fertilization, added nutrition, leveling height differences less than 5cm pe soil in of the site, should be dealt with in strict accordance with the design requirements into the terrain. Site levelling: 30cmclean soil, large stones and so on. 20cm 30cm which cannot be more than diameter of surface soil stone; design requires terra soil 50cm all debris should be cleared, litter and not conducive to plant growth in the soil, timely removal of weeds in 91), the relevant provisions. 1, site preparation and construction technical measures and leveling site preparation: planting-) (CJ/T3499), and urban landscaping and landscape plant materials (wood of Materia Medica-onstruction and acceptance of City Green (CJJ/T82technical measures soft landscape projects, delivery standards construction and acceptance should meet the current code for c struction of soil. Section III, soft landscape construction schemes andprotection measures or programmes. To prevent surface water from entering Excavation and trench to avoid slope collapse or de8logy measures should be used. Planting soil: cultivation prior to planting in the region ofng construction waste and other harmful substances, Ph standard, saline soils and heavy clay, soil or soil improvement technontainisoil. For planting soil and backfill, efficiency of fertilizer should be added, joining at least 5cm of humus in the soil. Coting the soil conditions should be checked, and in some key growing areas to ensure that environments must be to improve the kali soils and heavy clay, sandy and saline soils. Before planrich soil, should not contain gravel or other toxic or inhibit growth of debris. Poor soils including strong acids, strong al-y. Soil: the soil should be well drained soil is neutral and organic 六(股权分置改革的建议 (一)完善公司治理，提高上市公司的质量——中小投资者利益保护的根本 1..强化董事会职能，进一步完善独立董事制度。全流通后，股权逐渐分散有可能造成股东更迭频繁，董事会难以稳定，不能很好地行使决策监督权，增加独立董事在董事会中的占比，是一种很好的选择。 2.加强上市公司内部控制机制。中国上市公司虽然在形式上建立了内部控制系统，但多数没有发挥应有的作用，难以有效保证上市公司合规经营和会计信息的真实可靠。因此，应尽快出台权威性较高的内部控制标准体系，对于内部控制的完整性、合理性和有效性确立一个公认的标准体系。 (二)调整监管定位:从全能型监管向透明度监管转变，中国目前的证券监管是一种全能型的监管，这种全能型的监管一方面导致监管力量分散，监管重点不突出;另一方面，对某些方面的过度监管既造成了“寻租”空间，又增长了各方的交易成本。全流通后，这种监管体制必须要进行转变，要转向一种透明度监管。世界各国都将投资者利益保护作为证券监管的根本精神，中国也不例外。要做到这点就必须在日常监管实践中将“维护市场透明度”作为可操作的目标和核心任务。证券机构必须尽力改善信息披露体系，加大对虚假陈述、内幕交易、操作市场行为的打击和监管，使得市场参与各方能够低成本地及时取得可靠的信息，免受欺诈和虚假信息的侵害，平等地参与市场交易。只有这样，资本市场“公平、公开、公正”的原则才能维护，“投资者利益保护”的立法精神才能得到最好贯彻。 (三)完善法律体系，加大执法力度。在成熟的市场中，完备的法制规章是保护中小投资者利益的基础。无论是在解放前的中国还是早期的西方国家，全流通市场都曾经是资本家进行内幕交易和股价操纵的天堂。因此全流通相关法律体系的完善与改革势在必行。.在中小投资者权益保护方面，建议我国可以制定《中小股东权益保护法》，为切实维护中小投资者的合法权益提供有力的法律保障;建立投资者直接保护的基本制度，明确市场参与各方的责任和义务，建立健全证券民事诉讼(如集体诉讼和股东代表诉讼)、证据、听证和民事赔偿优先原则，建立上市公司高管人员民事赔偿制度，使得中小投资者权益保护有法可依，有章可循。在弱的法律执行度下，即使再完善的法律机制，内部人也会熟视无睹。因此应加大执法力度，严格执行有关法律法规，这依赖于证券监管层、各级法院以及证券市场各参与者。不仅应当严厉查处违法违规的法人，而且要使相关责任人承担连带责任，没收他们的非法所 oil loose, ventilation and good permeability. Soil: the soil should be well drained soil is neutral and organicng height differences less than 5cm per square metre, and should comply with the design requirements of the slope, keep the sleveliinto the terrain. Site levelling: 30cm soil should be according to the requirements of soil, fertilization, added nutrition, face soil stone; design requires terrain of the site, should be dealt with in strict accordance with the design requirements of surwth in the soil, timely removal of weeds in clean soil, large stones and so on. 20cm 30cm which cannot be more than diameter easures and leveling site preparation: planting soil 50cm all debris should be cleared, litter and not conducive to plant gro91), the relevant provisions. 1, site preparation and construction technical m-99), and urban landscaping and landscape plant materials (wood of Materia Medica) (CJ/T34-nce should meet the current code for construction and acceptance of City Green (CJJ/T82cceptaII, soft landscape construction schemes and technical measures soft landscape projects, delivery standards construction and aammes. To prevent surface water from entering Excavation and trench to avoid slope collapse or destruction of soil. Section Iprotection measures or progr9of clay, soil or soil improvement technology measures should be used. Planting soil: cultivation prior to planting in the regioneavy t least 5cm of humus in the soil. Containing construction waste and other harmful substances, Ph standard, saline soils and henvironments must be to improve the soil. For planting soil and backfill, efficiency of fertilizer should be added, joining a e thaty clay, sandy and saline soils. Before planting the soil conditions should be checked, and in some key growing areas to ensurot contain gravel or other toxic or inhibit growth of debris. Poor soils including strong acids, strong alkali soils and heavrich soil, should n- 得，情节严重的，还应承担相应的刑事责任。 参考文献: [ 1]朱小平, 暴冰, 杨妍. 2005. 股权分置改革与流动性定价问题研究. 会计研究, 2: 87,92 [ 2] 魏建华. 股权分置改革方案的对价分析[ J] . 经济理论与经济管理, 2005( 8). [ 3]李 悦. 股权分置改革中有关对价的几个问题[ J]. 中国金融, 2005( 18). [ 4] 敬景程. 股权分置问题的制度经济学思考[ J]. 经济评论, 2005( 2). [ 5] 李荣融. 解决股权分置要把握好时间和度[ J]. 当代财经, 2005( 2). [6]李庆峰. 股权分置与股市定价问题研究[ M].科学出版社, 2009. [ 7] 何如. 股权分置改革操作实务与后股权分置时代[ M].华夏出版社,2007. -y. Soil: the soil should be well drained soil is neutral and organicbilitr square metre, and should comply with the design requirements of the slope, keep the soil loose, ventilation and good permeashould be according to the requirements of soil, fertilization, added nutrition, leveling height differences less than 5cm pe soil in of the site, should be dealt with in strict accordance with the design requirements into the terrain. Site levelling: 30cmclean soil, large stones and so on. 20cm 30cm which cannot be more than diameter of surface soil stone; design requires terra soil 50cm all debris should be cleared, litter and not conducive to plant growth in the soil, timely removal of weeds in 91), the relevant provisions. 1, site preparation and construction technical measures and leveling site preparation: planting-) (CJ/T3499), and urban landscaping and landscape plant materials (wood of Materia Medica-onstruction and acceptance of City Green (CJJ/T82technical measures soft landscape projects, delivery standards construction and acceptance should meet the current code for c struction of soil. Section III, soft landscape construction schemes andprotection measures or programmes. To prevent surface water from entering Excavation and trench to avoid slope collapse or de10logy measures should be used. Planting soil: cultivation prior to planting in the region ofng construction waste and other harmful substances, Ph standard, saline soils and heavy clay, soil or soil improvement technontainisoil. For planting soil and backfill, efficiency of fertilizer should be added, joining at least 5cm of humus in the soil. Coting the soil conditions should be checked, and in some key growing areas to ensure that environments must be to improve the kali soils and heavy clay, sandy and saline soils. Before planrich soil, should not contain gravel or other toxic or inhibit growth of debris. Poor soils including strong acids, strong al