大小非减持盈利模式创新

发布时间：2018-01-02 20:27

本文关键词：大小非减持盈利模式创新　出处：《复旦大学》2013年硕士论文　论文类型：学位论文

【摘要】：自2005年9月4日中国证监会颁布《上市公司股权分置改革管理办法》规定,到2007年12月,大小非陆续到了解禁期,打破了市场原有的供求均衡关系,带来了巨大的扩容压力,也给股市带来了很大的不稳定性。如何在确保股市稳定并且广大投资者能够分享股市发展收益的同时,成功地完成大小非减持是一个迫切需要解决的棘手问题。本文研究了大小非减持的盈利模式创新,希望通过金融创新和模式创新为大小非减持提供一些思路。本文首先分析了大小非减持产生的背景,然后分析了大小非减持的主要方式——大宗交易平台减持,进而分析了大宗交易商(大宗交易买家)的产生。之后,本文以香港盈富基金为例,分析了国外大宗交易现况,由此得出一些有益的启示。然后,本文分析了大小非减持衍生的传统盈利模式,并视资料的可获得性,列举了一些实践中的应用案例。随着整个大宗交易行业进入完全竞争状态,如何通过金融创新和模式创新来改变大小非减持的盈利机会就显得十分重要。本文指出,具有领先优势的大宗交易商可以进行交易模式创新、交易对象创新、部分大宗交易商自我生存保护意识创新、服务模式创新等方面的模式创新来巩固自己在市场中的地位,并赢得发展空间。本文最后对国有股减持展开创新探索,提出了一些创新方案,如政策创新预期、借道券商资管通道、成立国有股股权基金等。
[Abstract]:Since September 4th 2005, China Securities Regulatory Commission promulgated the "measures for the Management of the Reform of Stock ownership structure of listed companies", and on December 2007, the size of non-listed companies has gradually reached the period of lifting the ban. It breaks the original equilibrium of supply and demand in the market and brings great pressure of capacity expansion. It also brings a lot of instability to the stock market. How to ensure the stability of the stock market and the vast number of investors can share in the development of the stock market at the same time. It is an urgent and difficult problem to successfully accomplish the non-reduction of large and small holdings. This paper studies the innovation of profit mode of non-reduction of large and small, hoping to provide some ideas for non-reduction of size and size through financial innovation and mode innovation. This paper first analyzes the background of the size non-reduction, then analyzes the main way of the size non-reduction-the bulk trading platform reduction, and then analyzes the emergence of the bulk traders (bulk trading buyers). Taking the Hong Kong TraHK Fund as an example, this paper analyzes the current situation of foreign bulk trading and draws some useful revelations. Then, this paper analyzes the traditional profit model derived from the non-reduction of large and small holdings, and looks at the availability of information. Some practical cases are listed. With the whole bulk trading industry entering a state of complete competition, it is very important to change the profit opportunities of non-reduction through financial innovation and model innovation. The leading commodity dealers can carry on the innovation of trading mode, the trading object innovation, and the innovation of the self-survival protection consciousness of some bulk traders. Service model innovation and other aspects of model innovation to consolidate their position in the market and win development space. At the end of this paper, some innovative schemes are put forward, such as the expectation of policy innovation, the establishment of state-owned equity fund and so on.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F275

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