本文關(guān)鍵詞：大小非減持盈利模式創(chuàng)新　出處：《復(fù)旦大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 大小非減持 盈利模式 大宗交易 大宗交易商 折扣

【摘要】：自2005年9月4日中國(guó)證監(jiān)會(huì)頒布《上市公司股權(quán)分置改革管理辦法》規(guī)定,到2007年12月,大小非陸續(xù)到了解禁期,打破了市場(chǎng)原有的供求均衡關(guān)系,帶來(lái)了巨大的擴(kuò)容壓力,也給股市帶來(lái)了很大的不穩(wěn)定性。如何在確保股市穩(wěn)定并且廣大投資者能夠分享股市發(fā)展收益的同時(shí),成功地完成大小非減持是一個(gè)迫切需要解決的棘手問(wèn)題。本文研究了大小非減持的盈利模式創(chuàng)新,希望通過(guò)金融創(chuàng)新和模式創(chuàng)新為大小非減持提供一些思路。 本文首先分析了大小非減持產(chǎn)生的背景,然后分析了大小非減持的主要方式——大宗交易平臺(tái)減持,進(jìn)而分析了大宗交易商(大宗交易買家)的產(chǎn)生。之后,本文以香港盈富基金為例,分析了國(guó)外大宗交易現(xiàn)況,由此得出一些有益的啟示。然后,本文分析了大小非減持衍生的傳統(tǒng)盈利模式,并視資料的可獲得性,列舉了一些實(shí)踐中的應(yīng)用案例。 隨著整個(gè)大宗交易行業(yè)進(jìn)入完全競(jìng)爭(zhēng)狀態(tài),如何通過(guò)金融創(chuàng)新和模式創(chuàng)新來(lái)改變大小非減持的盈利機(jī)會(huì)就顯得十分重要。本文指出,具有領(lǐng)先優(yōu)勢(shì)的大宗交易商可以進(jìn)行交易模式創(chuàng)新、交易對(duì)象創(chuàng)新、部分大宗交易商自我生存保護(hù)意識(shí)創(chuàng)新、服務(wù)模式創(chuàng)新等方面的模式創(chuàng)新來(lái)鞏固自己在市場(chǎng)中的地位,并贏得發(fā)展空間。 本文最后對(duì)國(guó)有股減持展開(kāi)創(chuàng)新探索,提出了一些創(chuàng)新方案,如政策創(chuàng)新預(yù)期、借道券商資管通道、成立國(guó)有股股權(quán)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.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51;F275

【參考文獻(xiàn)】

相關(guān)期刊論文 前9條

1 朱璽;滬、深兩市大宗交易制度演進(jìn)及市場(chǎng)交易特征[J];財(cái)經(jīng)科學(xué);2004年02期

2 張先治;洪峰;;大小非減持的政策導(dǎo)向分析[J];財(cái)務(wù)與會(huì)計(jì);2008年22期

3 張浩;借鑒香港盈富基金模式 推動(dòng)我國(guó)國(guó)有股減持[J];發(fā)展研究;2002年05期

4 詹朝輝;借鑒香港盈富基金方式 解決國(guó)有股出路問(wèn)題[J];金融理論與實(shí)踐;2000年03期

5 宋運(yùn)肇;;盈富基金及其投資價(jià)值[J];國(guó)際金融;2000年02期

6 王立新;;大小非減持對(duì)證券市場(chǎng)的影響[J];企業(yè)家天地下半月刊(理論版);2008年09期

7 趙怡;國(guó)有股減持途徑新探——來(lái)自香港“盈余基金”的啟示[J];山西財(cái)經(jīng)大學(xué)學(xué)報(bào);2001年02期

8 葉卉宜;;“大小非”解禁對(duì)我國(guó)股票市場(chǎng)的影響[J];特區(qū)經(jīng)濟(jì);2010年05期

9 張鴻羽;從盈富基金模式看國(guó)有股流通[J];證券市場(chǎng)導(dǎo)報(bào);2000年11期

，

本文編號(hào)：1370805