每(mei)經編(bian)輯｜熊錦(jin)秋(qiu)    

◎熊錦秋

最(zui)近股(gu)(gu)市大(da)(da)幅下跌，投資者最(zui)大(da)(da)的擔憂就是(shi)大(da)(da)股(gu)(gu)東、董監高減(jian)持拋售。為此，近日證監會以(yi)及(ji)滬深交易所推出減(jian)持新(xin)政，約(yue)束大(da)(da)股(gu)(gu)東、董監高的減(jian)持行為。

筆(bi)者認為，不僅要對減持(chi)行為作適當限制，更應從根本(ben)上反思目前(qian)的股票(piao)全(quan)流通制度(du)。

從實際情況來(lai)看，實施全流通制度存在以下弊(bi)端：首先是(shi)會形成(cheng)各類投(tou)資者(zhe)不公(gong)平博弈的(de)(de)局(ju)面。大(da)股東(dong)(dong)持股成(cheng)本極低，有(you)的(de)(de)僅(jin)是(shi)普通投(tou)資者(zhe)的(de)(de)幾十分(fen)之一(yi)甚至(zhi)幾百分(fen)之一(yi)，讓(rang)大(da)股東(dong)(dong)擁有(you)同樣的(de)(de)股票流通權(quan)利，普通投(tou)資者(zhe)怎么(me)和他們拼成(cheng)本？加上上市公(gong)司分(fen)紅不多，投(tou)資者(zhe)無所依托，在市場處于弱勢地位。

其次，股票全流通使得一(yi)些發(fa)行(xing)人推動企業上市的主要目的就(jiu)是將來可(ke)以高價(jia)減(jian)持(chi)套現。

有的發行人為(wei)上(shang)(shang)(shang)市過(guo)度包(bao)裝企業甚至造假(jia)，新(xin)股(gu)(gu)上(shang)(shang)(shang)市之初瘋狂炒作使(shi)股(gu)(gu)價(jia)暴漲，上(shang)(shang)(shang)市后即(ji)使(shi)業績(ji)下降，也由于新(xin)股(gu)(gu)上(shang)(shang)(shang)市時的爆炒導致股(gu)(gu)民(min)(min)持股(gu)(gu)成(cheng)本極高，形成(cheng)對股(gu)(gu)價(jia)反彈(dan)的牽引(yin)力。而到了大股(gu)(gu)東(dong)(dong)持股(gu)(gu)解禁時，公(gong)司往往發布種(zhong)種(zhong)利(li)好(hao)消(xiao)息(xi)，進(jin)行所謂的市值管(guan)理(li)，為(wei)大股(gu)(gu)東(dong)(dong)減(jian)持提(ti)供便利(li)。一些民(min)(min)營大股(gu)(gu)東(dong)(dong)在股(gu)(gu)市進(jin)行減(jian)持套取暴利(li)，股(gu)(gu)市成(cheng)為(wei)提(ti)款機(ji)，這種(zhong)財富再分配極不公(gong)平。

第三，大股(gu)東(dong)(dong)拋(pao)售股(gu)票可(ke)能影(ying)響(xiang)上(shang)市公(gong)司治(zhi)理。有人認為(wei)一股(gu)獨大容易(yi)產(chan)生一些問題，但筆者(zhe)認為(wei)，在目前A股(gu)市場環境下(xia)，大股(gu)東(dong)(dong)拋(pao)售股(gu)票后股(gu)權高度分散，同樣可(ke)能形(xing)成一些問題。大股(gu)東(dong)(dong)拋(pao)售后持股(gu)較少，對上(shang)市公(gong)司運作就可(ke)能不會太在意，而其(qi)他股(gu)東(dong)(dong)又(you)或許沒有掌握控(kong)股(gu)地(di)位，這使得公(gong)司運作失去核心主導者(zhe)，大家都(dou)不愿意花過多精(jing)力參(can)與(yu)(yu)公(gong)司治(zhi)理。就算參(can)與(yu)(yu)公(gong)司治(zhi)理，由于(yu)股(gu)東(dong)(dong)間(jian)相互制(zhi)約，也難以形(xing)成統一意志(zhi)，影(ying)響(xiang)公(gong)司較快形(xing)成和執(zhi)行決策。這種情(qing)況下(xia)可(ke)能導致股(gu)東(dong)(dong)的責(ze)任感缺(que)失，股(gu)票更容易(yi)淪為(wei)投機籌碼。

第四，股(gu)票(piao)全(quan)流(liu)通(tong)對國(guo)(guo)有股(gu)東的(de)意(yi)義并沒(mei)有想(xiang)象的(de)那么(me)大。當初推(tui)動A股(gu)市場(chang)實(shi)現(xian)全(quan)流(liu)通(tong)，一個目的(de)是方便國(guo)(guo)有資產進行股(gu)權整合、優化資源配置，但(dan)現(xian)在很(hen)多(duo)國(guo)(guo)有股(gu)根本(ben)就不(bu)敢減(jian)持，如(ru)此權利意(yi)義不(bu)大。

綜合來看，A股市場全流通并沒(mei)有(you)帶來預想(xiang)中的(de)好處(chu)，有(you)些大股東只想(xiang)減(jian)持套現(xian)，根本無(wu)暇顧(gu)及其他。

港股(gu)(gu)市(shi)場(chang)沒有規定H股(gu)(gu)不可以全流(liu)(liu)通，但(dan)(dan)一些(xie)內地在H股(gu)(gu)上(shang)(shang)市(shi)企業，發起人等持有的內資股(gu)(gu)卻(que)沒有在港股(gu)(gu)市(shi)場(chang)流(liu)(liu)通的權(quan)利，但(dan)(dan)這(zhe)并沒有影響到內資股(gu)(gu)在港股(gu)(gu)市(shi)場(chang)掛牌(pai)上(shang)(shang)市(shi)運作。

當然，有專家(jia)曾(ceng)(ceng)提(ti)出港股(gu)(gu)(gu)(gu)市(shi)場也應搞全流通(tong)(tong)，賦予發起人(ren)等內資股(gu)(gu)(gu)(gu)在(zai)H股(gu)(gu)(gu)(gu)上市(shi)流通(tong)(tong)的權利(li)；早前香港監(jian)管(guan)部(bu)門(men)為確保全流通(tong)(tong)后H股(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)價不受過(guo)大(da)(da)壓力(li)，曾(ceng)(ceng)提(ti)出一(yi)個方案(an)，建(jian)議國企(qi)修訂公(gong)司(si)章程(cheng)，其中必須(xu)規定(ding)，每年可轉變為H股(gu)(gu)(gu)(gu)的內資股(gu)(gu)(gu)(gu)不能超(chao)過(guo)該公(gong)司(si)全部(bu)已(yi)發行股(gu)(gu)(gu)(gu)本的20%；而且必須(xu)取得2/3股(gu)(gu)(gu)(gu)東同意，及得到H股(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)東大(da)(da)會半數票通(tong)(tong)過(guo)。

筆(bi)者認為，A股市場一些大股東(dong)股票可以上(shang)市流通、一夜暴(bao)富(fu)，這顯然是(shi)存在巨大問題的，建議對大股東(dong)原始持(chi)股解禁設(she)置限制條款。

一是(shi)業(ye)績達標(biao)。公(gong)司(si)上(shang)市后在某個連(lian)續三年凈資產收益率達到同(tong)期(qi)(qi)銀行(xing)存款(kuan)一年期(qi)(qi)基準利率的5倍以上(shang)。二是(shi)緩步解(jie)(jie)禁。大(da)股(gu)(gu)東(dong)(dong)(dong)每年解(jie)(jie)禁股(gu)(gu)份不(bu)能超過該公(gong)司(si)全部(bu)已發行(xing)股(gu)(gu)本的10%。三是(shi)社(she)會公(gong)眾股(gu)(gu)東(dong)(dong)(dong)同(tong)意(yi)(yi)。大(da)股(gu)(gu)東(dong)(dong)(dong)每次(ci)持股(gu)(gu)解(jie)(jie)禁，必須(xu)得(de)到出席股(gu)(gu)東(dong)(dong)(dong)大(da)會的社(she)會公(gong)眾股(gu)(gu)東(dong)(dong)(dong)半數以上(shang)通(tong)過。只有大(da)股(gu)(gu)東(dong)(dong)(dong)全心(xin)全意(yi)(yi)為(wei)公(gong)司(si)創(chuang)造價值、為(wei)公(gong)眾股(gu)(gu)東(dong)(dong)(dong)謀(mou)求(qiu)利益，并且公(gong)眾股(gu)(gu)東(dong)(dong)(dong)認(ren)為(wei)大(da)股(gu)(gu)東(dong)(dong)(dong)解(jie)(jie)禁減(jian)持不(bu)會影響其利益，才(cai)會允許(xu)大(da)股(gu)(gu)東(dong)(dong)(dong)持股(gu)(gu)解(jie)(jie)禁，由(you)此(ci)大(da)股(gu)(gu)東(dong)(dong)(dong)和(he)社(she)會公(gong)眾股(gu)(gu)東(dong)(dong)(dong)兩方面(mian)利益才(cai)能趨同(tong)。

如果企(qi)業(ye)上市后(hou)發起人持(chi)股不能(neng)隨隨便便在二級市場流通，相信眾多排隊上市企(qi)業(ye)的目的或許才會更純正。簡單減(jian)持(chi)套現之路被堵死，只有大股東利(li)用資本市場做(zuo)大做(zuo)強(qiang)企(qi)業(ye)，自(zi)身也才能(neng)獲得最大利(li)益。