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AfteraSOEwentpublic,thegovernmentusuallyretainedacontrollinginterestinthelistedcompan...
After a SOE went public,the government usually retained a controlling interest in the listed company.
Moreover,the shares retained by the government are not traded.
As in an emerging market.the right to get listed on stock exchanges is a scarce commodity.China
government actually sets a very high standard and even a Quota System to list companies.For example,the QuotaSystem limits the book value of equity of the tradable shares to a certain amount.As a result,
most SOEs that
would like to get listed can’t actually list their whole company;the SOEs usually carw~out the best parts of the
corporation to form a new subsidiary and then apply to list the subsidiary.Therefore,most listed Chinese
companies are actually subsidiaries of larger SOEs.SOEs hold controlling interests in the listed companies,and
government in turn controls SOEs.And listed companies,though nominally independent,face government
interference in their internal operation. 展开
Moreover,the shares retained by the government are not traded.
As in an emerging market.the right to get listed on stock exchanges is a scarce commodity.China
government actually sets a very high standard and even a Quota System to list companies.For example,the QuotaSystem limits the book value of equity of the tradable shares to a certain amount.As a result,
most SOEs that
would like to get listed can’t actually list their whole company;the SOEs usually carw~out the best parts of the
corporation to form a new subsidiary and then apply to list the subsidiary.Therefore,most listed Chinese
companies are actually subsidiaries of larger SOEs.SOEs hold controlling interests in the listed companies,and
government in turn controls SOEs.And listed companies,though nominally independent,face government
interference in their internal operation. 展开
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国有企业上市后,政府通常保留有上市公司的控股权。
此外,由政府持有的股份不进行交易。
如在新兴市场,获得在证券交易所的交易权是一件很困难的事。
中国政府实际上对上市公司设置了一个很高的标准,甚至限制了配额制度。例如,配额制度限制了流通股的股本的账面价值数额。因此,大多数国有企业想获得上市,但实际上不会将整个公司都上市。国有企业通常将企业中最好的部分分割出来,成立一个新的子公司,然后子公司申请上市。因此,大多数中国的上市公司都是大国企的子公司。国有企业持有上市公司的控股权,而政府控制国有企业。上市公司,虽然名义上独立,在内部运作方面又要受到政府的干预。
此外,由政府持有的股份不进行交易。
如在新兴市场,获得在证券交易所的交易权是一件很困难的事。
中国政府实际上对上市公司设置了一个很高的标准,甚至限制了配额制度。例如,配额制度限制了流通股的股本的账面价值数额。因此,大多数国有企业想获得上市,但实际上不会将整个公司都上市。国有企业通常将企业中最好的部分分割出来,成立一个新的子公司,然后子公司申请上市。因此,大多数中国的上市公司都是大国企的子公司。国有企业持有上市公司的控股权,而政府控制国有企业。上市公司,虽然名义上独立,在内部运作方面又要受到政府的干预。
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