英语翻译1、特殊的历史原因从1990年代初期,中国股市的建立就面对“股份制是私有化,将导致国有资产流失”的政治歧见和国有

英语翻译
1、特殊的历史原因
从1990年代初期,中国股市的建立就面对“股份制是私有化,将导致国有资产流失”的政治歧见和国有产权的清晰化尚未解决,流动后其收益归属难以确立等技术性难题.为回避这些难题,尽快把资本市场组建起来,我们根据“摸着石头过河”的方针,提出了“国有存量股份不动,增量募集股份流通”的股权分置暂行模式.
这一模式的最大特点是：在每一个上市公司的IPO股份募集的招股书中都明确表明了国家股暂不流通,并一直沿袭到1990年代末期民营上市公司招股书中表明的发起人股暂不流通.由于平均每家上市公司中非流通股份的比例高达2／3,这产生了两个后果：其一,2／3股份不流动和全部股份可流动的市场供求数量不同,这直接导致流通股股东以过高的IPO价格在一级市场申购和在二级市场入市；其二,数量庞大的非流通股一旦并轨流通,将产生巨大的市场风险.但在每一份上市公司的招股书中,无论是风险的提示还是风险的防范这两个对投资人来说最重要的内容,都没有对这一肯定会给社会公众股东造成的风险给予起码的信息披露.这使得股民未能充分获知并忽略了非流通股可流通的风险,高价入市.这是一个不争的事实.因此,今天我们在解决股权分置时,政策和法律是必须要承担这一历史责任的.
2、双股并轨将导致A股股价大幅下跌的原因
流通权本身是有价值的,这一点充分体现在非流通股和可流通股两类股份在转让时的价格上.由于非流通股的协议转让价格在其净资产价低位上,而流通股的买卖则在市场价格高位上,一旦并轨就会出现非流通股价格的上升和流通股价格下跌的必然走势.
显然,并轨过程中,非流通股股东由于获得流通权导致的身价倍增是以流通股股价的下跌为前提的.因此,2／3非流通股由于获得流通权产生的价值释放是不应当由非流通股股东独家享有的,必须由两类股东共享.至于各自分享的比例,则由两类股东通过《分类表决制度》对价协商而定.流通股股东同意非流通股可流通,而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.只要双向认同,通过非流通股可流通释放出的价值就能够弥补双方在这一过程中让步所带来的损失.通过“蛋糕”做大,出台对双方都有利的方案,实现共赢.

1,the special historical reasons
From the early 1990s,China's stock market on the face of the establishment of "joint-stock system is privatized,will lead to the loss of state assets" of the political differences and the clarity of state-owned property rights have not been resolved,after the return of mobile ownership difficult to establish,and other technical problems.To avoid these difficulties,the capital market as soon as it is formed,according to the "feeling our way across the river," and proposed a "state-owned shares of stock of fixed,incremental placement of shares in circulation," the split share structure provisional model.
The most important feature of this model is:In each of the IPO shares in listed companies raised in the prospectus are clearly not to show that the state shares in circulation,and have been followed to the late 1990s private companies listed in the prospectus,the sponsor of shares that temporarily Is not good.As per the Central African listed companies shares in circulation as high as 2 / 3,which has two consequences:First,2 / 3 of the shares does not flow and movement of all of the shares may be different from the number of market supply and demand,which directly led to outstanding shares To shareholders over the IPO price in a market in the secondary market purchase,and the market; Second,the huge number of non-tradable shares in circulation once merged,will have a huge market risks.But in each of the listed companies in the prospectus,regardless of the risk is the risk prevention tips or two to invest in people,the most important elements are not sure this will give the public the risk to shareholders at least The disclosure of information.This makes investors have not been fully informed and to ignore the non-tradable shares can the flow of risk,high-priced market.This is an indisputable fact.Therefore,today we solve the split share structure,policies and laws that must bear the historical responsibility.
2,two-merged the A-share stock price will lead to the reasons for the sharp fall
Circulation itself is valuable,which fully reflected in the non-tradable and tradable shares in the transfer of two categories when the prices.As non-tradable shares of the agreement transfer pricing in its net assets at low prices,and the trading of shares in circulation in the market prices high,there will be merged once the non-tradable share prices and the rise in prices of shares in circulation inevitable trend.
Clearly,the merged process,the non-tradable shares in circulation due to get the right result in a doubling of the price of shares in circulation dropped as a precondition.Therefore,2 / 3 of non-tradable shares in circulation was due to the value of the right should not be released by the non-tradable shareholders entitled to the exclusive,must be shared by the two types of shareholders.As for the ratio of their respective share,from two shareholders through the "classification voting system" to the price of consultations on.Tradable shareholders agreed to be non-tradable shares in circulation,rather than flow to shareholders of this act will fully protect the interests of tradable shareholders not to damage the corresponding commitments.Recognition as long as two-way through the circulation of non-tradable shares can be released from the value of the two sides will be able to make up for concessions in the process brought about by the loss.Through the "cake" bigger,introduced beneficial to both the programme and achieve a win-win situation.