CAJ | 학술논문

沪深交易所限售股按照成因可分为股权分置限售股和新老划断后限售股，限售股于2008年至2010年集中上市，对沪深股市大幅波动起到了推波助澜的作用。虽然监管部门发布一系列政策补丁，但效果并不明显。股市严重超跌，将反作用于实体经济，加深经济危机，推迟经济复苏。需要化解限售股集中上市和流通股扩容风险，而不能以限售股名义限制解禁减持通道，应当规范国有股减持通道，调节并改革新股发行，证券市场宏观调控职能与微观监管职能应分离。减免股市税费，推行休养生息的股市政策。
호심교역소한수고안조성인가분위고권분치한수고화신로화단후한수고，한수고우2008년지2010년집중상시，대호심고시대폭파동기도료추파조란적작용。수연감관부문발포일계렬정책보정，단효과병불명현。고시엄중초질，장반작용우실체경제，가심경제위궤，추지경제복소。수요화해한수고집중상시화류통고확용풍험，이불능이한수고명의한제해금감지통도，응당규범국유고감지통도，조절병개혁신고발행，증권시장굉관조공직능여미관감관직능응분리。감면고시세비，추행휴양생식적고시정책。
At Shenzhen and Shanghai Stock Exchange restricted stock are divided into restricted stock of share distribution and restricted stock after old - new break. Almost all restricted stock came into the market from 2008 to 2010, which has caused the great changes in Shenzhen and Shanghai Stock market. Although the Supervision Department has issued a series of policies to change the situation, the result is far from satisfaction. The sharp reduction in stock market will react to the real economy, deepen the economic crisis and suspend economic recovery. So all restricted shares shouldnt come into the market in a short time and the risk of circulation stock needs to be reduced. The underweight should not be lifted the embargo on just in the name of restricted stock. State - owned stocks underweight channels should be regulated and new stocks issue be reformed. And the macro - control function and micro - supervision function should be separated, the stock market tax charge should be reduced and revitalizing policies on stock market should be encouraged.