UC知道急求的翻译~~~~?
来源：百度知道 编辑：UC知道 时间：2024/05/17 07:30:25
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。
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 n