9月发布的《金融业发展和改革“十二五”规划》对证券市场的发展作出了安排，其中的亮点是首次提及“探索建立优先股制度”。

By September[The financial industry development and reform"1025"planning]The development of the securities market has made arrangements,The window is mentioned for the first time"Explore to establish preferred stock system".

　　金融改革“十二五”规划把建立优先股制度作为重要的内容，这令人眼前一亮，更让投资者期待。毕竟，股市已经低迷很久，一方面是大量中小企业急需融资，另一方面股市却持续低迷，投资者亏损累累，这显然既不利于融资，也不利于投资。目前的股市功能，已经沦落为大小限售股的提款机，漫天盖地的限售股一次次冲击着市场有限的存量资金。A股市场，上市公司更在意的是先上市再说，上市之后能够给公司带来更大利益的是限售股的减持和再融资。

Financial reform"1025"Planning to establish preferred stock system as an important content,It is shine at the moment,More let investors expect.After all,The stock market downturn has for a long time,On the one hand is a large number of small and medium-sized enterprises are in urgent need of financing,On the other hand, the stock market continued downturn,Investors in losses,It certainly will not be conducive to the financing,Also was disadvantageous to the investment.The current stock market function,Has been reduced to a size limit sale strands of ATM,The cover to limit the sale shares after the market impact of limited stock fund.A-share market,Listed companies are more about first listed again,After listing to bring greater benefit to the company is limited sales to reduce their holdings of shares and refinancing.

　　优先股制度最大的好处就是化解了限售股的上市流通问题，一旦限售股成为优先股，那么证券市场成为少数人的“造富机器”和多数投资者的“财富绞肉机”这个困扰人们的难题有望得到彻底解决。

Preferred stock system the biggest advantage is dissolved the limited sales stocks listed circulation problems,Once the limited sales shares become preferred stock,So the securities market become a minority"Made rich machine"And most of the investors"Wealth meat grinder"This troubled people's problem is expected to be completely resolved.

　　所谓优先股，就是指在股利分配和剩余财产分配请求上有比普通股优先的权利，在享有这些优先权利的同时，优先股同时要放弃一些其他的权利，其中最重要的是对公司治理不享有表决权。一般在公司发行优先股时，会在每股优先股上约定固定的股利，每年不论公司经营业绩如何，公司都需要按照此约定的股利向持有优先股的股东派发红利。如果能够建立优先股制度，将大股东持有的限售股全部或者部分转换为优先股，同时把战略投资者的持股转为优先股，显然有利于减轻限售股套现带给市场的冲击和源源不断的伤害。

The so-called preferred stock,Is the dividend distribution and residual property allocation request than the ordinary priority right,Enjoy priority in these rights at the same time,Preferred stock at the same time to give up some other rights,One of the most important one is to corporate governance does not have voting rights.The general issued by the corporation when preferred stock,A share in the preferred stock agreed fixed dividend,Every year regardless of company's manage achievement,The company needs according to the agreed dividends to shareholders holding preferred stock dividends distributed.If we could just create preferred stock system,Will the big shareholders holding limited a sale all or part of the conversion for preferred stock,At the same time the strategic investors to preferred stock holdings,Obviously to reduce limit a sale to the impact of the cash market and continuous damage.

　　目前，国内股市尽管进行了股权分置改革，但国内新股发行体制中，限售股比例过高问题一直存在，大股东一股独大问题并没有解决。在新上市的公司中，25%的股份为流通股，甚至有的公司这个比例只有10%。管理层一直鼓励上市公司分红，但这种股权结构下分红不能起到提升股市吸引力的作用。我们假设上市公司分红1个亿，由于限售股大股东比例过高，75%甚至90%的分红进入了大股东和限售股股东的腰包，这种分红其实是给上市公司“抽血”，有助大股东迅速收回成本，而且博得慷慨分红的美誉，再得再融资的绿色通道，难言会提升投资者的信心。

At present,The domestic stock market in spite of the reform of non-tradable shares,But the domestic ipo system,Limited sales share proportion is too high, there has been a problem,Big shareholders a single big problems and no problem.In the new listed companies,25% of the shares for outstanding shares,Even some company that ratio is only 10%.Management has been encouraging listed companies share out bonus,But this kind of equity structure dividends cannot play the role of ascending stock market appeal.We assume that the listed company share out bonus 1,Due to the limited sales strands of big shareholders high proportion,75% or even 90% of the share out bonus to enter the big shareholders and limited sales shareholder pockets,This kind of share out bonus is actually to listed companies"exsanguinate",Help big shareholders rapid recovery cost,From the reputation and generous dividends,To get to the financing of the green channel,Last will improve investor confidence.

　　如果建立优先股制度，战略投资者或者长期投资者可以购买优先股，享受公司的分红。在海外市场就是如此，股神巴菲特所持有的股份有很大比例就是优先股。优先股有利于投资者分享上市公司的红利，而且彻底解决了上市流通的冲击问题。不仅如此，许多上市公司急于再融资，也可以通过发行优先股的方式来解决，同样能够为上市公司解决融资难题。

If establish preferred stock system,Strategic investors or long-term investors can buy preferred stock,Enjoy the company's share out bonus.In the overseas market is so,Share god buffett holds a large proportion of shares is the preferred stock.Preferred stock is beneficial to investors of listed companies share dividends,And thoroughly solve the problems listed circulation impact.Not only that,Many listed companies are anxious to refinance,Can also through the issuance of preferred stock way to solve,For a listed company can also solve the financing problem.

　　至于上市公司发行的优先股，投资者担心没有表决权和投票权，会不会造成上市公司大股东对投资者伤害，这个问题不用担忧，海外成熟市场早已经有对策。如果上市公司一定期限内不分红，优先股的投票权和决策权是可以复活的，复活之后投资者可以发起分红议案，召开股东大会，对分红方案进行表决。对优先股的复活期限不少国家规定是1年到3年，国内为了促进上市公司分红，可以采取1年复活的做法。

As for listed companies issuing shares of preferred stock,Investors worry that have no right to vote and the right to vote,Would not cause big shareholders of listed companies to investors damage,The problems do not have to worry about,Overseas mature markets have already have countermeasures.If the listed company a certain period of time don't share out bonus,Preferred stock voting rights and decision-making power is to be able to come back from the dead,After the resurrection of investors can initiate bonus bill,Held a shareholders' meeting,Share out bonus scheme to vote.To the resurrection of preferred stock period many state regulations is 1 year to 3 years,In order to promote the domestic listed companies share out bonus,Can take one year practice of resurrection.

　　优先股制度是一项多赢的制度，既能让市场健康走牛，也能促进上市公司融资，还能让A股市场变成投资者的福地。管理层应该尽早修改《公司法》，对优先股的权利内容规则，创设、变更及消灭优先股的程序规则，以及维护优先股的权益内容进行补充，消除推出优先股的法律障碍。应该尽早着手调研、修改《公司法》，将优先股制度正式引入中国。

Preferred stock system is a win-win system,Can let the market healthy bullish,Also can promote listed companies financing,Still can make A share market investors into the land of promise.Management should be modified as soon as possible[company],The preferred stock right content of rules,create/Change and eliminating rules of procedure of preferred stock,And maintenance preferred stock rights added content,Eliminate launched legal barriers of preferred stock.Should begin as early as possible research/modification[company],The preferred stock system formally introduced to China.

　　（作者单位：山东城市建设职业学院）

(The author unit:Shandong urban construction of vocational college)