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1991年,深圳市批准了11家公司改造成为股份有限公司,允许其股票在证券交易所公开上市买卖。这11家公司利用此契机,向社会公开溢价发行股票,一方面完成了股份制改造,改变了企业的所有关系,实现了企业组织管理体制的转型;另一方面筹集了大量的权益资金,调整优化了原有资金结构,扩大了资本规模,大大增强了公司的经济实力,对于企业未来的长足发展具有深远的意义。股份制改造以后,公司原有的所有制形式发生了变化,权益主体由一元、几元转变为多元。相应地,未来利润也由主体的多元化而变为多家分配,即利润由原有资本独家享有而转为众多的股东分享。不论是从国家角度还是从企业本身的角度来看,股份制改造的初衷都是为了扩大原有资本的积累规模,增强资本的赢利能力;即改造后的每年资本积累规模应大干改造前的资本积累规模,
In 1991, Shenzhen approved 11 companies to be transformed into joint stock companies, allowing their shares to be publicly traded on the stock exchange. These 11 companies took advantage of this opportunity to publicly issue shares to the public at a premium. On the one hand, they completed the reform of the joint-stock system, changed all the relationships of the enterprise, and realized the transformation of the enterprise organization and management system; on the other hand, they raised a large amount of equity funds and adjusted and optimized. The original capital structure has expanded the scale of capital and greatly enhanced the company’s economic strength, which has far-reaching significance for the long-term development of the company. After the reform of the joint-stock system, the original form of ownership of the company has changed, and the main body of equity has been changed from one yuan and a few yuan to multiple. Correspondingly, profits in the future have also changed from diversification of the main body to multiple distributions, that is, profits have been shared exclusively by the exclusive ownership of the original capital and transferred to many shareholders. Whether from the perspective of the state or from the perspective of the enterprise itself, the original intention of the shareholding system reform is to expand the scale of the original capital accumulation and enhance the profitability of the capital; that is, the scale of annual capital accumulation after reconstruction should be greatly improved before the transformation of capital. Accumulation scale,