Abstract:

 Any reform is a systematic project, in which, if any problem is ignored, many other problems may be triggered. Therefore, in China, the stateowned enterprises reform is impossible to be separated from the social security system and capital market. At the present, in the capital market, the fact that most of the suggestions on coming into sale of large or small nontradable shares cannot resolve fundamental problems should be attributed to a lack of this systematic viewpoint. In order to shake off completely the dilemma of the "large or small nontradable share in the era of postcapitalrestructuring", the crucial method is, on a basis of grasping the relations between securities market, stateowned enterprises reform and social security system, to allocate stateowned enterprises equity to pension so as to realize its socialization. Considering the clear property right and convenient operation of stateowned shares in listed companies, this kind of stateowned enterprises equity should first be dealt with. And on the state level, give stateowned enterprise property rights to a special "pension transformation fund", which can be used in the necessary supplement of transformation cost, and allowed to circulate in the secondary market. Correspondingly, on the local level, give local stateowned enterprise property rights to the "provincial committee of personalaccount pension fund", and, by legislation, determine a special usage in supplement of transformation cost. For the present time, the most pressing task is ensuring this benefit be used in the personal account so as to realize market operation as quick as possible, thus protecting the benefit of retirees who work as the participator in the new system. In conclusion, this comprehensive solution has the result of the "three birds with one stone". On the one hand, it resolves the problem of the large or small nontradable share in the securities market because of share division reform; and on the other hand, it meets the requirement of social security fund. And also, at the same time, it displays the justice and efficiency that are faced by stateowned enterprise reform.

Key words: securities market, state owned enterprises reform, social security system