Assume a sovereign state that functions like a joint stock corporation does: it will be comprised of shareholders and its "stateshares" will have a market value since they are tradeable. Now assume that most wealth has to be held in these stateshares. This means if your private wealth goes up 10% in market value, then you will need to increase your stateshare wealth by 10% to make sure most of your wealth is always in stateshares. The point of this hypothetical regulation is to make sure the aggregate economic interest in increasing the stateshare market value is larger than all the other aggregate economic interests combined.
Now the question is about this hypothetical regulation's effect on economic productivity. The argument is that because a capitalist will have to either sell off or mortgage part of his quickly appreciating asset to afford to buy an asset appreciating at the average rate, then the incentive to create a quickly-appreciating asset disappears. Thus, economic productivity disappears.
This argument is not convincing to me though. I believe the incentive to grow my own personal enterprise is still strong even though I would have to mortgage part of my enterprise as it grows in value to buy more stateshares.
Are my doubts correct? If not, why does economic productivity suffer under this hypothetical mandatory wealth distribution?