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股权分置改革改变了中国股市在成立之初就形成了的非流通股和流通股两类股票同股不同价、同股不同权的股权分置现象,对中国资本市场的完善和发展具有标志性作用。股权分置改革过程中对价支付的类型和数量问题对公司治理有很大的影响,股权分置改革完成后对投资者关系和盈余管理也有非常重要的影响。股权分置改革的市场反应有待进一步观察。对中国上市公司股改后的公司治理和资本市场建设,今后应加强的工作:一是对股权分置改革后上市公司控制股东的行为加强监管;二是进一步开发金融产品,同时加强证券监管部门的监管职能;三是政府对其控制的上市公司的股份控制策略应该改变;四是完善股权分置改革后上市公司的股权转让市场,加强上市公司控制股东的诚信建设,强化对信息披露的监管。
The non-tradable shares and non-tradable shares have been changed since the founding of the PRC stock market. The split-share structure with different rights and interests of the same shares has the same sign of the improvement and development of China’s capital market Sexual function. The issue of the type and amount of consideration payment during the share-trading reform has a great impact on corporate governance. The completion of the share-trading reform also has a very important impact on investor relations and earnings management. The market response to the split share structure reform needs to be further observed. After the reform of listed companies in China, corporate governance and capital market construction, should strengthen the work in the future: First, after the non-tradable shares reform, the controlling behavior of listed companies to strengthen supervision; the second is to further develop financial products, while strengthening the securities regulatory authorities The third one is that the government should change the shareholding strategy of the listed companies controlled by the government; the fourth is to perfect the share transfer market of the listed companies after the non-tradable share reform, strengthen the credit control of listed companies and strengthen the supervision of information disclosure.