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股权分置问题被普遍认为是困扰我国股市发展的头号难题。中国股市因为特殊的历史原因而存在流通股和非流通股两类股票,同股不同权、同股不同价、同股不同利的弊端制约着我国证券市场的进一步发展。从减持国有股到全流通问题,再到解决股权分置问题,反映了对证券市场的认识不断深化的过程。股权分置改革是资本市场的一项重要制度改革,不仅有利于完善资本市场定价机制,强化对上市公司的市场约束,充分发挥资本市场的功能和作用,还有利于国有企业的改造重组和国有经济布局的战略调整,关系到投资者的切身利益和上市公司的长远发展。
The split share structure is generally considered to be the number one problem plaguing the development of China’s stock market. Due to special historical reasons, the Chinese stock market has two kinds of stocks: non-tradable shares and non-tradable shares. With the same rights of different shares, different prices of the same shares and different advantages of the same shares, the further development of China’s securities market is restricted. From the reduction of state-owned shares to the issue of circulation, and then to the resolution of the issue of shareholding division, it reflects the deepening of the understanding of the securities market. The reform of split share structure is an important system reform in capital market. It not only helps improve the pricing mechanism of capital market, strengthens the market restriction of listed companies, gives full play to the function and function of capital market, but also benefits the reform and reorganization of state-owned enterprises and state-owned enterprises The strategic adjustment of the economic layout has a bearing on the vital interests of investors and the long-term development of listed companies.