上世纪90年代初,国内资本市场初建,市场容量小,机构投资者少,承受不了大型企业的融资规模。为保护在经济转型期中小投资者的利益,稳定股市,一些大型企业一般采用分拆上市或选择到海外上市,使我国的A股市场形成股权分置、部分上市和国资绝对控股三大先天性缺陷。当前,国内资本市场经过十几年 The early 90s of last century, the initial construction of the domestic capital market, the market capacity of small, institutional investors less, can not afford the scale of financing of large enterprises. In order to protect the interests of small and medium-sized investors during the economic transition and stabilize the stock market, some large-scale enterprises generally adopt the spin-off or choose to go public overseas to make the A-share market in our country form three major congenital shares split-ownership, partial listing and absolute controlling of state-owned assets defect. At present, the domestic capital market after more than 10 years