股权分置是我国经济体制转轨过程中形成的特殊问题。股权分置扭曲了资本市场定价机制,制约资源配置功能的有效发挥;公司股价难以对大股东、管理层形成市场化的激励和约束,公司治理缺乏共同的利益基础。股权分置问题长期悬而未决,不仅影响对A股股票价格进行合理估值,影响证券市场预期的稳定,使上市公司治理缺乏共同的利益基础,更是影响市场投资者信心的重要因素,是造成股市长期低迷的关键症结之一。股权分置不能适应当前资本市 The split share structure is a special problem formed during the transition of our economic system. The split share structure distorts the capital market pricing mechanism and restrain the effective deployment of resource allocation function. It is difficult for the stock price of the company to create market-based incentives and restraints for the major shareholders and the management, and corporate governance lacks a common interest basis. The long-term outstanding shareholding problem not only affects the reasonable valuation of A-share stock prices and the expected stability of the stock market, but also lacks a common interest basis for the governance of listed companies. It is also an important factor that affects the confidence of market investors. One of the crux of the long-term downturn. Split share structure can not adapt to the current capital city