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由于历史的原因和人们认识上的不足,中国在发展资本市场过程中存在着问题,除了全球市场共同面临的透明度问题外,我们的制度设计亦存在严重的缺陷。股权分置的存在使中国资本市场发展和上市公司成长失去了内在动力。上市公司的股权分置和资本市场上权、责、利、险不清的资金循环体系混合在一起,必然造就具有内在制度缺陷的资本市场。这样的资本市场是没有生命力的。为此,必须进行资本市场的制度变革。2005年5月启动的股权分置改革是资本市场制度变革最重要的内容。
Due to historical reasons and people’s lack of understanding, China has some problems in the process of capital market development. Apart from the transparency problems that the global market faces together, there are serious flaws in our system design. The existence of split share structure has made the development of China’s capital market and the growth of listed companies lost their intrinsic motivation. The combination of the equity division of listed companies and the capital circulation system with rights, responsibilities, interests and risks in the capital market is bound to create a capital market with inherent institutional defects. Such a capital market is without vitality. To this end, we must make institutional changes in the capital market. The split share structure reform launched in May 2005 is the most important part of the reform of capital market system.