股权分置改革对上市公司治理意义重大,本文追溯股权分置的历史,分析了其对公司治理在不同时期的影响,并以宝钢股份为例,证明股权公置改革对上市公司治理的促进作用。同时也认为,股权公置改革也还存在问题,公司治理并未因股权公置改革而一劳永逸,在全流通时代还要继续完善上市公司治理。 The non-tradable shares reform is of great significance to the governance of listed companies. This paper traces the history of non-tradable shares and analyzes its influence on corporate governance at different periods. Taking Baosteel’s shares as an example, it proves that the public ownership reform promotes the governance of listed companies . At the same time, it also holds that there are still some problems in the public ownership reform. Corporate governance has not been once and for all due to the equity public ownership reform. In the era of full circulation, we should continue to improve the governance of listed companies.