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股权分置改革的完成对于改变我国上市公司股权结构不合理的现状,促进我国证券市场规范运作和可持续发展等无疑具有重要意义。同时,由于我国股票市场十多年累积的矛盾比较多,全流通后改变了各方投资主体的利益格局,加之股改完成后初始起点的的非均衡性,结果可能造成投资者市场地位的严重不对称,甚至因利益原因诱发更严重的市场操纵行为,严重损害市场公平、公正、公开的原则。因此,投资者利益保护尤其是中小投资者利益保护问题将更加突出。本文试图从市场势力和控制权的角度对这一问题进行探讨,以便使这一问题尽早引起制度设计者及监管部门的关注。
The completion of the non-tradable share reform is undoubtedly of great significance for changing the status quo of the irrational ownership structure of Chinese listed companies and for promoting the normative operation and sustainable development of China’s securities market. At the same time, the stock market in our country accumulates more conflicts in more than a decade. After the circulation, the interest pattern of all the investors is changed, and the unbalanced initial starting point after the share reform is completed may result in the serious market position of investors Symmetry and even more serious market manipulation induced by interest have seriously undermined the principle of fairness, fairness and openness in the market. Therefore, the protection of investor interests, especially the interests of small investors will be more prominent. This article attempts to explore this issue from the perspective of market power and control in order to make this issue aroused the concern of system designers and regulators as soon as possible.