在我国资本市场上,存在着一种特别的形态:股权分置即存在着流通股和非流通股两种股票。这就造成了两种股票所有者之间的利益冲突、市场定价不准确以及股市低迷等问题。对此,我国进行了股权分置改革,本文通过对股权分置改革典型代表清华同方的两次改革进行分析,得出了一些启示即股权分置改革中需要注意的问题:对价问题、投资者保护和解决股东间信息不对称。 In China’s capital market, there is a special form: there are shares of non-tradable shares stock split two shares. This creates issues of conflict of interest, inaccurate market pricing and stock market downturns between the two stockholders. In this regard, China has carried out split share structure reform. This paper analyzes the two reforms of Tongfang, a typical representative of split share structure reform, and points out some enlightenments that need to pay attention to in the split share structure reform: the issue of price, investors Protecting and resolving information asymmetry among shareholders.