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从结构和功能上看,中国资本市场长期以来都处在不正常状态。这种不正常状态最根本的制度性原因是股权的流动性分裂。从现实看,股权流动性分裂为中国资本市场带来了八大危害,从而严重损害了中国资本市场风险与收益之间的匹配机制,客观上使流通股股东与非流通股股东处在不平等的状态。为此,要使中国资本市场有一个坚实、平等的制度基础,要使中国资本市场有一个蓬勃发展的未来,唯一的出路是必须进行股权的流动性变革,以形成一个利益机制一致的股权结构。
From a structural and functional point of view, China’s capital market has long been in an abnormal state. The most fundamental institutional reason for this abnormal state is the liquidity splitting of equity. In reality, the splitting of liquidity in the equity market has brought about eight hazards to the Chinese capital market, which seriously undermined the matching mechanism between the risks and returns in the Chinese capital market. Objectively, the liquidity shareholders and the non-tradable shareholders were placed in an unequal status. For this reason, the only way to make China’s capital market have a solid and equal institutional foundation for a thriving future for China’s capital markets is to reform the liquidity of equity interests so as to form a uniform equity structure with a balanced interest mechanism .