股权分置存在行政强制性分置和市场自在性分置。目前要讨论的不是股权分置问题本身,而是已然启动的股权分置改革如何继续推进。股权分置改革在初始状态既定约束下,已经丧失以最小成本解决股权分置的可能。目前要从校正政策目标、统一对价基础理论、改进决策方式和增加政策制度供给等四个方面寻求次优解决路径。 There is administrative division of ownership and marketability of the ownership split. At present, not to discuss the issue of split share structure itself, but already started the split share structure reform how to continue. Under the preconceived notion of the initial state, the split share structure reform has lost the possibility of resolving the split share structure with minimum cost. At present, it is necessary to seek the path of the second-best solution from four aspects: the correction of policy objectives, the unification of the basic theory of the price, the improvement of the mode of decision-making and the supply of the policy system.