股权分制作为计划经济的产物在股权分制改革的过程中,其融入市场经济本身对证券市场造成了巨大的影响。在全流通背景下,市场流通股数量与控股股东数量激增,故监管模式必须做出相应的调整,对中小投资者应该进一步加强保护力度,机构投资者则宜引导其制衡控股股东,而对于控股股东的监管则应将重点放在其对公司控制权上。 As a product of the planned economy, the share-based system of share-holding has played an enormous role in the securities market in the process of the reform of the share-trading system. Under the background of full circulation, the number of tradable shares in the market and the number of controlling shareholders surged, so the regulatory model must be adjusted accordingly. Small and medium-sized investors should further strengthen their protection and institutional investors should guide their checks and balances with controlling shareholders. However, Shareholders’ supervision should focus on their control over the company.