在中国证券市场建立之初,为了不造成国有资产流失和避免涉及“姓社姓资”问题的争论,确保国家对上市公司的控制,设计者做出国家股与法人股不流通的制度安排。随着体制改革的纵深发展和市场经济的不断深化,证券市场原有制度设计的深层次问题和结构性矛盾日益突出,并直接影响了证券市场的健康发展。 At the beginning of the establishment of China’s securities market, in order not to cause the loss of state assets and to avoid the controversy over the issue of “surname, surname, surname and capital,” and to ensure that the State controls the listed companies, the system of arrangement for the non-circulation of state shares and legal person shares . With the further development of the system reform and the continuous deepening of the market economy, the deep-seated problems and structural contradictions of the original system of securities market have become increasingly prominent and have a direct impact on the sound development of the securities market.