当股权分置这一过去15年来支撑资本市场运行的制度平台不复存在时,中国资本市场会发生什么样的变化? 股权分置是阻碍中国资本市场发展最重要的制度障碍,也是资本市场中的中小股东即流通股股东的利益不断受到侵害的制度基础。因此,2005年4月,证监会等有关部门下定决心,启动了股权分置改革。2005年12月,第12批股权分置改 What happens to China’s capital market when the split share structure, a system platform that supports the operation of the capital market over the past 15 years, does not exist any more? The split-share structure is the most important institutional obstacle to the development of China’s capital market and also the capital market Of small and medium shareholders that the interests of tradable shareholders continue to be infringed on the basis of the system. Therefore, in April 2005, the CSRC and other relevant departments determined to start the split share structure reform. December 2005, the twelfth batch of shares reform