我国股权分置改革试点已启动,从试点公司推出的改革方案来看,可能会引发较严重的收入分配不合理等资本利得问题,这些问题似乎是改革初期必然的产物,无法让市场自发调节。对非流通股股东课征较重的资本利得税,不仅可以解决收入分配不合理的问题,甚至可以稳定股票市场,促进股权分置改革。 The pilot reform of China’s pilot share-setting reform has been launched. This may lead to more serious capital gains such as unreasonable income distribution. These problems appear to be the inevitable outcome of the initial reform and will not allow the market to adjust spontaneously. The levy of capital gains tax on non-tradable shareholders can not only solve the problem of unreasonable income distribution, but also stabilize the stock market and promote the split share structure reform.