我国证券市场“股权分置”的现象由来已久,对流通股东的利益造成了严重侵害。自2005年4月底掀起的股权分置改革意在解决这种制度缺陷。但是,这场轰轰烈烈的改革运动真的能拯救股民于水火吗?本文分析了股权分置改革的机制设计,认为政府虽然已经意识到保护公众股东利益是改革的重中之重,但在市场博弈中,流通股东缺乏相应的代言人,其利益仍然难以得到有效保障,然后在此基础上提出了相应的对策建议。 The “split-share structure” in China’s securities market has a long history and has infringed on the interests of tradable shareholders. The non-tradable share reform, which was launched since the end of April 2005, is intended to solve this system flaw. However, this vigorous reform movement can really save the investors? The paper analyzes the mechanism design of non-tradable shares reform, although the government has realized that protecting the interests of the public shareholders is the most important reform, but in the game of the market , The circulation shareholders lack the appropriate spokesman, its interests are still difficult to be effectively protected, and then put forward the corresponding countermeasures and suggestions on the basis of this.