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股权分置改革被称为中国证券市场的第二次制度革命,它通过流通股股东与非流通股东之间的对价制度设计使得非流通股东获取了流通权,从而形成了两者共同的利益目标,改变了上市公司利益冲突的现实状况,是上市公司有效治理的重要前提。然而,中国上市公司治理问题的复杂性决定了股权分置改革并不能够解决我国所有的公司治理问题,只有通过积极完善公司治理结构,配套相关法律法规,才能使上市公司获得长远健康发展。本文在肯定了股权分置改革对上市公司治理的积极影响的同时,也分析了股权分置改革后公司治理所面临的问题,并在此基础上提出完善上市公司治理的措施。
The split share structure reform is called the second institutional revolution in China’s securities market. Through the design of the price system between the shareholders of circulation shares and the non-circulation shareholders, non-circulation shareholders acquire the right of circulation, thus forming a common interest target , Has changed the reality of the conflicts of interest of listed companies, is an important prerequisite for the effective governance of listed companies. However, the complexity of the governance problems of listed companies in China determines that the non-tradable share reform can not solve all the problems of corporate governance in our country. Only through actively improving the corporate governance structure and supporting the relevant laws and regulations, will the listed companies obtain long-term healthy development. While affirming the positive impact of share-trading reform on the governance of listed companies, this article also analyzes the problems faced by corporate governance after the share-trading reform, and on this basis, puts forward measures to improve the governance of listed companies.