中国境内证券市场的“股权分置改革”取得了较为显著的成绩,然而理论界对非流通股股东和流通股股东之间究竟存在什么样法律关系的问题,却没有一致的答案。本文从法学分析的角度,提出了应用“补偿论”正确认识股权分置改革的思路,并就此对股权分置改革的遗留问题提出了相关的解决建议。 However, there is no consistent answer to the question whether there is any legal relationship between non-tradable shares holders and tradable shareholders in the theoretical circles. From the perspective of legal analysis, this paper puts forward the idea of ​​using “compensation theory” to correctly understand the reform of the split share structure, and puts forward the corresponding solutions to the remaining problems of the split share structure reform.