对股权分置改革现实意义的思考

Thought on the Realistic Meaning in the Reform of Stock Right Splitting

中国股市因为特殊的历史原因而存在流通股和非流通股两类股票,同股不同权、同股不同价、同股不同利的弊端制约着我国证券市场的进一步发展。从减持国有股到全流通问题,再到解决股权分置问题,反映了对证券市场的认识不断深化的过程。股权分置改革是资本市场的一项重要制度改革,不仅有利于完善资本市场定价机制,强化对上市公司的市场约束,充分发挥资本市场的功能和作用,还有利于国有企业的改造重组和国有经济布局的战略调整,关系到投资者的切身利益和上市公司的长远发展。

In China＇s stock market, due to special historical reasons, there are two kinds of stocks： circulation stock and non-circulation stock. The improper practices of equal stock with no equal right, no equal price and no equal dividend restrict the further development of China＇s stock market. From reducing state stock to circulating all stocks and then to resolving the splitting-stock problem, it reflects a gradual process of deeper and deeper knowledge about the stock market. Reform of stock right splitting is a very important institutional reform in the capital market. On the one hand, it is helpful to improve the price-fixing system in the capital market, strengthen the market restriction to listed companies, and wield full power of capital market in function and role. On the other hand, it is good to the reorganization of state-owned enterprises and strategic adjustment of national economy distribution. The reform concerns the investors＇ interests and the long-term development of listed companies.