关于股权分置问题的思考

On Stockholder's Rights Handled Separately

股权分置的市场设计回避市场和法制的冲突,为中国资本市场建立和市场经济实践都做出重要贡献;但股权分置引起流通股股东和非流通股股东之间存在利益冲突,不利于建立归属清晰、权责明确、保护严格、流通顺畅的现代产权制度;股权分置问题的复杂性告诫我们要让流通股股东参与方案制定,防止非流通股股东与机构联合欺骗公众投资者,建立有效的利益补偿机制等。

The market design of the stockholder＇s rights handle separately avoid the market and the legal system conflict, and makes the important contribution for the China capital market establishment and practice of the market economy. But the stockholder＇s rights handled separately cause the benefit conflict of the circulation stock shareholder and between the shareholder of non-circulation, does not favor the establishment of modern property right system which ownership is clear, the power and responsibility is clear about, the protection is strict, and the circulation is smooth. The complexity of the question of stockholder＇s rights handled separately warn that we must let the shareholder of circulation participate in the plan formulation, prevent the non-circulation shareholder and the organization of union from deceiving public investors, and establish effective benefit compensating mechanism, and so on.