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股权分置是中国证券市场中存在的事实上的“同股不同权,同股不同利”的股权分割现象。股权分置是由中国股份制改造中产权界定的制度约束造成的。“国有控股且不流通”导致了股东权利在事实上的不可履行。随着股票的交易和公司的发展,为公司所占有的股东的公共产权的利益越来越突出,并最终演化成股东之间的冲突,导致了股权分置改革。然而,股权分置改革是上市公司产权的再次界定,为界定产权而界定产权是毫无意义的,如何通过界定更清晰的产权去构造有效的上市公司治理,才是股权改革的根本所在。
The split share structure is the phenomenon of split equity split in fact in China’s stock market. The split share structure is caused by the system restriction defined by the property rights in the joint stock system reform in China. “State-owned controlling and non-circulation” led to the fact that the shareholders’ rights were not up to date. With the transaction of shares and the development of the company, the interests of the public ownership of the shareholders owned by the company are becoming more and more prominent, and eventually the conflict between the shareholders evolves, leading to the split share structure reform. However, the split share structure reform is the redefinition of the property rights of listed companies. It is pointless to define the property right to define the property right. How to construct the effective governance of the listed company by defining a clearer property right is the fundamental part of the equity reform.