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股权分置是中国内地市场所特有的一种经济现象,包括流通股和非流通股。通过对中国股权改革历史的追溯,分析这种因不同股不同权而造成的恶性圈钱、市盈率过高、股票市场定位模糊、不能有效与国际接轨等一系列问题,表明股权改革的必要性。详细论述了股权分置改革的得与失,对于股权分置改革的失败,从股改让“圈钱”行为加重、对股改对价公平的质疑等方面作了详细的论述,表明股改还存在众多未尽之处,希望改革能进一步深入,为中国股市的健康有序发展作出努力。
Split share structure is an economic phenomenon peculiar to the mainland Chinese market, including tradable shares and non-tradable shares. Through retrospecting the history of equity reform in China, this paper analyzes a series of issues such as vicious misappropriation of different stocks, excessively high price-to-earnings ratio, vague positioning of the stock market, ineffectiveness of international standards, and the necessity of equity reform. It discusses in detail the gains and losses of the non-tradable share reform, elaborates on the failure of the non-tradable share reform in terms of the share transfer Numerous outstanding points, I hope the reform can further deepen the efforts for the healthy and orderly development of the Chinese stock market.