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由于历史原因,中国证券市场存在流通股与非流通股对立的“股权分置”问题,严重影响了证券市场的发展。2005年4月29日,股权分置改革试点工作正式启动,截止2006年10月股权分置改革工作已进入了“收官”阶段。本文分析了股权分置问题出现的原因,揭示了股权分置问题给中国证券市场带来的负面影响,运用理论与数据客观评价股权分置改革的成果,揭示了“全流通”对中国证券市场发展的重大意义。
Due to historical reasons, there exists the problem of “share-trading” in the securities market in China, which has the opposite trend between the tradable shares and the non-tradable shares, seriously affecting the development of the securities market. On April 29, 2005, the pilot share-splitting reform was officially launched. As of October 2006, the non-tradable share reform has entered a “closed-door” phase. This article analyzes the causes of the split share structure problem and reveals the negative impact that split share structure has on China’s securities market. Using the theory and data to evaluate the results of the split share structure reform objectively, it reveals the impact of the “full circulation” on China’s securities market The great significance of development.