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西方国家的股票所有结构主要可划分为两大类 :一类是以机构持股为主 ,美国和大多数西方国家都属于这一种 ;另一类以法人持股为主 ,其代表是日本.由于不同持股方式中投资者在股市中的地位和投资目的不同 ,他们相应的持股行为特征就在很大程度上决定了股票价格水平及其变动 ,从而使股票市场在融资和配置资源功能方面有不同的表现.该文分别讨论日本、美国和中国股票所有结构的特点 ,进而讨论股票所有结构在股票市场中的重要地位 ,以及我国股票所有结构的优化问题“,”The equity ownership structure in western world can be divided into two categories:one is based on institutional stockholding, the other on corporate stockholding. Different structure has different implications on the financing and resource allocating roles of stock markets because of the different positions and investment goals of investors in different structures. This paper analyses the features of different equity ownership structures and the optimization of Chinas structure.