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股权分置始于我国股市建立之初的流通股与非流通股之分,这种布局在当时看来,有其特殊的目的和意义。然而随着股市的发展、研究的深入,股权分置的弊端也日益暴露,对股权分置的理论认识也逐渐由圈钱发展到“A股含权”。2005年4月29日中国证监会发布股权分置改革试点工作通知,至此,政府对股权分置是否改革、何时改革给与公众明确的答复。但改革的焦点——定价问题怎样处理,仍有待研究和论证。
Split share structure began in China’s stock market at the beginning of the circulation of shares and non-tradable shares, this layout seems at the time, has its special purpose and significance. However, with the development of the stock market, the in-depth study and the malpractices of the split share structure, the theoretical understanding of the split share structure has gradually been developed from misappropriating to “A-share ownership.” April 29, 2005 China Securities Regulatory Commission announced the pilot program of non-tradable share reform notice, so far, the government whether the split share structure reform, when the reform gives the public a clear answer. However, the focus of the reform - how to deal with pricing problems remains to be studied and demonstrated.