股权分置联系着国企改革和资本市场两个重要方面,其实质是通过市场手段替代行政命令对经济资源进行重新整合。股权分置改革在上市公司内部,公司财务治理机构和机制的变革通过公司的融资与风险、并购与重组、鼓励分配和激励约束机制的改进影响上市公司的治理,在上市公司外部,则是资本市场利益相关者之间权力和权利博弈推动的转型。 The split share structure is related to two important aspects of state-owned enterprise reform and capital market. Its essence is to reorganize economic resources through market means instead of administrative orders. The reform of non-tradable shares In the listed company, the reform of corporate financial governance institutions and mechanisms affect the governance of listed companies through the financing and risk of the company, mergers and acquisitions and reorganization, encouraging the improvement of distribution and incentive and restraint mechanisms, and the capital of the listed companies The Transition of Game Driven by Power and Rights among Market Stakeholders.