一、“股权分置”的来历 在国外股市，上市公司的股份是完全上市的，原则上是全流通的。当然，其总股本中也有少量股份是被公司章程锁定的。被锁定的少量股份，在性质上主要属于雇员持股计划部分或是对关键雇员奖励部分(如雇员股票期权计划或雇员股票购买计划等)，这部分股票只是暂时不可以上市流通转让的，但在锁定期满后(如三、五年不等)，公司有权直接决定这部分股票何时可上市流通转让。 在我国，这种情形则是大不相同的。20世纪80年代末期，正在行进中的我国经济的改革开放，虽然已取得初步成效，但由于改革在潜意识形态上依然还停留在“社会主义计划经济”的框架之内，因此，公有制尤其是纯粹的国有制，仍被视作社会主义优越性的一种体现，仍被看作是社会主义制度下的重要标签。 为了不让社会主义公有制“变本”，在80年代后期的股份制改造或试点的过程中，出现了两种极端趋向：一是优先让城镇集体所有制企业试点改制；二是在改制过程中尽 First, the “split share structure” origins In foreign stock markets, the shares of listed companies is fully listed, in principle, is fully circulated. Of course, a small number of shares in its total share capital are locked by the articles of association. The small amount of shares that are locked in nature mainly belong to the employees’ shareholding plan part or to the key employee reward part (such as employee stock option plan or employee stock purchase plan, etc.), but these shares are temporarily not listed and tradable, After the lock expires (such as three or five years), the company has the right to decide directly when the stock can be traded on the market. In our country, this situation is very different. In the late 1980s, the ongoing reform and opening up of China’s economy despite initial success has been achieved. However, due to the subconsciousness of the reform in the framework of “socialist planned economy,” public ownership is especially pure The state-owned system is still regarded as an embodiment of the superiority of socialism and is still regarded as an important label under the socialist system. In order to prevent social capital public ownership from becoming “capitalized”, two extreme trends emerged in the process of shareholding system reform or pilotization in the late 1980s. First, priority was given to the pilot restructuring of urban collective-owned enterprises; second,