本文针对流通股与非流通股“同股不同价”的原因首次提出“衍生权利”与股票取得特权相交换的解释,建立了相应的数学模型并选择样本数据进行验证;由此,本文得出“中国证券市场股票价格的扭曲绝大部分责任应归咎于中国特殊的股本结构”的结论,并提出非流通股以低于流通股的价格来赎回“衍生权利”的上市流通方案。 In this paper, for the first time, the reason for the exchange of non-tradable shares and the non-tradable shares “shares of the same share ” is proposed for the first time that “derivative rights ” is exchanged with the acquisition privilege of stocks. Corresponding mathematical models are established and the sample data is selected for verification. , This paper concludes that “most of the distortions in the stock price in the Chinese securities market should be attributed to the special capital structure of China” and put forward that non-tradable shares should be redeemed at a price lower than that of tradable shares. “Derivative Rights ”The listing of circulation program.