由于早期的制度设计,我国上市公司的股份分为流通股和非流通股,这样的股权分置状况严重制约了中国证券市场的发展,因此有必要对股权分置进行改革。股权分置改革是一次利益关系重新配置的过程,是一个法律问题。本文就股权分置改革过程中的法律依据问题、对价问题、非流通股股份权利瑕疵问题、法律救济问题和立法问题进行了法律分析。 Due to the early system design, the shares of the listed companies in our country are divided into tradable shares and non-tradable shares. The situation of the non-tradable shares has seriously restricted the development of China’s securities market. Therefore, it is necessary to reform the split share structure. The split share structure reform is a process of re-allocation of interests, which is a legal issue. This article makes a legal analysis of the legal basis, the consideration of the price, the defects of the right of non-tradable shares, the legal remedy and the legislative issues in the process of share-trading reform.