论股权分置的本质、缺陷及其治理

分析非流通股与流通股的产权差异与利益分配格局差异，是正确理解股权分置本质的前提。资本利得收益权是流通股股东独享权利，这是具有实践意义的创新点．并通过分析指出该项权利是流通股股东的核心利益所在。股权分置的根本缺陷在于交易成本畸高。股权分置仅仅是股市下跌的原因之一，流通股股东合法权益得不到有效保护才是股市每况愈下的根本原因。只有在流通股股东的合法权益得到有效保护的前提下，才能有公平合理的股权分置改革。股权分置改革的实质是产权博弈。

Shares Separation : Essence and Limitation and Governance

From the angle of property rights to analyze the difference between current shares and nonnegotiable shares, we can comprehend the essence of shares separation. The shareholder of current shares attaches importance to the right of income about capital gain, and think it as monopolistic right and core benefit. Shares separation is only one of the reasons that the stock market continuously declined, the hgal rights of the current shareholder can not get the valid protection, and that is just basic reason that the stock market continuousiy dedined. Only, the legal rights of the shareholder gets the valid protection, then the reform of shares separation can be fair and reasonable. The essence of the reform about shares separation is that the shares of property rights are partitioned.