股权流动性分裂的八大危害--中国资本市场为什么必须进行全流通变革

从结构和功能上看,中国资本市场长期以来都处在不正常状态.这种不正常状态最根本的制度性原因是股权的流动性分裂.从现实看,股权流动性分裂为中国资本市场带来了八大危害,从而严重损害了中国资本市场风险与收益之间的匹配机制,客观上使流通股股东与非流通股股东处在不平等的状态.为此,要使中国资本市场有一个坚实、平等的制度基础,要使中国资本市场有一个蓬勃发展的未来,惟一的出路是必须进行股权的流动性变革,以形成一个利益机制一致的股权结构.

Eight Defectivenesses of Splitting Ownership Liquidity--On the Full Marketability of Capital Market in China

Capital market in China is abnormal in its structure and function, which is rooted institutionally in the splittingownership liquidity of listed companies. In practice, the splitting ownership liquidity has resulted in eight de-fectivenesses of capital market in China. This institutional setting greatly damages the matching mechanism be-tween risk and return of Chinese capital market, creating unfairness between liquid shareholders and non - liq-uid ones. Therefore, in order to lay a solid and equal systematic foundation for Chinese capital market to guar-antee it a prosperous future, we must launch the full marketablity reform to establish a new equity structurewith uniform earning mechanism.