對大陸股權分置改革的回顧與法律思考

股權分置改革是中國大陸公司制度和資本市場發展過程中的一個特殊現象。由於中國大陸的市場經濟是在以公有制為主導的計劃經濟體制的基礎上通過改革發展而來，許多由國有控股的上市公司中相當一部分股份不可以上市流通，由此形成上市公司股權分置的現象。股權分置改革，使得中國大陸上市公司成為真正意義的市場主體，也改變了股權分置狀態下上市公司固有的產權實現機制和定價機制。這一世界資本市場上所獨有的現象，從其產生之初到實施改革，以至改革基本結束之後都涉及公司、證券等一些民事法律問題。本文將分別論述股權分置及其改革的意義和引發的法律思考，以此窺視社會經濟體制改革中資本市場的發展及其相關法律變革。

關鍵字

股權分置改革；法律問題

並列摘要

Non-tradable shares reform is a special appearance during the development of corporate system and capital market in Mainland China. Because market economy of Mainland China arises from planned system mainly based on public ownership, quite shares of many state-holding listed copamnies can not go circulating, which gives rise to the shareholder structure of listed companies. Non-tradable shares reform has the listed company of mainlan China become a real market subject and has reversed the intrinsic pricing mechanism and property rights realizing system. The sole appearance of worldwide capital market concerns civil law issues such as corporate and securities law from its birth to reforming and after reformed. The article will expound the significance of non-tradable shares reform and legal reflections it initiates in order to peek in the development of capital market during social economic system reform and related legal reform.