【文章內(nèi)容簡介】
“ National 9″ ( “ the State Council on promoting the capital market reform, opening up and stable development of a number of opinions” ) the promulgation of the stock market has bee another milestone in the development. The first time the document in the form of the State Council, will “vigorously develop the capital market” to the country’s economic development strategic height, and from the market framework and operational mechanism for redefinition of the Chinese stock market. heal the “malaise” recycling the stock market as a result of stateowned enterprises bear the special mission at the beginning of China’s stock market has congenital birth defects. The total share capital of more than 2/3 for the Stateowned shares not in circulation and social legal person shares. Compared with the circulation of shares, nontradable shares has not been achieved by way of premium options, but also has access to ine through dividend rights. “With the shares of different price,” “with the shares of different benefit”, the split share structure in China’s stock market has bee the largest system defect. 2021 years 4 29, the China Securities Regulatory Commission issued “on the shares of listed panies on the issue of reform,” which marks China’s stock market history, the largest and most influential institutional reform prelude. As a result of alleged “A stream of single big” history of chronic illness, this round of reform has even been seen as China’ s stock market a “ recycling.” from the first through the share reform program of Sany Heavy Industry, the Chinese capital market with more than two years has made the reform of the initial results. The vast majority of listed panies through nontradable shares in cash, shares or warrants to pay for the price of access to the flow of power, “ A stream of single big” phenomenon gradually bee history. despite the limited duration of the lifting of the ban the sale of shares and trading rules, the shares changed the design of the overall plan is indeed flawed, but as the deepest ever in China’s stock market changes, the reform to subvert the Chinese securities market Since its establishment, has always insisted on equity circulation system to make it based on years of the core obstacles to be removed, but also for its future longterm development of the foundation. to the legal system for the market to defend 1999 years 7 ,1 起 implementation of Securities Law, in regulating the issue and t