一、股权分置改革的背景由于中国股票市场诞生初期的特殊的政治环境,以及在股票市场建立初期以国有资产的保值增值为主要任务的背景,致使我国的股票市场长期存在着二元的股权结构,一方面是股票可以自由流动的以中小投资者为主的流通股;另一方面是非流通股。非流通股主要由国家股和法人股组成。非流通股股东以公司成立时的净资产折价为股份,而流通 First, the background of non-tradable share reform China’s stock market due to the early birth of a special political environment, as well as the early establishment of the stock market to preserve and increase the value of state-owned assets as the main task of the background, resulting in the long-term existence of our stock market binary equity Structure, on the one hand is the free flow of stocks to small and medium-sized investors in circulation; the other hand, non-tradable shares. Non-tradable shares mainly consist of state shares and corporate shares. Shareholders of non-tradable shares are traded at a discount to the net assets of the company upon its establishment