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股权分置作为我国特殊历史时期意识形态刚性约束的产物对资本市场的建立与发展起到了重要的作用。然而,它也导致了过度融资、上市公司治理结构扭曲、资本市场宏观管理体制遭到破坏等情形的发生。国有上市公司不同类型股东及政府管理部门经济伦理的模糊是造成股权分置形成并产生危害的重要原因。只有切实提高资本市场内外部经济伦理意识并完善相应的制度安排,才能最终完成股权分置改革,促进国民经济的健康发展。
The split share structure, as a product of the rigid constraints of ideology during the special historical period in our country, plays an important role in the establishment and development of the capital market. However, it also led to over-financing, distortion of the governance structure of listed companies, and destruction of the macro-management system in capital markets. The vagueness of the economic ethics of different types of shareholders of state-owned listed companies and government departments is an important reason for the formation of the split-share structure and its harmfulness. Only by effectively raising the internal and external economic ethics awareness in the capital market and perfecting the corresponding institutional arrangements can we finally accomplish the share-trading reform and promote the healthy development of the national economy.