通过实证检验发现:中国股票市场中,股票换手率与股本效应的关系紧密,但是换手率与流通比率之间的相关性很弱.因此在构建全市场指数时,换手率不适合作为股本折算比率.在此基础上,提出了统一尺度下的股本折算加权方法,并给出了三种折算方案:凹性折算方案、线性折算方案和凸性折算方案.从投资角度上分析,凹性折算方案最好,能够减弱非流通股本人市可能带来的市场冲击. The empirical test shows that the stock exchange rate is closely related to the equity effect in the Chinese stock market, but the correlation between the turnover ratio and the circulation ratio is very weak, so the turnover ratio is not suitable for constructing the full market index On this basis, we put forward the method of equity conversion weighting in a unified scale and give three kinds of conversion schemes: concave conversion scheme, linear conversion scheme and convex conversion scheme.From the perspective of investment, Sexual conversion plan is the best, can weaken the market impact of non-tradable shares of the city may bring.