以现有的监管框架而言,中国证券市场监管虽然较过去有了质的改进,但仍存在明显的制度缺陷,证券市场监管仍旧由行政机制主导,证券市场监管水平还处于初级阶段。究其原因,笔者认为上市公司股权分置问题是其根源。我们知道,由于我国上市公司多数由国有企业改制而来,股权过分集中于 In terms of the existing regulatory framework, although there has been a qualitative improvement in China’s securities market over the past, there are still obvious institutional shortcomings. The supervision of the securities market is still dominated by the administrative mechanism, and the regulatory level of the securities market is still at an early stage. The reason, I believe that the issue of equity division of listed companies is the root cause. We know that because most of the listed companies in our country are transformed from state-owned enterprises, the stock rights are too concentrated in