股权分置改革是流通股东与非流通股东利益重新分配的过程。本文具体讨论股权分置改革的财富创造效应,以及财富在不同主体间的再分配效应。46家试点上市公司的实证结果表明：从总体上看,股权分置改革过程能够创：造财富,非流通股东的收益明显高于流通股东的收益,且流通股的超常收益与第一大股东的持股比例负相关,说明在股权分置改革过程中非流通股东,尤其是绝对优势的大股东处于有利地位。 The split share structure reform is the process of redistributing the interests of tradable shareholders and non-tradable shareholders. This article discusses in detail the wealth creation effect of share-trading reform and the redistribution effect of wealth among different subjects. The empirical results of 46 pilot listed companies show that: Overall, the split share structure reform process can create: create wealth, the return of non-tradable shareholders was significantly higher than the return of tradable shareholders, and extraordinary returns of tradable shares and the largest shareholder Negatively correlated, indicating that non-tradable shareholders, especially large shareholders with absolute superiority, are in a good position during the non-tradable share reform.