The Institutional Arrangement And Reform Of The Chinese Securities Market On The Shares Structure

Compared with the mature market of other west countries, the securities market of China has a distinct character on the shares structure: State-owned shares and corporate shares that can't circulate are highly centralized but the public owned shares that can circulate only account for a few proportions of the total shares. The origin of this unique phenomenon has rationality of itself in history, and it is the inevitable choice of developing stock market under the frame of highly centralized planned economic system and state-owned economy. With the deeping of economic system reform in China and the development of stock market, the split of shares has become the origin of numerous issues, and the obstacles to the further development of the securities market in China.In this paper, depending on the relations between country and market, it introduces the institutional arrangement of China stock market structure according to the laws and regulations. Secondly, it analyses the historical institutional defect of China stock market from three aspects. After that, it discuss that it is the necessary and urgency for the institutional reform of the ownership-split, and it will attain the final goal. Furthermore, it brings forward four detail measures about the reform of the split of shares.