This paper gives corresponding explanations China's combined with characteristics of market before and after the split share structure reform.
结合我国股改前后的市场特征，提出了相应的解释。
Split Share Structure makes corporate governance lack of common benefit basis and becomes a significant obstacle of perfect stock market basis system.
股权分置使公司治理缺乏共同的利益基础，成为完善股票市场基础制度的一个重大障碍。
The number of the cases that listed companies purchase and anti-takeover hostilely will substantially exceed the number in the era of the split share structure.
全流通环境下上市公司敌意收购与反收购案件的数量将大大超过股权分置时代。
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