流通股股东获得补偿的钱应当源于非流通股股东自己的腰包,而不应当让上市公司埋单《公司法》面临的三大任务之一是妥善处理好大小股东之间的利益关系。实际上,中西各国都不同程度地存在着大小股东之间的利益冲突。只不过,中国上市公司大小股股东间的利益冲突具有特殊性。换言之,大股东往往是国有股股东而且是非流通股股东,而小股东往往是公众股股东而且是流通股股东。我国股市长期处于低迷状态的主要原因之一是股权分置问题一直没有成功破解。 The compensation for circulating shareholders should come from the pockets of non-tradable shareholders, and should not pay for the listed companies. One of the three major tasks facing the “Company Law” is to properly handle the relations of interests between large and small shareholders. In fact, all countries in both China and the West have conflicts of interest between large and small shareholders to varying degrees. However, the conflicts of interest between the shareholders of large and small listed companies in China are special. In other words, large shareholders are often state-owned shareholders and non-tradable shareholders, while minority shareholders tend to be public shareholders and tradable shareholders. One of the main reasons for the long-term stock market downturn in China is that the split share structure has not been successfully solved.