Abstract The dual-class equity structure Reform has significant practical sense in perfecting corporate structure, standardizing market operation, improving listed companies' quality, optimizing the distribution of resources and risks. The inequilibrium of real corporate structure and investors' anxious sentiment in transmitting period possibly cause a series of problems after complete circulation, among which the natural monopoly formed under initial conditions and the major stockholders' making use of their dominant positions to induce minor stockholders through making up concerned information driven by economic benefits would cause extreme inequilibrium in investors' market positions, and therefore a new time of our security market dominated by major shareholders. In order to guarantee the fair market transaction, protect the minor shareholders' benefits and avoid possible destruction of the market's standard operation by asymmetric market positions, strengthening administrative supervision
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Received: 08 December 2006
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