摘要：改革开放以来，中国股票市场不断发展，成为证券市场的重要组成部分。上市公司公开向社会公众发行股票，其主要的作用是向社会筹集资金、分散投资风险、实现创业资本的增值、为公司做公告宣传。股票的最原始作用就是筹集资金，通过发行股票，股份公司可广泛地吸引社会暂时闲置的资金，在短时间内把社会上分散的资金集中成为巨大的生产资本，组成一个“社会企业”-股份有限公司，使得企业进一步发展成为可能。但是在公司上市的这样的一个过程当中存在着公司发起人持股与社会公众持股的不公平的现象，其本质是公司发起人持股与社会公众持股成本的差异。股权分置改革之后，随着越来越多的公司争相上市，这种不公平的现象给证券市场带来的压力也不断的凸显。

　　　本文首先阐述了近几年股票市场的行情持续走低，上市公司家数不断增加，亿万富翁越来越多的情形，并指出造成这种不对称情形的主要原因是发起人与社会公众持股成本的巨大差异。在大量分析各个板块的发起人和社会公众持股成本的差异的基础上，提出公司上市时发起人持有股份应将净资产按发行价折股。该方案可使公司发起人与社会公众的持股成本相同，真正体现上市公司同股同权，维护公众投资者的利益，促进真正有潜力的公司上市，降低证券市场的扩容压力。

关键词：发起人 社会公众 持股成本 公平

ABSTRACT：Since reform and opening, China's stock market continues to evolve, to become an important part of the securities market. Open space of listed companies issuing shares to the public, its main role is to raise funds to the community, diversify investment risks and achieve venture capital appreciation, publicity announcements for the company.  Role is the most primitive stocks to raise capital. Through the issuance of stocks, shares the company can be widely attract social temporarily idle funds to the community in a short time become a huge decentralized funds focused productive capital, constitute a "social enterprise" - Corporation, making it possible to further development of enterprises . But in the listed company in which such a process exists and the public shareholding company sponsors holdings unfairness, its essence is shareholding company sponsors and the public holding cost differences. After the split share structure reform, as more and more companies are competing to market, this unfairness to bring pressure on the securities market also continued prominent.

　　　This paper first describes the stock market in recent years, the stock market continued to decline, the increasing number of listed companies, an increasing number of billionaires case, noting that the main cause of this situation is asymmetric promoters and the public float the cost of a huge difference. Each section in a large number of promoters and the public holding cost differences based on the proposed listing of the Company shares held by the promoters of net assets should be converted into shares at the issue price. The program allows the company sponsors and the public cost of holding the same, and truly reflects listed companies with same rights and safeguard the interests of the investing public, the company has the potential to promote real market, reduce stock market expansion pressure.

Keywords: Sponsor；Public；The cost of holding；Fair