Constitution of ownership in our country at present mainly has the state-owned stock, the legal stock and the circulation stock.

我国目前的股权构成主要有国有股、法人股和流通股。

Because of historical reasons the listed company interior generally went on to form non - circulation stock and the circulation stock two kinds of stock in the China stock market.

由于特殊的历史原因，中国股票市场的上市公司内部普遍形成了非流通股和流通股两种不同性质的股票，从而造成了两类股票同股不同价、同股不同权市场制度与结构。

The policy suggests that the effective way to operate interest circulating is to converse capital shares appointment of non-circulation stockholders according to stock issue price.

政策建议，按股票发行价格折合非流通股东的持股数量，是实现全流通的有效路径。

From the Angle of regulating it, our stock market should achieve the circulation of stocks of state and legal persons in turns.

从规范股票市场的角度讲，应分期分批的实现国家股和法人股的流通。

The research establishes a differential market theory of exchange of permits of pollution according to the issue, circulation and regulation of stock.

借鉴股票的发行、流通、监管程序，提出排污权交易的层级市场结构理论，并据此对排污权交易进行了系统的研究。