This article analyzed the innovation of stock market in the background of nontaxable shares reform and fully circulating system, by integrating the changes of stock market in recent years.

• 本文结合近两年来证券市场的发展变化,对股权分置改革及全流通制度下的证券市场创新进行了分析,文章指出,随着股权分置改革的实施,证券市场制度建设在日渐完善,证券市场已经具备了金融创新的土壤;