上市企业舞弊:制度、市场与诚信——兼论中国上市企业舞弊与反舞弊

Malpractices in Listed Firms: Institution, Market and Honesty --discussion on the malpractice and anti-malpractice in listed firms

上市企业舞弊,既是市场失灵的表现,又是制度不健全产物。既然完全竞争市场只是理论上假设,市场失灵是不可避免的,则重视制度建设就应当成为企业反舞弊措施首选。制度可以分为正式规则和非正式规则,但再正式的规则也不可能没有漏洞。按照制度经济学的定义,诚实守信、风俗习惯甚至意识形态等都属于制度的范畴,因此,上市企业反舞弊,诚信是至关重要的。

The malpractice of listed firms is not only a reflection of market failure, but also the outcome of incomplete institutions. Since the perfect competitive market is just a theoretical hypothesis and market failure is inevitable, emphasizing institutional construction is therefore the most important way for firms to prevent malpractice. There are two kinds of institution: formal institutions and informal institutions. But even the most complete formal institutions will have some flaws. According to the institutional economics, honesty, custom and even ideology are all included by the definition of institutions. Consequently, for the purpose of anti-malpractice, honesty is of capital importance.