股票发行制度内在机理的产权解释

Property Right Explanation of Internal Nature of Stock-issuing System

本文主要以产权理论为工具探讨了股票发行制度的内在机理。与一般的产权解释不同 ,笔者认为股票发行决定权是产权在发行制度中的集中体现 ,不同的股票发行决定权归属使得股票发行制度有不同的效率。在此基础上 ,从股票发行权的视角来检验中国股票发行制度变迁 ,可以看出中国股票发行制度的演变过程是一个股票发行决定权逐步市场化的过程。

This paper mainly analyzes the internal nature of stock-issuing system by use of the property right theory. Compared with the common explaining, author thinks that the issuing-decision right is concentration of the property right in stock-issuing system, and different efficiencies will be resulted from different possession of the issuing-decision right. Based on this, author makes a check on China's stock-issuing system change in term of stock-issuing decision prospect, which indicates China's stock-issuing system change is a process that issuing decision right is being decided by market gradually.