摘要
本文从法与经济学的角度将股权分置改革视为一个法律权利的界定和配置过程,它包括两个基本的环节:政府界定初始法律权利(非流通股的流通权)和初始法律权利通过谈判重新配置;然后分析初始法律权利界定的短期成本和长期效应,以及流通股股东的“搭便车”行为、谈判地位的非对称性等对交易成本的影响。
The paper regards the classified shares reform as a process by which the legal rights the liquidity rights of non - tradable are defined and allocated, consisting of two basic steps： defining the initial legal rights by the government and reallocating the initial legal rights by negotiation. Furthermore, the paper analyzes the long - term and short - term effects of the initial allocation of the legal rights, the effects of free rider of tradable - share - holders and asymmetry of negotiation position on transaction costs between the tradable- share- holders and the non- tradable- share holders.
关键词
股权分置改革
法律权利
科斯定理
交易成本
classified shares reform
legal rights
coase theorem
transaction cost
