一个“公地悲剧”与“反公地悲剧”的畸形集合——中国股市治理权与上市公司产权属性及其效应分析

A Malformation Congregation of “Public Terra Tragedy” and “Counter Public Terra Tragedy”——The Right of Chinese Stock Market Management and the Analysis of the Properties and Effects of Property Right of Stock Market Corporation

当前的中国股市是“公地悲剧”的一个现实版本。由股市治理权的现实构架决定的各类市场主体的机会主义行为,导演了中国股市的“公地悲剧”;中国上市公司的产权属性是一个“反公地悲剧”的例证,基于“廉价控股权”的大股东的极端机会主义行为,引致了各类股东产权行为方向的分裂或对抗,降低了产权效率;必须以建立和强化中央证券监管当局的监管权威和整合上市公司各类股东的产权行为方向为重点来改造中国股市的治理权配置和上市公司的产权属性,实现股市和上市公司的可持续发展。

The present Chinese stock market is a practical edition of ＂public terra tragedy＂. The opportunism behavior of all market principal parts determined by the practical truss of the right of stock market management directs the ＂public terra tragedy＂ of Chinese stock market. The properties of property right of Chinese stock market corporations is a good case of ＂counter public terra tragedy＂. The extreme opportunism behavior of the big shareholders based on ＂the right of cheap share controlling＂ leads to the splits and confronts of the direction of all shareholders＇ property right behavior and the decline of property right efficiency. It is necessary to establish and strengthen the inspection and management authorities of the central stock market inspection and management departments and to reconstruct the configuration of management rights and the property rights of market corporations. The purpose is to ensure the continuous development of the stock market and the market corporations.