以股抵债的经济学分析

The Economic Analysis of Stock Replacing Bonds

以股抵债的制度安排是公有制条件下的一个产物,它不是帕累托最优。该制度安排既有制度收益,也有交易成本。评价以股抵债的制度安排,只有在比较制度收益和交易成本的大小的基础上,才有可能确定该制度设计是否经济。

The arrangement of institution of stock in replacement of bonds, which is the outcome of public ownership, do not accord with the demands of Pareto optimality. This arrangement of institution can get revenue, while it also means transaction cost. So, to evaluate the arrangement of institution of stock instead of bonds, which is the way of economy or not, we should compare the arrangement revenue with transaction cost.