股权分置改革的制度经济学分析

An Institutional Economic Analysis on Split Share Structure Reform

股权分置制度是我国股票市场在特殊的环境下形成的,在此制度运行过程中陷入了低效率的路径依赖,产生了制度的极度不均衡,原有的制度功能(投资、融资、资源优化配置)丧失殆尽。股权分置改革后各利益主体具有潜在利润,但股权分置下既得利益主体会为制度变迁设置障碍,政府应权衡利弊,进行强制性的制度变迁,并加强各利益主体之间信息交流,出台配套政策,通过学习效应、协调效应和适应性预期使我国股市具有自我增强机制,并步入良性的发展轨迹。

Split share structure formed raider special circumstances, in the operation process, it falls into inefficient ＂ path dependence＂, which causes the loss of stock market＇s function. After reform, each part will get benefits . But there are some obstacles on reform. Government should weigh advantages and disadvantages and enforce compulsory institutional transition and relevant pohcies. We believe that China＇ s stock market will step into well development path with ＂ learning effect＂, ＂concerted effect＂ and ＂the expect of aptness＂.