股权分置改革的经济学分析

An Economic Analysis of Split-share Reform

随着社会制度结构的变化,股权分置的制度运行效率每况愈下,需要进行彻底的改革。从产权角度看,股权分置改革的实质是股东之间在产权结构与利益格局上的重新调整。公平的股权分置改革应建立在尊重并保护产权的基础上,通过市场途径实现利益均衡。但由于股权分置改革的基本制度安排存在重大缺陷,导致对价支付水平不公平与股市诚信基础受损害,也暴露了行政主导的股权分置改革难以摆脱"路径依赖"陷阱。

Along with the structure of the social institution changing,the efficiency of split-share structure became worse and worse,it should be completely reformed. According to the theory of property rights, the essence of split-share reform is that property rights and interests are adjusted among stockholders. On the basis of regarding and protecting property rights, the equilibrium of interests would be realized among stockholders in the split-share reform. But the fatal blemish of institutional arrangements exist in the process of split-share reform, which resulted in that consideration payment is unfair and the credit of stock market is damaged, and government’s leading position in split-share reform that would not get rid of 'path dependence'.