中国股票市场的合约分析与制度重构

Analyses of Contracts and Restructuring of Institutions on Stock Markets in China

文章运用不完全合约理论就我国股市合约化过程中存在的问题进行了深入探讨。发现当前我国股市合约化过程中存在严重的中国式不完全合约、合约关系异化和股市合约化程度低等三大问题;作者对其根源进行了认真分析,指出我国股市失范主要与股市三重制度缺陷、政府角色错位和合约客体存在缺陷等有关;并就中国股市的制度重构作了探讨。

By applying the theory concerning incomplete contracts, this paper makes a profound study of the problems in existence in the process of stock market transactions based on contracts in China. In the beginning the paper points out that in the process of contracting Chinese stock market transactions there exist three serious problems: the problem of incomplete contracts, that of abnormal contractual relations and that of low contractual level on the Chinese stock markets. Next it carefully analyses the root causes of these problems, arguing that these problems have resulted partially from the defects of the triple institution carried out on Chinese stock markets, from the improper role played by the government in stock markets and the disfigurement of the objects of contracts. Finally, the paper puts forward some suggestions for further healthy development of stock markets in China.