我国证券市场股权分置的制度经济学分析

发布时间：2018-08-11 13:23

【摘要】：股权分置是影响我国上市公司行为与证券市场长远发展的制度性症结。解决股权分置问题,实质是利益的再一次重新分配,也是一个制度产品的供给与需求在证券市场上达到“帕累托优化”或“帕累托改进”的过程。本文通过股权分置变革的制度需求分析,认为在股权分置变革中,应充分尊重制度需求主体的意见,使其达到较高的“满意度”,以保证改革的收益最大化,尤其要尊重股票历史成本的形成机理;通过股权分置变革的制度供给分析,认为在股权分置变革中,政府或准政府应权衡利弊,降低改革成本,预期改革收益,尤其要做到“公平、公正、公开”;通过股权分置变革的制度均衡与制度变迁分析,认为在股权分置变革中,应把握全局性,着眼于系统性,尤其要依
[Abstract]:Split share structure is the institutional crux that affects the behavior of listed companies and the long-term development of the securities market. To solve the problem of split share structure, the essence is to redistribute the benefits, which is also a process of "Pareto optimization" or "Pareto improvement" of the supply and demand of institutional products in the securities market. Based on the analysis of the institutional demand for the reform of split share structure, this paper holds that the opinions of the main body of institutional demand should be fully respected in the reform, so that it can achieve a higher degree of "satisfaction" in order to ensure the maximization of the profits of the reform. In particular, the formation mechanism of historical cost of stock should be respected, and through the analysis of institutional supply of the reform of split share structure, it is concluded that the government or quasi-government should weigh the advantages and disadvantages, reduce the cost of reform, and anticipate the reform income in the reform of split share structure. In particular, "fairness, justice and openness" should be achieved. Through the analysis of institutional balance and institutional change in the reform of split share structure, it is believed that in the reform of split share structure, we should grasp the overall situation and focus on the system, especially in accordance with the law.
【作者单位】：东北农业大学
【分类号】：F832.5

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