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我国证券市场股权分置的制度经济学分析
引用本文:王德勇.我国证券市场股权分置的制度经济学分析[J].中国流通经济,2004,18(11).
作者姓名:王德勇
作者单位:东北农业大学,黑龙江,哈尔滨,150030
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,尤其要依法行事,法理清晰,调整国有资产方面的法规和政策,删除过于僵硬化的规定,修改并协调现行《公司法》、《证券法》等。

关 键 词:证券市场  股权分置  制度经济学

Research on the Shareholdings Division in the Stock Market in the Institutional Economics Approach
WANG De-yong.Research on the Shareholdings Division in the Stock Market in the Institutional Economics Approach[J].China Business and Market,2004,18(11).
Authors:WANG De-yong
Abstract:Based on the institutional demand analysis of the shareholdings division reform, the author believes that opinions of subjects of the institutional demand should be respected. Based on the institutional supply analysis of the shareholdings division reform, the author believes that governmental and quasi-governmental agencies should weigh the costs and benefits and low the costs of reform, foretell the benefits of reform, and should be "fair, open, and impartial". Based on the analysis of institutional equilibrium and institutional changes of the shareholdings division reform, the author thinks that an overall point of view should be adopted, and operating under the rule of law, and annulling rigid regulations.
Keywords:stock market  shareholdings division  institutional economics
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