我国首次公开发行制度变迁外生变量的影响因素分析

本文认为,我国现在甚至以后影响首次公开发行制度变迁的主导因素已经由改革之初的政府利润预期变为不断出现的市场发展与现行制度的内在矛盾,但外生变量仍具有积极作用。第一,政府和其他制度变迁主体之间具有较强的利益相关性,这使得政府确定的外部规则与其他制度主体所创造的内部规则有激励兼容的可能,政府引进的外部规则有助于内部规则的发育;第二,政府在外部规则创新过程中会同时引进和发现许多制度知识,这些知识会通过各种途径传播开来,从而节约其他制度变迁主体的制度创新成本;第三,其他制度变迁主体之间存在的竞争迫使它们选择相互妥协的制度变迁方案,而成功的市场化经历或失败的市场化教训会吸引政府直接应用符合市场经济的一般规则,缩短其他制度变迁主体制定内部规则的时间。

Analysis on Exogenous Variables of China's IPO System Evolution

With a review of China 's IPO system evolution, the author makes an analysis on exogenous variables of China' s IPO system evolution from three perspectives: expected profits, cumulative changes of favorable social elements and stability of current system. The author puts forward that, although factors that influences the system evolution of IPO had changed from the government's expected profit at the beginning of reform to the intrinsic conflict between market development and the current system, the exogenous variables is still playing their roles.