股权分置改革与资本市场功能——一个两期最优化模型

本文从股东剥夺的视角，通过引入一个两期模型，来探讨股权分置改革对资本市场功能的优化效应。本文发现，股权分置改革是从价格发现与市场信息这两个方面来增进资本市场资源配置功能的，并由此对公司治理结构中的股东利益保护与经理人激励机制起着基础性的优化效应。

Full Listing Reform and China Capital Market

From the perspective of shareholder exploitation, this paper introduces a two-period model to study the optimizing impact of full listing reform on capital market. The study shows that the market function improves in price discovery and transparency, which in turn plays a positive role in protecting shareholder interest in corporate governance and establishing manager incentive system.