【摘要】 国有股减持是跟两个紧密关联的问题联系在一起的 :一是股权结构问题 ,即持股者的身份构成和股权集中度问题 ;一是股权的流通性问题。我们将之笼统地称为股权的制度安排。国有股减持说到底就是上市公司股权制度的变迁 ;因此 ,可以用制度变迁的理论来阐释国有股减持问题。我国上市公司现有股权制度安排源于经济改革中的路径依赖 ;从制度均衡的角度看 ,这种制度安排是非均衡的 ,因而 ,变迁是必然的 ;由于利益摩擦、国家有限理性以及制度变迁的时滞等问题 ,制度均衡的实现并不是一件很容易的事情。更多还原

【Abstract】 The state share lessening is connected with two closely related issues. One is the structure of ownership, that is, the identity characters of shareholders and the aggregation degree of ownership; another is the liquidity of share ownership. We generally call them the institution arrangement of share ownership. The state share lessening is essentially the evolution of ownership institution of state listed firms. So, we can use the theory of institutional evolution to analyze the state share lessening. This paper takes for that: 1) the ownership institution of state listed firms originated from the "path dependence" of economic reform; 2) this institutional arrangement is non-equilibrium in the view of institutional equilibrium, so the evolution is evitable to happen; 3) because of the interest conflicts, the bounded rationality of a country as well as the time-lag in the evolution, it is not easy for the institution from non-equilibrium to equilibrium.更多还原