【作者】 童汝根；

【导师】 孔小文；

【作者基本信息】 暨南大学 ， 企业管理学， 2006， 硕士

【摘要】 中国上市公司股权分置改革是股票市场制度变迁过程的一种体现。本文从制度经济学视角来分析股权分置改革，股权分置改革的过程也就是利益相关者博弈的过程。根据分析，本文在最后提出股权分置改革后中国上市公司和整个股票市场的出路在于制度创新。中国股票市场的合理化规范化运作不是股权分置改革就能够完全解决的问题，是一个系统的长期的过程。 从制度经济学的角度来看，股权分置改革的主要原因是股票市场中制度供给和制度需求不匹配导致供求失衡，股权分置是制度缺陷之一。至今为止，股权分置改革所产生的制度变迁的效应还没有完全发挥出来，股权分置改革所选择的制度变迁路径是政府主导的诱致性变迁路径。本文在此基础上构建了分析股权分置改革的理论框架。 根据博弈理论，股权分置改革中的股票市场处于典型的博弈状态。本文主要简化为非流通股股东和流通股股东两方博弈来构建博弈模型并求解，得出双方帕累托最优解。本文对加入政府的第三方乃至多方博弈进行了简单的讨论。 中国股票市场经历的制度变迁过程还有很长的路要走，需要持久的制度创新来支持中国股票市场的发展。本文在综合分析的基础上主要从上市公司角度提出了制度创新的原则和主要建议。更多还原

【Abstract】 The reform of shareholdings division in Chinese listed companies indicates institutional change of stock market. The dissertation analyzes shareholdings division reform from institutional economics’ view. The reforming process of shareholdings division is the shareholders’ gambling process. According to analysis, we conclude that the future of Chinese listed companies and stock market is institutional innovation. The stock market’s standard operation is a long-term process, which cannot be solved by shareholdings division reform.According to Institutional Economics Theory, the main reason of shareholdings division reform is the imbalance of institutional supplies and demands. Shareholdings division is one of institutional disadvantages. The institutional change effect of shareholdings division reform has not covered completely till now. The pattern of institutional change shareholdings division reform chooses is the motivational transition way which Chinese government leads. A theoretical framework is made up to analyze the shareholdings division reform on the base.According to game theory, the stock market is in the typical game condition during the reforming process. This dissertation simply defines two sides of the game: liquid Shareholders and illiquid Shareholders and then constructs the game model and obtains the Pareto optimal solution. The author has also carried on the simple discussions to the third party or even more, which join the government.It is a long way for China stock market to come through the institutional changing process. A lasting institutional innovation is essential to support stock market development. Based on general analysis, the dissertation finally proposes some institutional innovation principles and main suggestions in the view of listed companies.更多还原