【作者】 路成荣；

【导师】 赵峰；

【作者基本信息】 华中师范大学 ， 政治经济学， 2007， 硕士

【摘要】 股权分置即非流通股和流通股的分置，是中国股市特有的不同于其他发达市场经济国家股市的制度设计模式，有其对国企改革服务的特定目的之功能定位。正是因为这一特定功能的存在，使其不能作为股市中经常性的制度规范得以长久运行下去。在其完成或即将完成任务或者说使命的时候，由于制度设计者当时没有考虑到的许多制度性纰漏使得其中的不完善之处在一些内在或外在因素的影响下有可能被逐步地发现。2005年5月，股权分置改革轰轰烈烈展开，并已取得了阶段性成功。本文共分六个部分。第一章简要分析了此研究的选题背景及意义，叙述了国内外相关文献及理论评述，同时也指出了本文的研究框架及创新之处。第二章叙述了股权分置的历史由来，并运用制度经济学的相关理论对股权分置的产生及存在的内生性进行了分析。第三章分析了股权分置存在的问题及产生的影响，并详细阐述了我国解决股权分置问题的历史回顾。第四章是本文的重点，运用制度创新理论、产权理论、对价博弈理论和成本收益理论对股权分置改革的相关现象进行了理论化的分析。第五章分析了股权分置改革的意义、改革取得的成就及存在的问题，同时运用制度变迁理论对我国进入后股改时代进行了分析。第六章是结束语，对全文进行了简单的总结。本文在写作过程中，大量运用了制度经济学的相关理论及实证数据，结合我国特殊的历史制度背景，对股权分置问题的成因、改革的意义、股改取得的成就及其改革后存在的问题做出了系统化阐释与分析。更多还原

【Abstract】 Non-tradable shares, a unique Chinese stock-market designing mode which is different from developed countries’ market, has its special function purpose to serve for state-enterprises reform. Just because of this special function, this rule cannot long exist as a customary regulation. For the designers didn’t think of many factors and faults which can cause the non-tradable shares system appear some defaults when its functions have been finished. As a result, the reform of non-tradable share began in May 2005 and achieved partial success.The article divides into six parts. The first part briefly analyzes background and purpose of the research of the article, and mainly mentions the relevant document both here and abroad. And the article points the frame of the research and innovation research. The second part mentions the history of non-tradable shares, and used relevant System economic theories to analyze the endophytism of produce and existence of non-tradable shares. The third part briefly analyzes the existing questions and the influences of non-tradable shares, and expatiates on historical retrospection of resolving the question of non-tradable shares. The forth part is important part. This part uses the theory of institutional innovation, the theory of property, the game theory of the consideration and the theory of the cost benefit to analyze relevant phenomenon of the reform non-tradable shares systematically. The fifth part analyzes the meaning, the achievement and the existing questions of the reform non-tradable shares, at the same time. The sixth part is the concluding remarks, which is the summary of the whole article primitively.This article massively uses relevant System economic theories and data, combing with China’s specific historical and structural background, to explain and the cause of non-tradable shares, the theoretic meaning of the reform of non-tradable shares, the effects of the reform to the market, the achievement of the reform non-tradable shares and the problem during the reform of non-tradable shares.更多还原