【摘要】 为了避免国有独资银行股份制改造失效 ,必须深入分析部分国有企业股份制改造失效的原因。其制度方面的原因是忽略了改制的三个条件 :( 1)代理人的“非政府化” ;( 2 )股权同质化 ,减少“搭便车”行为 ;( 3)有效控制代理人的“寻租”行为。其操作方面的原因是 :改革的指导思想、股市定位出现偏差和对股东“应急出口”建设的忽视。国有独资银行的改制应克服这些缺陷 ,并考虑稳定国有独资银行 ,发展其他商业银行 ,实行“两条腿走路”的策略。更多还原

【Abstract】 To avoid the failure of the stock reform in the state solely owned banks, it is necessary to analyze the reasons why some state-owned enterprises failed in their stock reform. From the institution perspective, they neglected three conditions for stock reform: (1) the agent should not be determined by governmental intervention; (2) equity should be homogenous and the "free raider" should be avoided; (3) the "rent seeking" behavior of agents should be effectively controlled. In the practice of the stock reform, there are other reasons: the guideline of reform and the positioning of stock market miss the right direction; the construction of stockholders "exit" mechanism was overlooked. Therefore, the stock reform in the state-owned banks should lean from these lessons and overcome these defects and maintain the stability of state-owned banks while developing other commercial banks and tend to be practical.更多还原