【作者】 张文；

【导师】 刘少波；

【作者基本信息】 暨南大学 ， 金融学， 2006， 博士

【副题名】基于制度和制度变迁的理论与实证分析

【摘要】 本文以“股票市场资源配置功能”为研究主题，以市场制度安排为出发点，在一个制度经济学的分析框架内，从实证研究和理论分析两个角度对我国股票市场的资源配置功能实现问题进行探讨。论文遵循理论联系实际的准则，采用了规范分析与实证分析相结合、定性分析与定量分析相结合、动态比较和静态分析相结合的方法，将制度与制度变迁的作用分析贯穿整个资源配置过程，以寻求我国股票市场资源配置功能缺陷的制度解释。本文对股票市场的资源配置功能进行了理论分析和界定，运用数据分析和经济计量方法，从增量资源配置和存量资源配置两个层面，对我国股票市场资源配置功能的实现状况进行了实证研究。接下来，构建了一个股票市场资源配置功能实现研究的新制度经济学分析框架，并将之运用到对我国股票市场资源配置功能实现状况的理论解释之中。在这个制度分析的研究框架内，文章首先运用制度经济学、信息经济学、博弈论等理论工具，剖析了我国股票市场制度安排和制度变迁缺陷的内在机理和外在表征。在此基础上，论文重点分析了市场制度缺陷下，我国上市公司和投资者的行为选择倾向，以及市场主体的这些行为选择对资源配置功能实现的影响和制约。 总体而言，我国股票市场资源配置功能的实现状况不佳，大量资源被错配和浪费，存在着较严重的功能缺失问题，其根源在于我国股票市场制度安排和制度变迁中的种种缺陷，尤其是市场制度变迁路径缺陷中的“多元冲突”和政府对市场的超强行政化干预问题。在市场的种种制度缺陷下，我国上市公司和投资者倾向于作出有悖市场效率的行为选择，导致市场资源配置功能发挥受限。因此，优化和提升我国股票市场资源配置功能的根本途径就在于修改市场制度变迁路径，从以政府主导下的强制性制度变迁为主体转变为以市场内生性制度演进为主体，同时，以现代产权制度为目标，深化产权制度创新；以强化惩戒机制为重点进一步完善市场监管制度。更多还原

【Abstract】 Within the theoretical framework of institutional economics, this dissertation dedicates to exploring the performance of the function of resource allocation(PFRA) on China’s current stock market from the perspectives of empirical research and theoretical analysis. Combining prescriptive and descriptive research, quantitative and qualitative analysis, dynamic comparison and static description, the study starts from the establishment of market institutions and attempts at applying the theory of institution and evolution of institution into the analysis of the whole process of resource allocation, with the purpose of seeking reasonable explanations of the deficiencies of PFRA on China’s stock market. The author first makes a theoretical analysis and outlines the functions of resource allocation on the stock market. Then an empirical research is carried out from the two levels of increment-sectors resource allocation and stock-sectors resource allocation, integrating the methods of data analysis and econometrics. He moves on to construct an analytical framework based on institutional economics and applies it into the theoretical elaboration on PFRA on China’s stock market, including the interior mechanism and exterior characteristics of the deficiencies of institutional establishment and evolution of the stock market. On this theoretical basis, the author scrutinizes the behavior selection tendency of listed Chinese companies and common investors, as well as the impact of this tendency on PFRA on such a deficient stock market.As a whole, the present PFRA on China’s stock market is poor. Numerous resources are misallocated and wasted; the function of resource allocation is severely distorted. The source lies in the deficiencies of institutional establishment and evolution of the stock market, especially "the three institutional conflicts" in the institutional evolution route and the exorbitant administrative intervention of the government to the stock market. Under the influence of various institutional deficiencies, the listed companies and investors are prone to select behaviors that go against market efficiency, and as a consequence, distort the market mechanism and restrict the fulfillment of the function of resource allocation. Therefore, the basic way to optimize PRFA of China’s stock market is to transform from the mandatory mechanism with the government as the leading force to the institution with the market as the modulator. Meanwhile, targeted at the establishment of modern property right system, the reform of property rights should be deepened and the supervising system of stock market should be further improved.更多还原