【作者】 周媛婷；

【导师】 刘少波；

【作者基本信息】 暨南大学 ， 金融学， 2002， 硕士

【摘要】 本文运用新制度经济学理论，系统分析了中国股票发行审核制度变迁。 首先，文章分析了中国股票发行审核制度变迁的过程和特征，指出它是政府主导型的强制性制度变迁，这是由中国股市功能的特殊性、政府力量的强大和市场主体利益的矛盾性共同决定的。 其次，本文分析了政府进行股票发行审核制度变迁的成本和收益，指出只有在政府预期其收益大于成本时，才会推行强制性制度变迁。 再次，本文对政府主导型强制性制度变迁的效应进行了评价。其正面效应表现为加强了股市的风险管理，把握了股市发展的方向，奠定了股票市场的基础。但同时也存在制度非有效性的负面效应，表现为制度供给的非有效性和制度的实施机制的非有效性。 最后，本文提出完善股票发行审核制度的对策。建议要塑造公平博弈的环境，修正和补充目前的核准制，加强建立股票市场的诚信观念，并在条件成熟时向注册制过渡。更多还原

【Abstract】 Based on the theories of institution change of New Institution Economics, this thesis gives a systematic analysis of the evolution of stock issuing system in China. To begin with, this thesis reviews the evolution of stock issuing system, represents its features and also explores the causes of these features. The thesis points out that the evolution of stock issuing system in China is a compelled institutional change oriented by the government, which is determined by the special functions of China’s stock market, the strong government and the contradictions of different market bodies.The thesis then analyses the cost and revenue of the institutional change of the examining and verifying system of stock issue from the angle of the government, and points out that only when the expected revenue exceeds the cost, will the government push forward the institution change.Furthermore, this thesis appraises the effects of the compelling institutional change oriented by the government. This way of institutional change has many positive effects. For example, it strengthens the risk management, orientates the stock market, and lays the foundation of the stock market. But there are also some negative effects, which are manifested in the non-efficiency of the institution supply and execution mechanism.Lastly, the thesis proposes some countermeasures on how to improve the examining and verifying system of stock issue. The thesis suggests that we should establish environment of fair game, amend and supplement the existing system, cultivate the conception of honesty and trust, and adopt the registered system when conditions permit.更多还原