论文部分内容阅读
基于一个国企改制模型 ,本文探讨了“同股不同权”的改制思路影响一、二级市场流通股价的内在机理;采用全新的不可能四边形研究了这一核心的制度安排在效率兼顾上的两难处境 ,同时也就很好地回答了“效率悖论”。在揭示了“同股不同权”的三层含义以及彼此之间的联系之后 ,本文对“投资者悖论”作了阐释 ,并对“管理层悖论”和政府主导的制度变迁路径作了合理的分析。本文还重新表述了适合我国实际的MM定理;最后指出了我国股市总市值方法论上的缺陷和修正办法 ,并根据修正后的结果客观地评价了我国股市发展规模情况。
Based on the model of a state-owned enterprise restructuring, this paper explores the inherent mechanism of the reform thinking of “different shares with the same rights” affecting the circulation of stock prices in the primary and secondary markets. It studies the dilemma of both the efficiency and the efficiency of this core system with a brand new impossible quadrilateral Situation, but also a good answer to the “efficiency paradox.” After revealing the three meanings of “different rights of the same stock” and their relations with each other, this article explains the “investor paradox” and makes a “management paradox” and a path of government-led institutional change Reasonable analysis. This paper also restated the MM theorem that is suitable for our country. Finally, it points out the methodological defects and the corrective measures of the total market value of the stock market in our country and objectively evaluates the development scale of the stock market in our country according to the revised result.