本文通过引进历史逻辑起点、生产率竞赛、制度互补等关键概念 ,对中国民营经济发展与制度创新的历史提供了一个新的演进论解释。本文认为 ,在转轨时期 ,地方政府的意识形态偏好会决定其民营经济政策进而影响民营企业形成对未来的预期 ,国有企业和民营企业间构成的生产率竞赛和制度互补关系会共同塑造某个特定地区的“制度互补特性”从而导致不同地区民营企业选择不同的企业治理结构 ,其结果 ,不同地区的制度变迁呈现出路径分岔的状态。 This article provides a new evolutionary explanation of the history of China’s private economy development and institutional innovation by introducing such key concepts as the starting point of historical logic, productivity competition, and institutional complementarity. This paper argues that during the transitional period, the ideological preferences of local governments will determine their private economic policies and thus affect the formation of private-owned enterprises to anticipate the future. The productivity competition and institutional complementarity between state-owned enterprises and private-owned enterprises will jointly shape a specific region Of the “system of complementary characteristics” resulting in different areas of private enterprises choose a different corporate governance structure, the result of different regions of the institutional changes showed a path of bifurcation.