1·渐进式改革与赶超式制度安排之间的矛盾。虽然强制性制度变迁解决了制度供给不足和消除外部性搭便车行为,但却由于没有遵循一致赞成和成本收益原则,因而制度安排的成本很高。在赶超式资本市场制度安排下,中国资本市场迅速得以建立,实现了传统信用条件下银行主导融资制度向现 1. The contradiction between gradual reform and catch-up institutional arrangements. Although compulsory institutional change solves the problem of system insufficiency and exclusion of external free-riding, the cost of institutional arrangements is high because it follows the principle of unanimous consent and cost-benefit. Under the institutional arrangements of catching-up capital markets, China’s capital market has been rapidly established and the bank-led financing system under the traditional credit conditions has been realized.