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我国证券市场的发展逻辑经历了由“控制”到“妥协”的变迁,而国有股减持事件则是逻辑出现变化的分水岭。国有股减持事件以前,“控制”逻辑主导着中国证券市场发展的总体格局,之后则是“妥协”逻辑逐渐占据主动。通过对政府的证券市场目标函数分析,文章建立了一个简单的模型解释“控制-妥协”,并尝试进行了“控制-妥协”逻辑的收益成本分析,最后指出当控制的成本超过收益达到最大时,国家才会选择向市场妥协的发展逻辑。
The logic of the development of China’s securities market has undergone a transition from “control” to “compromise”, while the reduction of state-owned shares has been a watershed in logic changes. Prior to the state-owned shares reduction event, the logic of “control” dominated the overall pattern of the development of China’s securities market, followed by the logic of “compromise” gradually taking the initiative. Through the analysis of the objective function of the government’s securities market, the article establishes a simple model to explain “control-compromise” and tries to analyze the profit-cost of “control-compromise” logic. Finally, it is pointed out that when the cost of control exceeds the maximum return , The state will choose to develop the logic of compromise to the market.