股权分置改革为何能成功——基于新政治经济学视角的解读  

Why Did Split-share Structure Reform Succeed:A Perspective Based on New Political Economics

作　　者：黎文靖[1] 殷华祥[2] 

机构地区：[1]暨南大学管理学院,广东广州510632 [2]蒂尔堡大学

出　　处：《财经研究》2010年第11期135-143,共9页Journal of Finance and Economics

基　　金：国家自然科学基金项目(70802024)

摘　　要：文章考察了股改后公司再融资与公司股改积极性以及地区股改进展之间的关系。研究发现,公司股改越积极,当地股改进展越快,该公司股改后获得再融资的概率越高,表明中国政府信守了在推进股改中做出的"早股改早受益"的承诺。中国政府之所以能够信守股改中做出的承诺,与中国的联邦主义政府治理结构是分不开的。由于政治制度在经济增长中的核心作用,文章的结论对于认识改革开放以来中国的经济奇迹以及中国经济如何进一步增长有着重要意义。The paper examines the relationship between seasoned equity offering of listed companies and the corporate initiative in split-share structure reform,and the one between seasoned equity offering of listed companies and regional progress of split-share structure reform.It finds that the more active firms are in split-share structure reform or the bigger the regional progress in split-share structure reform is,the higher the probability of seasoned equity offering after the completion of split-share structure reform is.The result suggests that Chinese government complies with the commitment made in split-share structure reform,which is related to government governance structure of fiscal federalism.Because of the key impact of political institutions on economic development,the conclusion sheds light on Chinese economic success in the last three decades and the sustainable economic growth.

关 键 词：股权分置改革 承诺 可信性 再融资 

分 类 号：F830.91[经济管理—金融学]