A股市场引入双层股权结构可行吗——基于交易空间与交易市场视角的分析  

Is It Feasible to Adopt Dual-Class Share Structure in A-Share Market? An Analysis Based on Trading Space and Trading Markets

作　　者：华生[1,2] 林辉[2] 钟腾[3] 卢遥 HUA Sheng;LIN Hui;LU Yao;ZHONG Teng(Southeast University,211189;Wuhan University,430072;University of International Business and Economics,430072)

机构地区：[1]东南大学经济管理学院,211189 [2]武汉大学董辅礽经济社会发展研究院,430072 [3]对外经济贸易大学金融学院,430072

出　　处：《财贸经济》2019年第11期98-112,共15页Finance & Trade Economics

基　　金：国家自然科学基金青年项目“房价膨胀的资源重配效应、企业创新与经济绩效:理论和微观实证”(71703018)

摘　　要：本文从效用角度解释了双层股权可能给交易双方带来的福利改善,从交易空间角度给出了双层股权结构产生的清晰几何解释,并进一步从交易市场视角出发,分析了双层股权在A股市场的适用性,发现改革后的沪深市场将具有显著竞争优势。但由于沪深市场特殊结构下的管制价格,可能出现逆向选择,沪深市场若引入双层股权会带来隐含风险。因此,需要对双层股权公司上市设立较高的准入门槛,将其限制在以新经济为主的比较小的范围,从而既有利于保护投资者,又能增强沪深市场的竞争力。First,the paper explains from the utility point of view that dual-class shares may bring benefits to both parties.Further,it gives a clear geometric interpretation of the dual-class share structure from the perspective of trading space.As to the applicability of dual-class shares in the A-share market,it constructs a model from the perspective of trading markets and finds that the reform would significantly strengthen the competitiveness of Shanghai and Shenzhen stock markets.But when considering the regulatory price under the special structure of the Shanghai and Shenzhen stock markets,there would be adverse selection with implicit risks.Therefore,this paper proposes to set a higher entry threshold for dual-class-share companies to be listed,and confine it to a relatively small group dominated by the new-economy firms.This will be conducive to protecting investors and enhancing the competitiveness of the Shanghai and Shenzhen stock markets.

关 键 词：双层股权 新经济 制度创新 交易空间 交易市场 

分 类 号：F830.9[经济管理—金融学]