Power And Right Gambling Impetus Smooth Reforming

The Equity-Division system's appearance is the Central authorities, in lost the planned economy time to remain the resources through the administrative order to the economy to carry on the control under the ability condition, hoped that carried on the control again through the market method to the economic resource the endeavor. The Equity-Division takes the transitional institutional arrangements the illustrative case, has contained transitional institutional arrangements each kind of essential factor, is also manifesting the generic condition which the transitional institutional arrangements evolve. Places Chinese economic system reforming the Equity-Division system under the big background, the relation state enterprise reform and the capital market two aspects, the entire process which from the Equity-Division system's production, the worsening and solves finally, has conducted the panoram-like research to the Equity-Division. May see, the Equity-Division system contains has four behavior main bodies, respectively is the Central authorities, the Local authority, to be listed and the investor, between them the gambling relations have decided the Equity-Division system's evolutionary process. The Central authorities and investor's function is more essential inside this, the Central authorities control the capital market through the administrative authority the economic resource, but investor, although does not have the administrative authority, no matter what but however can make the choice through own property right, is restricting Central authorities'decision-making, thus impels the Equity-Division system to evolve unceasingly. The Equity-Division system's evolutionary process indicated that only then conforms to the efficiency principle institutional arrangements and the reform measure can realize altogether wins in every way, only then conforms to the market economy principle institutional arrangements and the reform measure can raise the efficiency, realizes smooth reforming, approaches the market economy finally the direction evolution. The Equity-Division system evolves the essence is between the authority and the right struggle, is benefit gambling. Because the Chinese government's validity originates with the Western parliamentary system government is completely different, therefore causes the Chinese government the behavior goal by its particularity. This article thought that the Western parliamentary system government validity is the procedural validity, but the Chinese government the dominant foundation does not have the procedural validity to originate, therefore is one substantive validity. The Central authorities rule the validity is the economic resource quantity which controls with him, and provides from the public product quality is closely related. From this in the decision reforming Central authorities take seriously extremely to the economic growth and the control economic resource. Under China existing political system frame, the Central authorities through the pressure system own goal decomposition for Local authority's tenure in office goal, and are authorized for this reason to the Local authority. But Local authority's bureaucrats do not rule to the Central authorities the valid foundation is responsible, but is only responsible for his tenure in office, this had decided Local authority's behavior and the goal and the Central authorities have the deviation. Reflected that to the Equity-Division, is to be listed which the Local authority will coordinate it to control gains the Central authorities credit guarantee system rent, impelled the Equity-Division system to move toward the collapse finally.The Central authorities impel the goal which the Equity-Division system forms are to give the State-owned business to gain inexpensive financing to provide the channel. Therefore state-owned enterprise reform and Equity-Division system's evolution close related. Has undertaken the massive social function in the planned economy age State-owned business, when after the Central authorities promote the market economic reform, can control the economic resource total quantity through the administrative order in the drop, simultaneously the massive economic resources are grasped by the ADB political power strength main body. In reforming process, although State-owned business's economic efficiency is sliding unceasingly, but because the State-owned business assisted the Central authorities to undertake the majority of reforming cost, therefore the Central authorities must carry on the rescue to the State-owned business. The Central authorities have used the bank loan and the State-owned business provide the bond the way to carry on the rescue to it, but these two ways have met finally the difficult position. But, the Central authorities hoped that alleviates State-owned business's predicament through stockholder's rights financing, but the Central authorities are not willing to give up to State-owned business's domination, has like this had the Equity-Division system. Under the Equity-Division system condition, the investor does not have the binding force completely to be listed's behavior, like this has created the state-owned To be listed's actual masters is the enterprise insiders and the Local authority. Under this kind of management structure, the state-owned Listed enterprise unceasing will gain the improper benefit through stockholder's rights financing. Moreover the massive inexpensive capitals in cash have not obtained the very good use, the state-owned Listed enterprise's investment to invest excessively for the performance and multiply excessively, but in this invests the behavior is and the enterprise insiders and Local authority's benefit is closely related, actually deviates market efficiency direction. Causes the Equity-Division finally the system rent unceasing diffusion. The Central authorities to get rid of State-owned business's difficult position, implemented to the State-owned business "has invigorated large enterprises while relaxing control over small ones", state economy's front unceasing flinched to the Large and middle scale Enterprises. This caused the Central authorities to have the change to the Equity-Division system's manner, because under the Equity-Division system condition, large and middle scale State-owned business going on the market financing did not meet the requirement, instead was small State-owned business going on the market financing can gain the greatest income. Thus, the Central authorities had to have carried on the reform by the state credit guarantee Equity-Division system the motive.In the reforming process, the Local authority gained the partial provincial economy surplus claim power, the place bureaucrat's benefit also with the provincial economy growth close related. Under this kind of condition, when the Local authority has controlled under the Equity-Division condition the state-owned Listed enterprise's option, the Local authority has "the counter elimination" in Listed enterprise's choosing the effect, namely the Local authority will arrange the benefit not good State-owned business to go on the market limitedly, will gain the Local authority biggest financing income by this. The reason that the investor enters the stock market is because may gain the income which other investment channel cannot compare. Must therefore attract the investor unceasing investment stock market to maintain the Equity-Division system, needs to satisfy two conditions:First is reduces the investor the income which gains from other investment channel; Second, increases the state-owned Listed enterprise's benefit transportation, enables the investor to gain more incomes in the stock market. But through the model inferential reasoning, these two conditions cannot obtain under the Equity-Division institutional arrangements satisfies, the Equity-Division system moves toward the collapse inevitably. But state credit's bankruptcy does not mean that the Central authorities certainly will promote the Equity-Division reform, the Central authorities have adopted each means that hoped that will bypass the Equity-Division reform to promote State-owned business's stockholder's rights transfer, the fact to prove this method was defeated. Finally the force Central authorities have to use "counter-performance" to exchange the investor to the non-circulation going on the market transaction acknowledgment. But in the Equity-Division reform process, the investor is still in the weak trend, "counter-performance" cannot make up the loss which the investor receives, this also after Equity-Division reform "non-tradable share" crazy reducing lays down the foreshadowing.Although the Equity-Division reform eradicated has hindered China stock market development the biggest barrier, but after the stockholder's rights stock market still controlled in the administrative authority hand. Must realize the stock market to market completely, must strengthen the subject of object, namely the investor, carries on gambling with the authority main body government ability, will therefore expand investor's option to become in the future the capital market construction essential essential factor. The construction take the regional stock market as the core multi-level capital market, implements by the autonomy supervision supervision organizational reform primarily, will become in the future the capital market construction direction. And fundamentally also needs to carry on the reform to the existing state-owned capital management system, the construction socialization's state-owned capital management pattern, realizes the administrative authority and the capital market complete separation.