Games Of Interest Groups In The Institutional Change Of Non-tradable Shares

With the application of theory of institutional change and the method of dynamics game, in this dissertation I will study games of interest groups in the institutional change of non-tradable shares, with the incentive of interest and mainline of interest groups.Firstly, with the theory of institutional change I analyze interest games in the non-tradable shares institution for non-equilibrium, the study shows: As the political leading institutional change perform too mandatory, its one-sided emphasis on struggling for interests with the liquid-stock shareholders and denying the right to"vote with their hands", the liquid-stock shareholders take the negative games of "voting with their feet" against the reform of non-tradable Shares which have failed for many times before. The new round of interest allocation mechanism to a certain extent have rectified the shortcut of the political mandatory as before, and the liquid-stock shareholders gained the right to"vote with their hands".Then, with dynamics game model I analyze the interest games of the new round of institutional change of non-tradable shares. Under the new round of interest allocation mechanisms, to get successful in the reform, the key point lies in that the pricing level that tradable & non-tradable Shares Holders anticipate to the company's future development prospects is accepted by the two parties. With game models the study shows: to ensure that the interests of the liquid-stock shareholders come true and to achieve institutional change of non-tradable shares smoothly, the liquid-stock shareholders should treasure the right of " voting with their hands ",take positive game against illiquid-stock shareholders to maximize their utility; and the illiquid-stock shareholders should offer a reasonable price ,and avoid taking lucky psychology and unreasonable means to violate the liquid-stock shareholders; At the same time, the securities market regulator should take appropriate measures to remedy inadequate distribution of benefits mechanisms designed to ensure that the pricing...