A Study On The Institutional Change And Resources Distribution Efficiency Of China's A Stock Market

After coming into 21st Century, China's A Stock market value went down greatly while the listed companies went on increasing successively. The existed opposite trends between securities market and macro-economy show the deep-rooted problems and structural contradiction of A Stock Market. Moreover, the intensified contradiction between the stable development of A Stock market and the institutional arrangement of split share structure, has restrained deeply the function and efficiency of A Stock market. Not only has it made A Stock market lose the due function of securities issuing and financing, but also posed a severe challenge for the sustainable development of China's capital market, as well as the market-oriented reform and internationalization of China's financial system.As a unique institutional problem to china, the related theories and analytical methods of forced institution change and induced institution change in institutional economics have been used to explore the relationship between the split share structure and the efficiency of resources distribution in this dissertation. It is concluded that the vague even wrong understanding of stock system and capital market is blamed for the forming of the institutional arrangement of the split share structure, which has such institutional pitfalls as followers: the twisted share pricing mechanism by information asymmetry, the nonexistence of common interest of listed company's governance, the impeded reform of state-owned asset management regime, prevalence of the speculative mergers and acquisitions, and the unstable expectation restrained by the institution. On the basis of the analysis of the institutional circumstances restraining the efficiency of the resources distribution, it discussed the relationship between the split share structure and those factors such as property right restrains, credit restrains and market rent-seeking as well.In the last section, the significance and urgency of the reform of the split share structure has been discussed in the perspectives of the progress of market-oriented reform and internationalization of A Stock market, and maintaining the stability and security of China's financial system. Afterwards, the related policies combination aimed to the reform of the split share structure have been put forward and appraised...