The Interest Group and Reliance on Roads of Stock Reform in China

中国股市是在股权割裂的制度设计下发展壮大的,股权割裂成了股市改革的路径依赖。也正是由于这种制度缺陷,造成了中国股市即使在宏观经济向好的情况下也不能体现出很好的晴雨表作用,波动反复与牛短熊长是中国股市的既有特征。股权割裂的路径起点使得股市一旦走熊,各方利益集团便从幕后走到了荧光灯下,进行自利的行动。改革,正是利益集团相互的博奕与妥协。政府作为推动制度变迁的“第一行动集团”,为了达到多赢的效果,政府应变运动员为裁判员,抽身于各利益集团之上,真正成为社会公共利益和整体利益的代言人和维护者,减少因转轨而造成的磨擦。China's stock market has been developed under the splitting of the stock rights, which has become the path dependence of the stock market's innovations. Once the stock market becomes hot, the interest groups will turn up and take actions to innovate. In order to gain more profit, the government, as the first group of action to promote the system innovation, should play the role of the referee instead of the athlete so that it can become the real spokesman and protector of the public interest and decrease the friction induced by the transformation