| 开放资本市场:应对“三资企业”“独资化”发展倾向的策略取向 |
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| 引用本文： | 华民,蒋舒.开放资本市场:应对“三资企业”“独资化”发展倾向的策略取向[J].管理世界,2002(12). |
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| 作者姓名： | 华民 蒋舒 |
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| 作者单位： | 复旦大学世界经济研究所
(华民),复旦大学世界经济研究所(蒋舒) |
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| 摘 要： | 跨国公司在中国的发展所呈现的“独资化”趋势有其逻辑上的必然性 ,对三资企业“独资化”发展的福利分析表明其对中方存在不利影响。本文提出了开放资本市场、允许跨国公司在华上市的建议 ,作为遏制三资企业“独资化”趋势的对策 ,并从跨国公司在华子公司上市后的成本收益分析、中方投资者的成本收益分析和促进中国股市规范发展的溢出效应３个方面阐明了该项策略建议的可行性。随着中国对外开放的深入 ,对跨国公司在中国发展的研究正逐步从单一地对投资产业分布的考察向解析公司股权结构扩展。本文正是运用有关股权结构的理论 ,分析了三资企…
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The Opening of Capital Market:the Orientation in Making Polices in Coping with the Trend to "Three Kinds of Foreign-invested Enterprises" Becoming Exclusively Foreign-owned Enterprises in China |
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| Abstract: | Logically, inevitability is the appearance of the trend to “Three Kinds of Foreign-invested Enterprises" (TKFIE) becoming exclusively foreign-owned enterprises (EFOE) run by transnational corporations in China. And the welfare analysis of this trend indicates its adverse impact upon China. We will offer in this paper the suggestion that capital market be opened and that transnational corporations be allowed to be listed in China as our policy for checking the said trend, and will elaborate the feasibility of this suggestion by three aspects: an analysis of cost-benefit after constituent companies in China of transnational corporations being listing in China; an analysis of Chinese investors' cost- benefit; and the surplus effect that will promote the standardized growth of China's stock markets. |
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