改革开放以来,国有股权转让的决定主体在政府与企业之间反复博弈,定价机制实现了从净资产定价到市场定价的转变,转让方式从封闭走向公开,审批效率从不确定走向确定。整个制度在政府与市场、国有股权所有人与代理人、政府之间的矛盾推动下,朝着市场化、公开化和制度化方向发展;但面临着合法性的挑战。 Since the reform and opening up, the main body of the decision-making of the transfer of state-owned equity has repeatedly played a game between the government and the enterprises. The pricing mechanism has realized the transformation from the net asset pricing to the market pricing. The transfer mode has changed from closed to open, and the approval efficiency has been uncertain. The entire system, under the impetus of the contradictions between the government and the market, the holders of state-owned equity and the agents and the government, has been marketized, openly and institutionalized; however, it faces the challenge of legitimacy.