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文章考察了股改后公司再融资与公司股改积极性以及地区股改进展之间的关系。研究发现,公司股改越积极,当地股改进展越快,该公司股改后获得再融资的概率越高,表明中国政府信守了在推进股改中做出的“早股改早受益”的承诺。中国政府之所以能够信守股改中做出的承诺,与中国的联邦主义政府治理结构是分不开的。由于政治制度在经济增长中的核心作用,文章的结论对于认识改革开放以来中国的经济奇迹以及中国经济如何进一步增长有着重要意义。
The paper examines the relationship between the refinancing of the company and the enthusiasm of the share reform and the improvement of regional stock reform after the share reform. The study found that the more positive the share reform, the faster the local share reform, the higher the probability of refinancing the company after the share reform shows that the Chinese government has kept its promises made in promoting the stock reform as early as possible. The reason why the Chinese government can abide by the commitments made in the share reform is inseparable from the governance structure of the federalism of China. Due to the central role of the political system in economic growth, the conclusion of the article is of great significance for understanding the economic miracle of China since the reform and opening up and how China’s economy will further grow.