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本文是对中国证券市场“行政治理”模式的一个经验研究。通过对1990～2009年间在中国A股证券交易市场所有上市公司的地域来源所做的系统分析,本文认为,中国企业首发上市的年度省籍分布呈现了“集中—平均—再集中”的发展态势。这种发展态势反映了中国证券市场经过不同阶段的调整和改制之后的“去行政化”趋势。尽管在中国证券市场发展的初始,行政治理作为“次优战略”被采用,但是目前,证券市场已经呈现了治理模式的“混搭”状态——行政治理、准行政治理和公司治理同时存在,相互竞争。因此,本文认为,在淡化(地方)政府干预公司上市方面,中国证券市场在过去的二十多年呈现了良性的发展态势。
This article is an empirical study of China’s securities market “administrative governance ” model. Through the systematic analysis of the geographical origin of all the listed companies in China’s A-share market during 1990-2009, this paper argues that the distribution of annual provincial-owned Chinese IPO listing presents “concentration-average-re-concentration” Development trend. This trend of development reflects the trend of “de-administration” in the securities market in China after various stages of adjustment and restructuring. Although the initial development of the securities market in China has been adopted as the “second best strategy,” the securities market has now presented a “mashup” status of governance models - administrative governance, quasi-political governance, and corporate governance At the same time, compete with each other. Therefore, this article argues that in the last 20 years or so, the stock market in China has showed a benign development trend in terms of desalination (local) government intervention in the listing of companies.