研究转型问题,是理论界的热点问题之一。从资源配置视角看,在中国目前的经济转型过程中,我国不仅面临着“市场失灵”和“政府失灵”问题,而且还面临着日益严峻的第三配置失效问题,其突出表现就是日益严重的信用失效问题。本文从制度变迁视角,以中国为个案,对第三配置的历史沿革进行了分析。 Research on the issue of transition is one of the hot issues in theorists. From the perspective of resource allocation, in the process of China’s current economic restructuring, our country not only faces the problems of “market failure” and “government failure”, but also faces the increasingly serious problem of the third configuration failure. Its outstanding performance is increasingly serious Credit failure problem. This article from the perspective of institutional change, taking China as a case, analyzes the historical evolution of the third configuration.