金融市场治理与公平参与
|
摘要
本文在第一章绪论部分首先明确金融在经济发展中起着至关重要的作用,在此基础上引出本文所作研究的核心问题——为什么有的国家形成了有利于经济发展的金融体系,而有的国家则没有。然后总结前人工作,人们已经意识到制度在金融发展中起到重要的作用。在阐述制度问题时,分别简介所涉及到的三个制度分析流派,点出本文的重要理论研究工作“基于非公平补偿的交易成本变化”的理论意义;为分析清楚制度不公所导致的社会交易成本的变化情况本文推导了非公平补偿的大小变化与公共强制权所保障的公平程度之间的因果关系;既而明确了公共期权的价值与非公平补偿成减函数关系,得出公司及其衍生资产与公共期权成增函数关系;得到结论:越公平的国家,公司价值越高,财富创造的也就越多。针对这一理论结论本文就沪深两市的并购事件作了一个实证,应用期限依赖性检验证实了我国上市公司在并购的市场反应中存在显著的泡沫成分,比较了沪深两市对并购事件的不同反应程度;从中国特殊的制度背景出发对并购事件引起的市场异常反应进行了合理的解释。
本文从法经济学的角度对有关文献进行梳理初步建立了一个分析金融市场自律、政府监管与法律规制之间的关系的框架,然后从法律实施保护投资者功能的角度提出有关公平实质意义的问题,建立了资本市场治理运行系统动态模型;以此为基点从制度的实现角度考虑提出了需要解决法律在社会经济生活中位置的问题;针对法律定位的问题本文利用ISM结构化分析技术,对IOSCO总结出的有关资本市场治理体系的构成要素进行分析;推导出一个证券及期货市场治理体系的结构化模型,明确了法律基础位置的关键性意义。
Chapter 1 is an introduction that firstly explicitly states that finance plays a crucial role in economic development, and then that, on this basis, mentions this paper research center why some countries have formed financial system that is conducive to economic development but why not some countries. This paper then aggregates previous work, which shows that it has been aware of the institution has played an important role in the financial development. After brief introduction respectively three schools involved in the institution analysis, This paper points out the theoretical significance of important theoretical research work that is“changes in the transaction costs based on unfair compensation”in this paper. To analyze how unfair institution is as a result of the changes of the social transaction costs, This paper derivates causation between unfair compensation changes and degree how much public mandatory powers provide protection of the right of citizens to participate in the fair, then gives a proof that there is a decreasing function relationship between public options and the value of unfair compensation, and there is a increasing function relationship between public options and assets of the company and its derivatives. This paper draws a conclusion that more fair country is, the higher the value of the company is, and more equitable national wealth is created by the more. Against this theory Conclusion, This paper makes an empirical study about merger & acquisition in Shenzhen security market and Shanghai security market. Findings by duration dependence test indicate that there are significant bubbles in market response to merger & acquisition. This paper compares the different responses caused by the same event between Shenzhen security market and Shanghai security market. This dissertation is devoted to the research on a sound interpretation to abnormal market response to the merger & acquisition based on special Chinese institution.
This paper cards documents on the screen from the perspective of Law and Economics, establishes the analysis framework of the relationship between financial market discipline, government regulation and the legal regulation, make a clear logic synthesis theory for further research, then from the implementation of laws to protect investors proposes what is the essence of fair, establishes a capital market management system running dynamic model, on this basis raises question what position laws have in the socio-economic life from the implementation of the institution. This dissertation then derives a governance model of securities and futures markets in the structure by using Interpretative Structural Modeling to analysis elements that IOSCO summed up in the capital market management system, against the issue of legal status, and then clear that legal foundation is a key.
本文从法经济学的角度对有关文献进行梳理初步建立了一个分析金融市场自律、政府监管与法律规制之间的关系的框架,然后从法律实施保护投资者功能的角度提出有关公平实质意义的问题,建立了资本市场治理运行系统动态模型;以此为基点从制度的实现角度考虑提出了需要解决法律在社会经济生活中位置的问题;针对法律定位的问题本文利用ISM结构化分析技术,对IOSCO总结出的有关资本市场治理体系的构成要素进行分析;推导出一个证券及期货市场治理体系的结构化模型,明确了法律基础位置的关键性意义。
Chapter 1 is an introduction that firstly explicitly states that finance plays a crucial role in economic development, and then that, on this basis, mentions this paper research center why some countries have formed financial system that is conducive to economic development but why not some countries. This paper then aggregates previous work, which shows that it has been aware of the institution has played an important role in the financial development. After brief introduction respectively three schools involved in the institution analysis, This paper points out the theoretical significance of important theoretical research work that is“changes in the transaction costs based on unfair compensation”in this paper. To analyze how unfair institution is as a result of the changes of the social transaction costs, This paper derivates causation between unfair compensation changes and degree how much public mandatory powers provide protection of the right of citizens to participate in the fair, then gives a proof that there is a decreasing function relationship between public options and the value of unfair compensation, and there is a increasing function relationship between public options and assets of the company and its derivatives. This paper draws a conclusion that more fair country is, the higher the value of the company is, and more equitable national wealth is created by the more. Against this theory Conclusion, This paper makes an empirical study about merger & acquisition in Shenzhen security market and Shanghai security market. Findings by duration dependence test indicate that there are significant bubbles in market response to merger & acquisition. This paper compares the different responses caused by the same event between Shenzhen security market and Shanghai security market. This dissertation is devoted to the research on a sound interpretation to abnormal market response to the merger & acquisition based on special Chinese institution.
This paper cards documents on the screen from the perspective of Law and Economics, establishes the analysis framework of the relationship between financial market discipline, government regulation and the legal regulation, make a clear logic synthesis theory for further research, then from the implementation of laws to protect investors proposes what is the essence of fair, establishes a capital market management system running dynamic model, on this basis raises question what position laws have in the socio-economic life from the implementation of the institution. This dissertation then derives a governance model of securities and futures markets in the structure by using Interpretative Structural Modeling to analysis elements that IOSCO summed up in the capital market management system, against the issue of legal status, and then clear that legal foundation is a key.
引文
[1] Acemoglu, Daron, Simon Johnson and James A. Robinson., The Colonial Origins of Comparative Development: An Empirical Investigation[J],American Economic Review,2001, 91(5):1369-1401.
[2] Aghion, Philippe., Tirole, Jean., Formal and real authority in organizations[J],Journal of Political Economy, 1997, 105(1):1-30.
[3] Antonios, Gregory Koutmos, Andreas Pericli., Index futures and positive feedback trading: evidence from major stock exchanges[J],Journal of Empirical Finance,2005,12:219-238.
[4] Areal, Nelson M. P. C. and Stephen J. Taylor., The Realized Volatility of FTSE-100 Futures Price[J],Journal of Futures Markets ,2002, 22:627-648.
[5] Arrow,K. and R.Lind., Uncertainty and evaluation of public investment decisions[J], American Economic Review,1970,60:364-368.
[6] Arthur, W. Brian., Computing technologies, increasing returns, and lock-in by historical events[J],Economic Journal, 1989, 99(394):116-132.
[7] Baron, David P, Besanko, David., Informational alliances[J], Review of Economic Studies, 1999, 66(229):743-769.
[8] Barontini,Roberto and Silvia Rigamonti., Stock Index Futures and the Effect on Cash Market in Italy: Evidence From Changes in Indexes' Composition, SSRN Working Paper, 2000.
[9] Besley, Timothy., Property Rights and Investment Incentives: Theory and Evidence from Ghana[J],Journal of Political Economy,1995, 103:903-937.
[10] Bessembinder, Hendrik and Paul J. Seguin., Futures-Trading Activity and Stock Price Volatility[J],Journal of Finance,1992,47:2015-2034.
[11] Black, F. and Scholes, M., The Pricing of Options and Corporate Liabilities[J], Journal of Political Economy,1973,81:637-659.
[12] Black, Bernard S., The Role of Self-Regulation in Supporting Korea's Securities Markets[J], Journal of Korean Law, 2003,3.
[13] Black, Bernard S., The Legal and Institutional Preconditions for Strong Securities Markets[J], UCLA Law Review, 2001,48:781-855.
[14] Black, Bernard S., Strengthening Brazil's Securities Markets. Revista de Direito Mercantil, Economico e Financiero[J],Journal of Commercial, Economic and Financial Law,2001
[15] Blanchard, Olivier and Watson, M., Bubbles, rational expectations and financial markets, crises in the economic and financial structure, Lexington MA: Books, 1982.
[16] Bolton, P.,D.S. Scharfstein., A Theory of Predation Based on Agency Problems in Financial Contracting[J], American Economic Review, 1990,80:93—106.
[17] Brady N., Report of the Presidential Task Force on Market Mechanisms[R],US Government Printing Office: Washington DC,1989.
[18] Bruner F. Robert., Does M&A pay? A survey of evidence for the decision-maker, Darden Graduate School of Business Administration, University of Virginia, Working Paper, 2002,3.
[19] Campbell, Robert B. and Stephen J. Turnovsky., An Analysis of the Stabilizing and Welfare Effects of Intervention in Spot and Futures Markets, NBER Working Paper No.1698,1985.
[20] Chambers, S. and Carter, C., U.S. Futures Exchanges as Nonprofit Entities[J], The Journal of Futures Markets, 1990, Vol.10 :79-88.
[21] Chan, Leo H. and Kam C. Chan., The Effect of Extended Trading Hours on the Information Flow Between Cash and Futures Markets, SSRN Working Paper, 2002.
[22] Chin, Kalok, K. C. Chan and G. Andrew Karolyi., Intraday Volatility in the Stock Index and Stock Index Futures Market[J],Review of Financial Studies,1991,4:637-684.
[23] Choi, Stephen J., Regulating Investors Not Issuers: A Market-Based Proposal[J], California Law Review, 2000
[24] Choi, Stephen J., Law, Finance, and Path Dependence: Developing Strong Securities Markets[J],Texas Law Review, 2002.
[25] Choi, Stephen J., A Framework for the Regulation of Securities Market Intermediaries[J], Berkeley Business Law Journal, 2004,1.
[26] Claessens, Stijin, Simeon Djankov, and Larry Lang., The separation of ownership and control in east asian corporations[J], Journal of Financial Economics, 2000,58(1):8l-112.
[27] Coase,R.H., The Nature of the Firm[J],Economica,1937.4: 386-405.
[28] Coase,R.N., The Problem of Social Cost[J]. Journal of Law and Economics, 1960, Vol.3,p.8.
[29] Coase,R.N., The regulated industries: discussion[J], American Economic Review , 1964,54 (2):194-197.
[30] Coffee, John C. Jr, Roman Frydman, Cheryl W., Gray, and Andrzej Rapaczynski, Eds., Inventing a Corporate Monitor for Transitional Economics: The Uncertain Lessons from the Czech and Polish Experiences (Original Title) - Institutional Investors in Transitional Economies: Lessons from the Czech Experience, World Bank/CEU Press, 1996, Vol. 1, Chap. 4, pp. 111-186.
[31] Coffee, John C., Privatization And Corporate Governance: The Lessons From Securities Market Failure. Columbia Law School, Center for Law and Economics Studies[J],Journal of Corporation Law, 1999, 25(1):1-40.
[32] Coffee, John C., Understanding Enron: It's About the Gatekeepers, Stupid., Columbia Law & Economics Working Paper No. 207, September 2, 2002
[33] Coffee, John C., What Caused Enron?: A Capsule Social and Economic Historyof the 1990's ., Columbia Law and Economics Working Paper No. 214, 2003.
[34] Coffee, John C., Gatekeeper Failure and Reform: The Challenge of Fashioning Relevant Reforms, Columbia Law and Economics Working Paper No. 237, 2003.
[35] De Long, J., Bradford and Andrei Shleifer., Princes and Merchants: European City Growth Before the Industrial Revolution[J], Journal of Law and Economics ,1993,36:671-702.
[36] DeMarzo, Peter M., Fishman, Michael Jay and Hagerty, Kathleen M., Contracting and Enforcement with a Self-Regulatory Organization, SSRN. Working Paper Series, August 2001.
[37] Dewatripont, Mathias., Tirole, Jean., Advocates[J], Journal of Political Economy, 1999,107 (1)1-40.
[38] Ding, David K. and Charlie Charoenwong., Bid-Ask Spreads, Volatility, Quote Revisions and Trades of Thinly Traded Futures Contracts[J],Journal of Futures Markets,2003, 23:455-486.
[39] Djankov, Simeon, Edward Glaeser, Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer., The New Comparative Economics[M],Harvard University, 2003.
[40] Dyck, A. and Zingales., Private benefits of control: an international comparison[J], The Journal of Finance,2004,2:537-600.
[41] Edward J. Kane., Regulatory Structure in Futures Markets: Jurisdictional Competition Among the SEC, the CFTC, and Other Agencies (AP CF ME)[J],Journal of Futures Markets, 1984,5: 367-384.
[42] Edwards, Franklin R., Does Futures Trading Increase Stock Market Volatility?[J],Financial Analysts Journal,1988,1:63-69.
[43] Eleni Tsingou., Governance in the Financial Markets - Understanding Self-Regulation.‘The Politics of Banking’, Hong Kong, 28 July 2001.
[44] Fischel, D. R., Regulatory conflict and entry regulation of new futures contracts[J], Journal of Business, 1986, 59 (2):85-101.
[45] Gemmil, G. T., Regulating futures markets: a review in the context of British and American Practice. In Futures Markets: Modelling, Managing and Monitoring Futures Trading[M], Oxford: Basil Blackwell, 1983, (M. E. Streit, ed.)
[46] Glaeser,Edward;Johnson,Simon;Shleifer,Andrei., Coase versus the Coasians[J],Quarterly Journal of Economics, 2001,116(3):853-900.
[47] Glaeser, Edward L. and Shleifer, Andrei., The Rise of the Regulatory State, HIER Discussion Paper No. 1934, October 2001.
[48] Gorton, Gary, and Andrew Winton., Financial Intermediation, NBER Working Paper No. 8928, 2004.
[49] Grossman, Sanford J., An Analysis of the Implications for Stock and Futures Price Volatility of Program Trading and Dynamic Hedging Strategies, NBERWorking Paper No. 2357, 1987.
[50] Gulen, Huseyin and Stewart Mayhew., Stock Index Futures Trading and Volatility in International Equity Markets[J],Journal of Futures Markets,2000,20:661-685.
[51] Haddock, D.D. and Macey, J.R., Regulation on demand: a private interest model, with an application to insider trading regulation[J], Journal of Law and Economics, 1987,30(2): 311-352.
[52] Harris, Lawrence, George Sofianos and James E. Shapiro., Programs Trading and Intraday Volatility[J],Review of Financial Studies,1994,7:653-685.
[53] Hart, O., J. Morre., Default and renegotiations: Dynamic Model of Debt[J],Quarterly Journal of Economics,1998,113:1-42.
[54] Hart Oliver.,Moore John., Foundations of incomplete contracts[J], Review of Economic Studies,1999,6.
[55] Houthakker, H.S., The regulation of financial and other futures markets[J], The Journal of Finance,1982,37(2):481-491.
[56] Hwang., Market risk and the concept of fundamental volatility: Measuring volatility across asset and derivative markets and testing for the impact of derivatives markets on financial markets[J],Journal of Banking and Finance,2000,5.
[57] Illueca, M., J. A. Lafuente., The Effect of Spot and Futures Trading on Stock Index Market Volatility: A Nonparametric Approach[J],Journal of Futures Markets,2003,23:841-858.
[58] IOSCO., Supervisory Framework for Markets[R],Technical Committee of the IOSCO,May 1999, (14)
[59] IOSCO., Model for Effective Regulation[R],SRO Consultative Committee of the IOSCO, May 2000, (13)
[60] IOSCO., Objectives and Principles of Securities Regulation[R],IOSCO, October 2003, Up-dated with references to work done by IOSCO from September 1998 to May 2000. (16/47)
[61] IOSCO., Methodology For Assessing Implementation Of The IOSCO Objectives And Principles Of Securities Regulation[R],IOSCO, October 2003, (36/159)
[62] Jensen M,and R. S. Ruback., The market for corporate control: the scientific evidence [J], Journal of Financial Economics,1983,11:5～50.
[63] John Eatwell., Lance Taylor., Global Finance at Risk: The Case for International Regulation[M],New Press,2000.
[64] Johnson,S. Boone, P. Breach,A.and Friedman,E., Corporate governance in the Asian financial crisis[J],Journal of Financial Economics,2000,58:141-186.
[65] Kane.E,J., Principal-Agent Problem in S&L Salrage[J], Journal of Finance, 1990,45:755-764.
[66] Kofman, F. and J. Lawarree, Collusion in hierarchicalagency[J],Econometrica,1993,61:629-656.
[67] Krugman, P., What happened to Asian[M], MIT,1998.
[68] Kurov, Alexander A. and Dennis J. Lasser., The Effect of the Introduction of Cubes on the Nasdaq-100 Index Spot-Futures Pricing Relationship[J],Journal of Futures Markets,2002, 22:197-218.
[69] La Porta, R., F. Lopez- De-Silanes, A. Shleifer and R. W. Vishny., Law and finance [J], Journal of Political Economy, 1998,106.
[70] La Porta, R., F. Lopez- De-Silanes, A. Shleifer and R. W. Vishny., Investor Protection and Corporate Valuation [J], Journal of Finance,2002,57:1147-1170.
[71] La Porta, R., F. Lopez- De-Silanes, A. Shleifer and R. W. Vishny., What Works in the Security Laws?[J],The Journal of Finance, 2006,61(1 ).
[72] Lendaris G., Structural modeling——A tutorial guide[J],IEEE Trans on SMC,1980,10(12):807.
[73] Levine, R. and Zervos,S., Stock markets, Bank, and Economic growth[J], American Economic Review, 1998,88:537-558.
[74] Lucian, A. Bebchuk., A rent-protection theory of corporate ownership and control, NBER Working Paper, 1999.
[75] Luc Laeven, Giovanni Majnoni., Does Judicial Efficiency Lower the Cost of Credit?.2003 ,http://www.worldbank.org
[76] Malaguti,M.C., Private-Law Instruments for Reduction of Risks on International Financial Markets:Results and Limits of Self-Regulation[J], Open economies review,2000,11(1) 247-257(Kluwer Academic Publishers).
[77] Manne G. Henry., Mergers and market for corporate control [J], Journal of Political Economy, 1965, 73:110-120.
[78] Maskin, Eric. Tirole, Jean., Unforeseen contingencies and incomplete contracts[J], Review of Economic Studies, 1999, 66(226):83-115.
[79] Mckenzie, Michael D., Timothy J. Brailsford and Robort W.Faff., New Insights into the Impact of the Introduction of Futures Trading on Stock Price Volatility[J],Journal of Futures Markets,2001, 21:237-255.
[80] McQueen, G. and Thorley, S., Bubbles, stock returns, and duration dependence [J], Journal of Financial and Quantitative Analysis, 1994, 29(3):379-401.
[81] Melody W. H., Information: an emerging dimension of institutional analysis[M],In Evolutionary Economics Vol.1. M. R. Tool (ed.). M.E. Sharpe. Inc. 1988.
[82] Merton,R.C., On the pricing of corporate debt:the visk structure of interest rates[J],Journal of Finace,1974,29:449-470.
[83] Merton,R,C., On the pricing of contingent claims and the Modigliani-Miller Theorem[J], Journal of Financial Economics,1977,5:241-249.
[84] Minho Kim, Andrew C.Szakmary, Thomas V.Schwarz., Trading Cost and Price discovery across stock index futures and cash markets[J],The Journal of Futures Markets, 1999,19(4):475-498.
[85] Morck Randall, Bernard Yeung, Wayne Yu., The Information Content of Stock Markets:Why do Emerging Markets have Synchronous Stock Price Movements?[J],Journal of Financial Economics,2000,58:215-260.
[86] Mulherin, J. H., J. M. Netter and J. A. Overdahl., Prices are property: the organization of financial exchanges from a transaction cost perspective[J],Journal of Law and Economics, 1991,34:591-644.
[87] North, D.C. and Weingast, B.R., Constitutions and commitment: the evolution of institutions, governing public choice in seventeenth-century England[J],The Journal of Economic History , 1989,49(4):803-832.
[88] Park, Chul Woo., Examining Futures Price Changes and Volatility on the Trading Day after a Limit-lock Day[J], Journal of Futures Markets,1999,19: 446-466.
[89] Peltzman, S., Toward a More General Theory of Regulation [J], Journal of Law and Economics ,1976, 19(2):211-240.
[90] Pirrong,S.C., The self-regulation of commodity exchanges: the case of market manipulation[J], Journal of Law & Economics,1995,38:141-206.
[91] Pirrong,S.C., A positive theory of financial exchange organization with normative implications for financial market regulation, Paper presented at the 2nd Annual Conference of the International Society of New Institutional Economics, 1998.
[92] Pistor, Katharina and Xu, Chenggang., Incomplete Law - A Conceptual and Analytical Framework and its Application to the Evolution of Financial Market Regulation, Columbia Law and Economics Working Paper No. 204, May 2002.
[93] Premalata Shenbagaraman., Do Futures and Options trading increase stock market volatility? NSE Research Initiative, Paper no. 20, 2003.
[94] Pritchard,A.C., Self-Regulation and Securities Markets[J], Regulation Magazine, 2003, 26,3.
[95] Rajan,R. Zingales,L., Financial Dependence and Growth[J],American Economic Review,1998,88:559-586.
[96] Romano, R., A thumbnail sketch of derivative securities and their regulation[J], Maryland Law Review, 1996,55(1):1-83.
[97] Salil K. Sarkar, Niranjan Tripathy., An empirical analysis of the impact of stock index futures trading on securities dealers’inventory risk in the NASDAQ market[J],Review of Financial Economics ,2002,11:1–17.
[98] Schotter,A., The Economic Theory of Social Institutions[M],Cambridge:Cambridge University Press, 1981.
[99] Sergio G. Lazzarini and Pedro Carvalho de Mello., Governmental versus self-regulation of derivative markets: examining the U.S. and Brazilian experience[J],Journal of Economics and Business, 2001, 53,March-June.
[100] Shann Turnbull., Stakeholder Governance: A Cybernetic and Property Rights Analysis., CORPORATE GOVERNANCE: THE HISTORY OFMANAGEMENT THOUGHT, R.I. Tricker, Ed., Ashgate Publishing, pp. 401-13, London, 2000.
[101] Shiller, Robert J., Do stock prices move too much to be justified by subsequent changes in dividends?[J], American Economic Review, 1981, 71:421-435.
[102] Shleifer, Andrei, and Robert Vishny., Large shareholders and corporate control [J], Journal of Political Economy, 1986, 94:461-488.
[103] Shleifer, Andrei and Wolfenzon, Daniel., Investor Protection and Equity Markets, NBER Working Paper No. W7974, October 2000.
[104] Shleifer, A., Vishny, R., A survey of corporate governance[J], Journal of Finance, 1997,52: 737–775.
[105] Silber, W.L., Innovation, competition and new contract design in futures markets[J], The Journal of Futures Markets, 1981,1:123-155.
[106] Simon Johnson, Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer., Tunneling. Harvard Institute of Economic Research, Working Paper, 2000.
[107] Stigler, George J., The theory of economic regulation[J], Bell Journal of Economics & Management Science, 1974,5(2):359-366.
[108] Stuart L. Gillan., Recent Developments in Corporate Governance:An Overview[J], Journal of Corporate Finance,2006,12 :381– 402.
[109] Swire, Peter P., Markets, Self-Regulation, and Government Enforcement in the Protection of Personal Information, in Privacy and Self-Regulation in the Information Age by the U.S. Department of Commerce, SSRN Paper Download Rank: 7392.August 15, 1997
[110] Tatiana Nenova., The value of corporate voting rights and control: a cross-country analysis [J], Journal of Financial Economics, 2003, 68:325-351.
[111] Thakor, Anjan., The design of financial systems: An overview[J],Journal of Banking&Finance,1996,20:917-948.
[112] Tian ,Lihui., Government shareholding and the value of china’s modern firms, London Business Schoo1, Working Paper,2002.
[113] Tirole , J., Asset bubbles and over lapping generations[J], Econometrica,1985,53:1499-1582.
[114] Tirole , J., Hierarchies and bureaucracies:on the role of colusion in organizations[J],Journal of law,Economies and Organization, 1986,2:181-214.
[115] Wallace, W., The economic role of the audit in free and regulated markets: a review[J],Auditing: A Journal of Practice and Theory,1987:1-34.
[116] Warfield, J. N., Toward Interpretation of Complex Structural Models[J],IEEE Transactions on Systems, Man, and Cybernetics, SMC4,1974,(5):405-417.
[117] Weil, P., Confidence and the real value of money in an over lapping generations economy[J], Quarterly Journal of Economics, 1987, 102:1-22.
[118] West, K. D., A specification test for speculative bubbles [J], Quarterly Journal of Economics, 1987, 102(3):553-580.
[119] Wurgler,J., Financial Markets and the Allocation of Capital[J],Journal ofFinancial Economics,2000,58:187-214.
[120]阿瑟?奥肯,平等与效率(王奔洲等译)[M],北京:华夏出版社,1999.
[121]安德鲁?肖特,社会制度的经济理论(陆铭、陈钊译)[M],上海:上海财经大学出版社,2003.
[122]奥尔森,国家的兴衰探源(吕应中等译)[M],北京:商务印书馆,1993.
[123]奥尔森,权力与繁荣(苏长和等译)[M],上海:上海人民出版社,2005.
[124]鲍莫尔,资本主义的增长奇迹——自由市场创新机器(郭梅军等译)[M],北京:中信出版社,2004.
[125]布雷特、兰塞姆,经济学家的学术思想(孙琳译)[M],北京:中国人民大学出版社,2004,5.
[126]曹凤岐、姜华东,中国发展股指期货研究[J],北京大学学报(哲学社会科学版), 2003.11
[127]陈信元、张田余,资产重组的市场反应-1997年沪市资产重组实证分析[J],经济研究,1999,9:47~55.
[128]陈永杰,新公平/效率观——对公平与效率问题的重新审视[J],经济理论与经济管理,2006,5.
[129]成思危,诊断与治疗-揭示中国的股票市场[M],北京:经济科学出版社,2002.
[130]迟海燕、马哗华,各种资产重组方式的比较分析[J],预测,2000,19(2):23~29.
[131]董贵昕,金融泡沫运行与控制研究,博士论文,东北财经大学,2001.6.
[132]冯根福、吴林江,我国上市公司并购绩效的实证研究[J],经济研究,2001.
[133]高见、陈歆玮,中国证券市场资产重组效应分析[J],经济科学,2000,1:66~77.
[134]高西庆,更新监管理念强化行业自律功能[J],中国金融,2002,9:9-10.
[135]国务院,关于推进资本市场改革开放和稳定发展的若干意见,2004,01.31.
[136]鹤光太郎,用‘内生法律理论’研究法律制度与经济体系[J],比较,2003,6.
[137]胡天存、杨鸥,上市公司控制权配置现状与效率研究[R],深圳:深圳证券交易所(研究报告),2003.
[138]胡孝红,金融期货与期权市场监管制度初探[J],武汉大学学报,2000,4:537~541.
[139]黄邦根,构建和谐社会中效率与公平的关系[J],经济理论与经济管理,2005,10.
[140]黄兴、张维,中国股市泡沫的检验[J],石家庄经济学院学报,2002,25(3):228~233.
[141]江春,论金融的实质及制度前提[J],经济研究,1999,7.
[142]江春,新制度金融学探索[J],经济学动态,2002,6.
[143]江春、许立成,新制度金融发展理论:一个分析框架,第3届中国金融学年会——中国?上海,2006,10
[144]李风圣,论公平[J],哲学研究,1995,11.
[145]李风圣,制度高于技术[J],读书,2005,4.
[146]李健,关于商品、权利与制度,2002经济学年会论文,2002.
[147]李善民、陈玉罡,上市公司兼并与收购的财富效应[J],经济研究,2002,11:27~35.
[148]李松龄,规则公平的产权与效率——古典经济学派公平效率观的产权分析[J],经济评论,2003,5.
[149]李松龄,公平与效率的产权基础——起点公平与结果公平的产权分析[J],华中师范大学学报(人文社会科学版),2004,2.
[150]廖英敏,中国期货市场规范发展的政策建议[R],国务院发展研究中心调查研究报告,2002.
[151]陆国庆,中国上市公司不同资产重组类型的绩效比较[J],财经科学,2000,6:20~24.
[152]罗尔斯,正义论[M],上海:上海译文出版社,1991.
[153]孟生旺、袁卫,利息理论及其应用[M],北京:中国人民大学出版社,2001.
[154]诺思,经济史中的结构与变迁[M],上海:上海三联书店、上海人民出版社,1991,p12.
[155]石英华,资本市场:热点与案例[M],北京:经济科学出版社,2004.
[156]史永东,资本市场中的投机泡沫、羊群行为和投资者心理,博士论文,东北财经大学,2003,5.
[157]苏圻涵、陈伟忠,期货投机交易对现货市场的稳定效应及福利分析[J],当代经济科学,2003,5
[158]汪毅慧、廖理、邓小铁,不对称信息、交易成本与投资者保护:内地(中国大陆)和香港的比较研究[J],金融研究,2003,10:27~36.
[159]王勇、张小南,股指期货交易运作模式的比较及启示[J],财经科学,2002,6:81~83.
[160]王跃堂,中国证券市场资产重组绩效之比较分析[J],财经研究,1999,7:53~59.
[161]约瑟夫·熊彼特,经济发展理论[M],北京:商务印书馆,1990.
[162]约瑟夫·熊比特,资本主义、社会主义与民主主义[M],北京:商务印书馆,1999.
[163]许成安,也谈和谐社会构建中的效率与公平关系[J],经济理论与经济管理,2006,5.
[164]亚当?斯密,国富论(唐日松等译)[M],北京:华夏出版社,2005.
[165]亚里士多德,尼各马克伦理学(苗力田译)[M],北京:中国社会科学出版社,1990.
[166]杨峰,海外股指期货市场比较研究[J],金融研究,2002,7:36~43.
[167]杨小凯、黄有光,专业化与经济组织-一种新兴古典微观经济学框架[M],北京:经济科学出版社,1999.
[168]应望江、张永京、徐华康,从台湾实践看股指期货对现货市场的影响[J],证券市场导报,2001,7:52~57.
[169]余晖,管制的经济理论与过程分析[J],经济研究,1994,5:50~54.
[170]余晖,行业协会组织的制度动力学原理[J],经济管理,2001,4:22~29.
[171]袁剑,走进长庄鼻祖“中经开”的幕后:被贪婪和自负击倒[J],科学与财富,2002,11,21.
[172]张定胜、杨小凯,国际贸易、经济发展和收入分配[J],世界经济,2004,9:4~12.
[173]张群群,公开叫价、会员垄断与非赢利组织地位[J],财经问题研究,2000,10:3~9.
[174]张维、邹高峰,我国上市公司控制权转移的市场反应[J],系统工程,2005,12:10~16.
[175]张新,并购重组是否创造价值?——中国证券市场的理论与实证研究[J],经济研究,2003,6:20~29.
[176]张宇燕,强化市场型政府[J],读书,2005,3.
[177]证券交易所自律监管地位比较研究[R],深圳证券交易所第一期法律课题委托研究项目,2004.
[178]周业安,‘金融约束论’批判[J],经济科学,2000,3.
[179]左孝凌、李为鑑、刘永才,离散数学[M],上海:上海科学技术文献出版社,1987.
[2] Aghion, Philippe., Tirole, Jean., Formal and real authority in organizations[J],Journal of Political Economy, 1997, 105(1):1-30.
[3] Antonios, Gregory Koutmos, Andreas Pericli., Index futures and positive feedback trading: evidence from major stock exchanges[J],Journal of Empirical Finance,2005,12:219-238.
[4] Areal, Nelson M. P. C. and Stephen J. Taylor., The Realized Volatility of FTSE-100 Futures Price[J],Journal of Futures Markets ,2002, 22:627-648.
[5] Arrow,K. and R.Lind., Uncertainty and evaluation of public investment decisions[J], American Economic Review,1970,60:364-368.
[6] Arthur, W. Brian., Computing technologies, increasing returns, and lock-in by historical events[J],Economic Journal, 1989, 99(394):116-132.
[7] Baron, David P, Besanko, David., Informational alliances[J], Review of Economic Studies, 1999, 66(229):743-769.
[8] Barontini,Roberto and Silvia Rigamonti., Stock Index Futures and the Effect on Cash Market in Italy: Evidence From Changes in Indexes' Composition, SSRN Working Paper, 2000.
[9] Besley, Timothy., Property Rights and Investment Incentives: Theory and Evidence from Ghana[J],Journal of Political Economy,1995, 103:903-937.
[10] Bessembinder, Hendrik and Paul J. Seguin., Futures-Trading Activity and Stock Price Volatility[J],Journal of Finance,1992,47:2015-2034.
[11] Black, F. and Scholes, M., The Pricing of Options and Corporate Liabilities[J], Journal of Political Economy,1973,81:637-659.
[12] Black, Bernard S., The Role of Self-Regulation in Supporting Korea's Securities Markets[J], Journal of Korean Law, 2003,3.
[13] Black, Bernard S., The Legal and Institutional Preconditions for Strong Securities Markets[J], UCLA Law Review, 2001,48:781-855.
[14] Black, Bernard S., Strengthening Brazil's Securities Markets. Revista de Direito Mercantil, Economico e Financiero[J],Journal of Commercial, Economic and Financial Law,2001
[15] Blanchard, Olivier and Watson, M., Bubbles, rational expectations and financial markets, crises in the economic and financial structure, Lexington MA: Books, 1982.
[16] Bolton, P.,D.S. Scharfstein., A Theory of Predation Based on Agency Problems in Financial Contracting[J], American Economic Review, 1990,80:93—106.
[17] Brady N., Report of the Presidential Task Force on Market Mechanisms[R],US Government Printing Office: Washington DC,1989.
[18] Bruner F. Robert., Does M&A pay? A survey of evidence for the decision-maker, Darden Graduate School of Business Administration, University of Virginia, Working Paper, 2002,3.
[19] Campbell, Robert B. and Stephen J. Turnovsky., An Analysis of the Stabilizing and Welfare Effects of Intervention in Spot and Futures Markets, NBER Working Paper No.1698,1985.
[20] Chambers, S. and Carter, C., U.S. Futures Exchanges as Nonprofit Entities[J], The Journal of Futures Markets, 1990, Vol.10 :79-88.
[21] Chan, Leo H. and Kam C. Chan., The Effect of Extended Trading Hours on the Information Flow Between Cash and Futures Markets, SSRN Working Paper, 2002.
[22] Chin, Kalok, K. C. Chan and G. Andrew Karolyi., Intraday Volatility in the Stock Index and Stock Index Futures Market[J],Review of Financial Studies,1991,4:637-684.
[23] Choi, Stephen J., Regulating Investors Not Issuers: A Market-Based Proposal[J], California Law Review, 2000
[24] Choi, Stephen J., Law, Finance, and Path Dependence: Developing Strong Securities Markets[J],Texas Law Review, 2002.
[25] Choi, Stephen J., A Framework for the Regulation of Securities Market Intermediaries[J], Berkeley Business Law Journal, 2004,1.
[26] Claessens, Stijin, Simeon Djankov, and Larry Lang., The separation of ownership and control in east asian corporations[J], Journal of Financial Economics, 2000,58(1):8l-112.
[27] Coase,R.H., The Nature of the Firm[J],Economica,1937.4: 386-405.
[28] Coase,R.N., The Problem of Social Cost[J]. Journal of Law and Economics, 1960, Vol.3,p.8.
[29] Coase,R.N., The regulated industries: discussion[J], American Economic Review , 1964,54 (2):194-197.
[30] Coffee, John C. Jr, Roman Frydman, Cheryl W., Gray, and Andrzej Rapaczynski, Eds., Inventing a Corporate Monitor for Transitional Economics: The Uncertain Lessons from the Czech and Polish Experiences (Original Title) - Institutional Investors in Transitional Economies: Lessons from the Czech Experience, World Bank/CEU Press, 1996, Vol. 1, Chap. 4, pp. 111-186.
[31] Coffee, John C., Privatization And Corporate Governance: The Lessons From Securities Market Failure. Columbia Law School, Center for Law and Economics Studies[J],Journal of Corporation Law, 1999, 25(1):1-40.
[32] Coffee, John C., Understanding Enron: It's About the Gatekeepers, Stupid., Columbia Law & Economics Working Paper No. 207, September 2, 2002
[33] Coffee, John C., What Caused Enron?: A Capsule Social and Economic Historyof the 1990's ., Columbia Law and Economics Working Paper No. 214, 2003.
[34] Coffee, John C., Gatekeeper Failure and Reform: The Challenge of Fashioning Relevant Reforms, Columbia Law and Economics Working Paper No. 237, 2003.
[35] De Long, J., Bradford and Andrei Shleifer., Princes and Merchants: European City Growth Before the Industrial Revolution[J], Journal of Law and Economics ,1993,36:671-702.
[36] DeMarzo, Peter M., Fishman, Michael Jay and Hagerty, Kathleen M., Contracting and Enforcement with a Self-Regulatory Organization, SSRN. Working Paper Series, August 2001.
[37] Dewatripont, Mathias., Tirole, Jean., Advocates[J], Journal of Political Economy, 1999,107 (1)1-40.
[38] Ding, David K. and Charlie Charoenwong., Bid-Ask Spreads, Volatility, Quote Revisions and Trades of Thinly Traded Futures Contracts[J],Journal of Futures Markets,2003, 23:455-486.
[39] Djankov, Simeon, Edward Glaeser, Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer., The New Comparative Economics[M],Harvard University, 2003.
[40] Dyck, A. and Zingales., Private benefits of control: an international comparison[J], The Journal of Finance,2004,2:537-600.
[41] Edward J. Kane., Regulatory Structure in Futures Markets: Jurisdictional Competition Among the SEC, the CFTC, and Other Agencies (AP CF ME)[J],Journal of Futures Markets, 1984,5: 367-384.
[42] Edwards, Franklin R., Does Futures Trading Increase Stock Market Volatility?[J],Financial Analysts Journal,1988,1:63-69.
[43] Eleni Tsingou., Governance in the Financial Markets - Understanding Self-Regulation.‘The Politics of Banking’, Hong Kong, 28 July 2001.
[44] Fischel, D. R., Regulatory conflict and entry regulation of new futures contracts[J], Journal of Business, 1986, 59 (2):85-101.
[45] Gemmil, G. T., Regulating futures markets: a review in the context of British and American Practice. In Futures Markets: Modelling, Managing and Monitoring Futures Trading[M], Oxford: Basil Blackwell, 1983, (M. E. Streit, ed.)
[46] Glaeser,Edward;Johnson,Simon;Shleifer,Andrei., Coase versus the Coasians[J],Quarterly Journal of Economics, 2001,116(3):853-900.
[47] Glaeser, Edward L. and Shleifer, Andrei., The Rise of the Regulatory State, HIER Discussion Paper No. 1934, October 2001.
[48] Gorton, Gary, and Andrew Winton., Financial Intermediation, NBER Working Paper No. 8928, 2004.
[49] Grossman, Sanford J., An Analysis of the Implications for Stock and Futures Price Volatility of Program Trading and Dynamic Hedging Strategies, NBERWorking Paper No. 2357, 1987.
[50] Gulen, Huseyin and Stewart Mayhew., Stock Index Futures Trading and Volatility in International Equity Markets[J],Journal of Futures Markets,2000,20:661-685.
[51] Haddock, D.D. and Macey, J.R., Regulation on demand: a private interest model, with an application to insider trading regulation[J], Journal of Law and Economics, 1987,30(2): 311-352.
[52] Harris, Lawrence, George Sofianos and James E. Shapiro., Programs Trading and Intraday Volatility[J],Review of Financial Studies,1994,7:653-685.
[53] Hart, O., J. Morre., Default and renegotiations: Dynamic Model of Debt[J],Quarterly Journal of Economics,1998,113:1-42.
[54] Hart Oliver.,Moore John., Foundations of incomplete contracts[J], Review of Economic Studies,1999,6.
[55] Houthakker, H.S., The regulation of financial and other futures markets[J], The Journal of Finance,1982,37(2):481-491.
[56] Hwang., Market risk and the concept of fundamental volatility: Measuring volatility across asset and derivative markets and testing for the impact of derivatives markets on financial markets[J],Journal of Banking and Finance,2000,5.
[57] Illueca, M., J. A. Lafuente., The Effect of Spot and Futures Trading on Stock Index Market Volatility: A Nonparametric Approach[J],Journal of Futures Markets,2003,23:841-858.
[58] IOSCO., Supervisory Framework for Markets[R],Technical Committee of the IOSCO,May 1999, (14)
[59] IOSCO., Model for Effective Regulation[R],SRO Consultative Committee of the IOSCO, May 2000, (13)
[60] IOSCO., Objectives and Principles of Securities Regulation[R],IOSCO, October 2003, Up-dated with references to work done by IOSCO from September 1998 to May 2000. (16/47)
[61] IOSCO., Methodology For Assessing Implementation Of The IOSCO Objectives And Principles Of Securities Regulation[R],IOSCO, October 2003, (36/159)
[62] Jensen M,and R. S. Ruback., The market for corporate control: the scientific evidence [J], Journal of Financial Economics,1983,11:5～50.
[63] John Eatwell., Lance Taylor., Global Finance at Risk: The Case for International Regulation[M],New Press,2000.
[64] Johnson,S. Boone, P. Breach,A.and Friedman,E., Corporate governance in the Asian financial crisis[J],Journal of Financial Economics,2000,58:141-186.
[65] Kane.E,J., Principal-Agent Problem in S&L Salrage[J], Journal of Finance, 1990,45:755-764.
[66] Kofman, F. and J. Lawarree, Collusion in hierarchicalagency[J],Econometrica,1993,61:629-656.
[67] Krugman, P., What happened to Asian[M], MIT,1998.
[68] Kurov, Alexander A. and Dennis J. Lasser., The Effect of the Introduction of Cubes on the Nasdaq-100 Index Spot-Futures Pricing Relationship[J],Journal of Futures Markets,2002, 22:197-218.
[69] La Porta, R., F. Lopez- De-Silanes, A. Shleifer and R. W. Vishny., Law and finance [J], Journal of Political Economy, 1998,106.
[70] La Porta, R., F. Lopez- De-Silanes, A. Shleifer and R. W. Vishny., Investor Protection and Corporate Valuation [J], Journal of Finance,2002,57:1147-1170.
[71] La Porta, R., F. Lopez- De-Silanes, A. Shleifer and R. W. Vishny., What Works in the Security Laws?[J],The Journal of Finance, 2006,61(1 ).
[72] Lendaris G., Structural modeling——A tutorial guide[J],IEEE Trans on SMC,1980,10(12):807.
[73] Levine, R. and Zervos,S., Stock markets, Bank, and Economic growth[J], American Economic Review, 1998,88:537-558.
[74] Lucian, A. Bebchuk., A rent-protection theory of corporate ownership and control, NBER Working Paper, 1999.
[75] Luc Laeven, Giovanni Majnoni., Does Judicial Efficiency Lower the Cost of Credit?.2003 ,http://www.worldbank.org
[76] Malaguti,M.C., Private-Law Instruments for Reduction of Risks on International Financial Markets:Results and Limits of Self-Regulation[J], Open economies review,2000,11(1) 247-257(Kluwer Academic Publishers).
[77] Manne G. Henry., Mergers and market for corporate control [J], Journal of Political Economy, 1965, 73:110-120.
[78] Maskin, Eric. Tirole, Jean., Unforeseen contingencies and incomplete contracts[J], Review of Economic Studies, 1999, 66(226):83-115.
[79] Mckenzie, Michael D., Timothy J. Brailsford and Robort W.Faff., New Insights into the Impact of the Introduction of Futures Trading on Stock Price Volatility[J],Journal of Futures Markets,2001, 21:237-255.
[80] McQueen, G. and Thorley, S., Bubbles, stock returns, and duration dependence [J], Journal of Financial and Quantitative Analysis, 1994, 29(3):379-401.
[81] Melody W. H., Information: an emerging dimension of institutional analysis[M],In Evolutionary Economics Vol.1. M. R. Tool (ed.). M.E. Sharpe. Inc. 1988.
[82] Merton,R.C., On the pricing of corporate debt:the visk structure of interest rates[J],Journal of Finace,1974,29:449-470.
[83] Merton,R,C., On the pricing of contingent claims and the Modigliani-Miller Theorem[J], Journal of Financial Economics,1977,5:241-249.
[84] Minho Kim, Andrew C.Szakmary, Thomas V.Schwarz., Trading Cost and Price discovery across stock index futures and cash markets[J],The Journal of Futures Markets, 1999,19(4):475-498.
[85] Morck Randall, Bernard Yeung, Wayne Yu., The Information Content of Stock Markets:Why do Emerging Markets have Synchronous Stock Price Movements?[J],Journal of Financial Economics,2000,58:215-260.
[86] Mulherin, J. H., J. M. Netter and J. A. Overdahl., Prices are property: the organization of financial exchanges from a transaction cost perspective[J],Journal of Law and Economics, 1991,34:591-644.
[87] North, D.C. and Weingast, B.R., Constitutions and commitment: the evolution of institutions, governing public choice in seventeenth-century England[J],The Journal of Economic History , 1989,49(4):803-832.
[88] Park, Chul Woo., Examining Futures Price Changes and Volatility on the Trading Day after a Limit-lock Day[J], Journal of Futures Markets,1999,19: 446-466.
[89] Peltzman, S., Toward a More General Theory of Regulation [J], Journal of Law and Economics ,1976, 19(2):211-240.
[90] Pirrong,S.C., The self-regulation of commodity exchanges: the case of market manipulation[J], Journal of Law & Economics,1995,38:141-206.
[91] Pirrong,S.C., A positive theory of financial exchange organization with normative implications for financial market regulation, Paper presented at the 2nd Annual Conference of the International Society of New Institutional Economics, 1998.
[92] Pistor, Katharina and Xu, Chenggang., Incomplete Law - A Conceptual and Analytical Framework and its Application to the Evolution of Financial Market Regulation, Columbia Law and Economics Working Paper No. 204, May 2002.
[93] Premalata Shenbagaraman., Do Futures and Options trading increase stock market volatility? NSE Research Initiative, Paper no. 20, 2003.
[94] Pritchard,A.C., Self-Regulation and Securities Markets[J], Regulation Magazine, 2003, 26,3.
[95] Rajan,R. Zingales,L., Financial Dependence and Growth[J],American Economic Review,1998,88:559-586.
[96] Romano, R., A thumbnail sketch of derivative securities and their regulation[J], Maryland Law Review, 1996,55(1):1-83.
[97] Salil K. Sarkar, Niranjan Tripathy., An empirical analysis of the impact of stock index futures trading on securities dealers’inventory risk in the NASDAQ market[J],Review of Financial Economics ,2002,11:1–17.
[98] Schotter,A., The Economic Theory of Social Institutions[M],Cambridge:Cambridge University Press, 1981.
[99] Sergio G. Lazzarini and Pedro Carvalho de Mello., Governmental versus self-regulation of derivative markets: examining the U.S. and Brazilian experience[J],Journal of Economics and Business, 2001, 53,March-June.
[100] Shann Turnbull., Stakeholder Governance: A Cybernetic and Property Rights Analysis., CORPORATE GOVERNANCE: THE HISTORY OFMANAGEMENT THOUGHT, R.I. Tricker, Ed., Ashgate Publishing, pp. 401-13, London, 2000.
[101] Shiller, Robert J., Do stock prices move too much to be justified by subsequent changes in dividends?[J], American Economic Review, 1981, 71:421-435.
[102] Shleifer, Andrei, and Robert Vishny., Large shareholders and corporate control [J], Journal of Political Economy, 1986, 94:461-488.
[103] Shleifer, Andrei and Wolfenzon, Daniel., Investor Protection and Equity Markets, NBER Working Paper No. W7974, October 2000.
[104] Shleifer, A., Vishny, R., A survey of corporate governance[J], Journal of Finance, 1997,52: 737–775.
[105] Silber, W.L., Innovation, competition and new contract design in futures markets[J], The Journal of Futures Markets, 1981,1:123-155.
[106] Simon Johnson, Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer., Tunneling. Harvard Institute of Economic Research, Working Paper, 2000.
[107] Stigler, George J., The theory of economic regulation[J], Bell Journal of Economics & Management Science, 1974,5(2):359-366.
[108] Stuart L. Gillan., Recent Developments in Corporate Governance:An Overview[J], Journal of Corporate Finance,2006,12 :381– 402.
[109] Swire, Peter P., Markets, Self-Regulation, and Government Enforcement in the Protection of Personal Information, in Privacy and Self-Regulation in the Information Age by the U.S. Department of Commerce, SSRN Paper Download Rank: 7392.August 15, 1997
[110] Tatiana Nenova., The value of corporate voting rights and control: a cross-country analysis [J], Journal of Financial Economics, 2003, 68:325-351.
[111] Thakor, Anjan., The design of financial systems: An overview[J],Journal of Banking&Finance,1996,20:917-948.
[112] Tian ,Lihui., Government shareholding and the value of china’s modern firms, London Business Schoo1, Working Paper,2002.
[113] Tirole , J., Asset bubbles and over lapping generations[J], Econometrica,1985,53:1499-1582.
[114] Tirole , J., Hierarchies and bureaucracies:on the role of colusion in organizations[J],Journal of law,Economies and Organization, 1986,2:181-214.
[115] Wallace, W., The economic role of the audit in free and regulated markets: a review[J],Auditing: A Journal of Practice and Theory,1987:1-34.
[116] Warfield, J. N., Toward Interpretation of Complex Structural Models[J],IEEE Transactions on Systems, Man, and Cybernetics, SMC4,1974,(5):405-417.
[117] Weil, P., Confidence and the real value of money in an over lapping generations economy[J], Quarterly Journal of Economics, 1987, 102:1-22.
[118] West, K. D., A specification test for speculative bubbles [J], Quarterly Journal of Economics, 1987, 102(3):553-580.
[119] Wurgler,J., Financial Markets and the Allocation of Capital[J],Journal ofFinancial Economics,2000,58:187-214.
[120]阿瑟?奥肯,平等与效率(王奔洲等译)[M],北京:华夏出版社,1999.
[121]安德鲁?肖特,社会制度的经济理论(陆铭、陈钊译)[M],上海:上海财经大学出版社,2003.
[122]奥尔森,国家的兴衰探源(吕应中等译)[M],北京:商务印书馆,1993.
[123]奥尔森,权力与繁荣(苏长和等译)[M],上海:上海人民出版社,2005.
[124]鲍莫尔,资本主义的增长奇迹——自由市场创新机器(郭梅军等译)[M],北京:中信出版社,2004.
[125]布雷特、兰塞姆,经济学家的学术思想(孙琳译)[M],北京:中国人民大学出版社,2004,5.
[126]曹凤岐、姜华东,中国发展股指期货研究[J],北京大学学报(哲学社会科学版), 2003.11
[127]陈信元、张田余,资产重组的市场反应-1997年沪市资产重组实证分析[J],经济研究,1999,9:47~55.
[128]陈永杰,新公平/效率观——对公平与效率问题的重新审视[J],经济理论与经济管理,2006,5.
[129]成思危,诊断与治疗-揭示中国的股票市场[M],北京:经济科学出版社,2002.
[130]迟海燕、马哗华,各种资产重组方式的比较分析[J],预测,2000,19(2):23~29.
[131]董贵昕,金融泡沫运行与控制研究,博士论文,东北财经大学,2001.6.
[132]冯根福、吴林江,我国上市公司并购绩效的实证研究[J],经济研究,2001.
[133]高见、陈歆玮,中国证券市场资产重组效应分析[J],经济科学,2000,1:66~77.
[134]高西庆,更新监管理念强化行业自律功能[J],中国金融,2002,9:9-10.
[135]国务院,关于推进资本市场改革开放和稳定发展的若干意见,2004,01.31.
[136]鹤光太郎,用‘内生法律理论’研究法律制度与经济体系[J],比较,2003,6.
[137]胡天存、杨鸥,上市公司控制权配置现状与效率研究[R],深圳:深圳证券交易所(研究报告),2003.
[138]胡孝红,金融期货与期权市场监管制度初探[J],武汉大学学报,2000,4:537~541.
[139]黄邦根,构建和谐社会中效率与公平的关系[J],经济理论与经济管理,2005,10.
[140]黄兴、张维,中国股市泡沫的检验[J],石家庄经济学院学报,2002,25(3):228~233.
[141]江春,论金融的实质及制度前提[J],经济研究,1999,7.
[142]江春,新制度金融学探索[J],经济学动态,2002,6.
[143]江春、许立成,新制度金融发展理论:一个分析框架,第3届中国金融学年会——中国?上海,2006,10
[144]李风圣,论公平[J],哲学研究,1995,11.
[145]李风圣,制度高于技术[J],读书,2005,4.
[146]李健,关于商品、权利与制度,2002经济学年会论文,2002.
[147]李善民、陈玉罡,上市公司兼并与收购的财富效应[J],经济研究,2002,11:27~35.
[148]李松龄,规则公平的产权与效率——古典经济学派公平效率观的产权分析[J],经济评论,2003,5.
[149]李松龄,公平与效率的产权基础——起点公平与结果公平的产权分析[J],华中师范大学学报(人文社会科学版),2004,2.
[150]廖英敏,中国期货市场规范发展的政策建议[R],国务院发展研究中心调查研究报告,2002.
[151]陆国庆,中国上市公司不同资产重组类型的绩效比较[J],财经科学,2000,6:20~24.
[152]罗尔斯,正义论[M],上海:上海译文出版社,1991.
[153]孟生旺、袁卫,利息理论及其应用[M],北京:中国人民大学出版社,2001.
[154]诺思,经济史中的结构与变迁[M],上海:上海三联书店、上海人民出版社,1991,p12.
[155]石英华,资本市场:热点与案例[M],北京:经济科学出版社,2004.
[156]史永东,资本市场中的投机泡沫、羊群行为和投资者心理,博士论文,东北财经大学,2003,5.
[157]苏圻涵、陈伟忠,期货投机交易对现货市场的稳定效应及福利分析[J],当代经济科学,2003,5
[158]汪毅慧、廖理、邓小铁,不对称信息、交易成本与投资者保护:内地(中国大陆)和香港的比较研究[J],金融研究,2003,10:27~36.
[159]王勇、张小南,股指期货交易运作模式的比较及启示[J],财经科学,2002,6:81~83.
[160]王跃堂,中国证券市场资产重组绩效之比较分析[J],财经研究,1999,7:53~59.
[161]约瑟夫·熊彼特,经济发展理论[M],北京:商务印书馆,1990.
[162]约瑟夫·熊比特,资本主义、社会主义与民主主义[M],北京:商务印书馆,1999.
[163]许成安,也谈和谐社会构建中的效率与公平关系[J],经济理论与经济管理,2006,5.
[164]亚当?斯密,国富论(唐日松等译)[M],北京:华夏出版社,2005.
[165]亚里士多德,尼各马克伦理学(苗力田译)[M],北京:中国社会科学出版社,1990.
[166]杨峰,海外股指期货市场比较研究[J],金融研究,2002,7:36~43.
[167]杨小凯、黄有光,专业化与经济组织-一种新兴古典微观经济学框架[M],北京:经济科学出版社,1999.
[168]应望江、张永京、徐华康,从台湾实践看股指期货对现货市场的影响[J],证券市场导报,2001,7:52~57.
[169]余晖,管制的经济理论与过程分析[J],经济研究,1994,5:50~54.
[170]余晖,行业协会组织的制度动力学原理[J],经济管理,2001,4:22~29.
[171]袁剑,走进长庄鼻祖“中经开”的幕后:被贪婪和自负击倒[J],科学与财富,2002,11,21.
[172]张定胜、杨小凯,国际贸易、经济发展和收入分配[J],世界经济,2004,9:4~12.
[173]张群群,公开叫价、会员垄断与非赢利组织地位[J],财经问题研究,2000,10:3~9.
[174]张维、邹高峰,我国上市公司控制权转移的市场反应[J],系统工程,2005,12:10~16.
[175]张新,并购重组是否创造价值?——中国证券市场的理论与实证研究[J],经济研究,2003,6:20~29.
[176]张宇燕,强化市场型政府[J],读书,2005,3.
[177]证券交易所自律监管地位比较研究[R],深圳证券交易所第一期法律课题委托研究项目,2004.
[178]周业安,‘金融约束论’批判[J],经济科学,2000,3.
[179]左孝凌、李为鑑、刘永才,离散数学[M],上海:上海科学技术文献出版社,1987.