Reforming China's Stock Market: Institutional Change Chinese Style

In this article we examine the dual-track pricing system in China's stock market since its inauguration, a legacy of its economic transition and a major source of institutional predation in the market. We then examine the share structure reform initiated in 2005 that sought to eliminate the distortion this predation had elicited. We interpret the reform push as a process of institutional change and focus on the drivers and theoretical explanations of such changes in China's stock market. We thus advance a model for understanding institutional change, Chinese style. We argue that, initially, the institutional arrangement was constructed by the dynamics of transition – the juxtaposition of the Leninist state and the emerging stock market. This provided huge incentives for state corruption in the emerging market. As the market transition proceeded, the societal and political costs of corruption and market distortion also grew, which produced a crisis that eventually attracted the attention of powerful leaders of the party state. We argue from this case that the broader political context in which specific examples of institutional change occur needs to be examined. Specifically, we argue that powerful agents who are external to given institutional environments can play an important role in institutional change, thus highlighting the political dynamics of an authoritarian state amid systemic transition and global integration.     

博弈视角下农地流转与农民利益保障机制探析

农地流转制度在巩固存量利益的同时,也带来了可观的增量利益,各个利益主体为分配新增利益势必会展开激烈的竞争和角逐.运用博弈论系统分析利益主体之间的博弈关系,透视现实制度实行中其他利益主体对农民利益的侵害.在策略选择上从宏观、中观和微观角度着力构建三位一体利益保障机制,矫正农地流转利益博弈中的力量失衡状态,促使农民的存量利益能够得到对价支付,确保农民能够公平参与增量利益的分配.     

Book reviews

Michael Rywkin, Ed., Russian Colonial Expansion to 1917, Institute of Muslim Minority Affairs, Monograph Series Number 1, The Association for the Study of the Nationalities (USSR and East Europe) Incorporated, Series in Issues Studies Number 4, Rein Taagepera, Preface. London: Mansell Publishing, 1988, xviii + 274 pp., $45.00.

Helene Carrere, D'Encausse, Islam and the Russian Empire: Reform and Revolution in Central Asia, Comparative Studies on Muslim Societies, No. 8, Maxime Rodinson, Preface, Quintin Hoare, Trans. Berkeley, California: University of California Press, 1988, xix + 267 pp., $40.00.