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-33-()200212,,,3,,,,,:,;,,,,;,,,19842000(1),:,,,1997,199734.6%200054.3%,,:©1994-2008ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.:,,1,,,:;;,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,:,119842000(:)(%)(%)(%)198428749437.151.53.5198563332132.055.20.7198628343448.547.90.7198737088452.634.612.7198852970659.230.89.0198955997647.519.329.5199065961140.119.02.91991119768250.817.830.61992581235150.122.827.019931114356649.522.327.31994826797748.624.626.51995912815343.519.536.91996732764243.519.536.91997510035340.623.734.61998521020533.222.441.81999412230232.816.550.22000626570032.012.854.3:19841999;2000;:©1994-2008ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.()200212,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,:isiSi,ui(Si)ui(si)i,i=1,,I;Si,siSi,siSi;ui(s)i,,(M.,,627631):,,,;,,;,(),,,,;,,,,,,;,,,(),,,,©1994-2008ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.:;;:=++,3,,,,,,,,(,2002),,,,,(,1990),,,,,,,,,,2080,,,,,,,,,(,1990),:,,,,,,(H.,1956),,,,,,,,,,,,,,,,,,:©1994-2008ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.()200212,,,,,,,,,,,,,,,,,,,;,,,,,,,,,,,,,,1.,:10001000,25%;4,15%,,,,:,,,,,,,,(,),,©1994-2008ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.(1993),,20.1%Molin(1996)15.9%,,:?,,,,,,,,,,,,,,:,,,,,,:;;,;,(),,,;,,Bolton&VonThadden(1998):,,,,,,,,,,,,,,,,2.,,,,,,,,:©1994-2008ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.()200212,,,,,,,,,,,,,,,,,,,,,,,,,,,,Demsetz(1985)La2Porta(1999),,,,,,,,:,,,,,,,,;,,,,,,,;,,,,,,,,,3.:,,,:,,,,;,,,,,;,,,,,(47)©1994-2008ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.()200212:,,20006,21:,,200239:,,20022:,,20022:,,200211:(2001)(2001)(2001)(2001):50,,1999()lu:,,2002221lv2001(1):WTO,,20001(2):,,20016(3):,,20006(4):,,1998(5):,,199911(6)AlexanderJ.Yeats:China’sforeigntradeandcom2parativeadvantage:prospect,problemsandpolicyimplica2tions,WashingtonD.C.:WorldBank,c1991.(7)PaulKrugmanandAlasdairSmith:Empiricalstudiesofstrategictradepolicy,TheUniversityofChicagoPress,1994.(8)RobertC.Feenstra:Empiricalmethodsforinterna2tionaltrade,TheMITPress,1989.(39),,,,7019881997,,,?,,,,,,,,,,:,(:;:)(1):,,20014(2):,,19926(3):,,20022(4):,,199010(5)H.:,[],19567(6)Shleifer,A.andVishny,R.,1986,LargeSharehold2ersandCorporateControl,JournalofPoliticalEconomy,94,pp.461488.(7)Demsetz,H.andLehn,K.,1985,TheStructureofCorporateOwnership:CausesandConsequences,JournalofPoliticalEconomy,93,pp.11551177.(8)LaPorta,R.,Lopez-de-SalinesandShleifer,A.,1999,CorporateOwnershipAroundtheWorld,JournalofFinance,54,pp.457471.(9)Bolton,P.andVonThadden,E.,1998,Blocks,Liq2uidity,andCorporateControl,JournalofFinance,VolLIII,No1,pp.125.©1994-2008ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.:GeneralEditor:President:Sponsor:Add:Tel:MANAGEMENTWORLDOriginalName:ADMINISTRATIVEWORLDLiKemuTianYuan,HeShaohua,LuJian&JiangDongshengXieYueGaoYanjingDevelopmentResearchCentreoftheStateCouncil,P.R.C.No.8Dazhongsi,Donglou,Beijing,China(010)6211223562115760TheOpeningofCapitalMarket:theOrientationinMakingPolicesinCopingwiththeTrendtoThreeKindsofForeign-investedEnterprisesBecomingExclusivelyForeign-ownedEnterprisesinChinabyHuaMinandJiangShuLogically,inevitabilityistheappearanceofthetrendtoThreeKindsofForeign-investedEn2terprises(TKFIE)becomingexclusivelyforeign-ownedenterprises(EFOE)runbytransnationalcorporationsinChina.AndthewelfareanalysisofthistrendindicatesitsadverseimpactuponChina.Wewillofferinthispaperthesuggestionthatcapitalmarketbeopenedandthattransnationalcorpo2rationsbeallowedtobelistedinChinaasourpolicyforcheckingthesaidtrend,andwillelaboratethefeasibilityofthissuggestionbythreeaspects:ananalysisofcost-benefitafterconstituentcompaniesinChinaoftransnationalcorporationsbeinglistinginChina;ananalysisofChineseinvestors’cost-benefit;andthesurpluseffectthatwillpromotethestandardizedgrowthofChina’sstockmarkets.AnAnalysisofOwnershipinTermsofitsInternalities,ExternalitiesandGovernmentControlthereofbyChengQizhiStartingwithacasestudyofsafetyinproduction,Iattempt,inthisarticle,tousetheframeworkofmodernownershiptheory,andnotthetraditionalmethod,toanalyzetheinternalitiesandexter2nalitiesofownershipontheonehandand,ontheother,therootofgovernmentcontrolthereof.Ac2cordingtotheownershiptheory,becausetransactioncostispositive,ownershipcannotbecompletelyandclearlydefined,andapartmustbepositionedinthepublicdomain,makingtraderswithadvan2tagesininformationgrabpublicwealthastheirown,thusincurringtothecounterpartylossesnotstipulatedontermsandconditionsofthecontract.Thatiswhatiscalledinternalities.Thepurposeofgovernmentcontrol,therefore,liesinreductionofthecostofcompletelydefinedownership,andraiseinefficiencyofresourceallocation.Onthisbasis,thispaperwillfinallyintegratetheinternalitiestheexternalitiesintooneinthesameframework