On the relationship between the market structure factors such as industrial centralization , product differential , entry block , economy of scale , and market structure as well as market performance . this paper analyses the trading cost ( explicit cost ) system of our country ' s securities market , based on the above mentioned analytical framework and study path provided by the industrial organization approach 這一分析方法,為個(gè)別產(chǎn)業(yè)的具體分析和實(shí)證研究提供了理論基礎(chǔ)和研究路徑,其中尤其是對(duì)作為市場(chǎng)結(jié)構(gòu)因素的產(chǎn)業(yè)集中度、產(chǎn)品差別化、進(jìn)入壁壘、規(guī)模經(jīng)濟(jì)等與市場(chǎng)結(jié)構(gòu)和市場(chǎng)績(jī)效之間關(guān)系的分析。
Under the special background of transitional economy in china , however , the cost of equity financing of listed companies , besides the general explicit cost , also contains rather high implicit cost , which covers the real expense paid by listed companies , and makes it difficult for capital market to exert the function of allocating resource at full 然而,在我國(guó)轉(zhuǎn)軌經(jīng)濟(jì)的特殊背景下,上市公司股權(quán)融資成本除包含一般的顯性成本外,還包括相當(dāng)高的隱性成本,從而掩蓋了上市公司進(jìn)行股權(quán)融資所付出的真實(shí)代價(jià),使資本市場(chǎng)配置資源的功能難以有效發(fā)揮。