The article gives a full investigation of fmoar by importing the theory of rent - seeking and digs out the institutional factors behind fmoar , which are unfair listing system , sole magnitude of state - owned shares and over - intervention of government . managerial levels of listed companies are intended to seek rent under such institutional circumstances while natural profit - seeking activities are interrupted 本文利用尋租經(jīng)濟(jì)學(xué)理論對報(bào)表性資產(chǎn)重組進(jìn)行全面分析,發(fā)現(xiàn)造成這一現(xiàn)象的制度根源在于上退市制度的不合理,國有股的一股獨(dú)大和政府(特別是地方政府)的過度干預(yù)。
Rooting from classical theory of rent - seeking , the thesis has discriminated rent - seeking and monopoly , rent - seeking and information dissymmetry , information dissymmetry and information manoeuvre , and get what is the core concept informa - tion manoeuvre rent seeking - control and monopolise information resource in order to get rent in stock - market 本研究從經(jīng)典尋租理論出發(fā),首先闡述了尋租和壟斷,尋租和信息不對稱,以及信息不對稱與信息操縱等相關(guān)定義的關(guān)系,認(rèn)為信息操縱型尋租是一種人為造成證券市場信息不對稱而獲取租金的行為。