一、中国证券市场发展的“控制—妥协”逻辑中国的渐进式改革具有内在逻辑上的有序性和不可逆性。进入1992年以后,随着将国有企业缺乏活力的症结归结为产权不清,并将股份制作为消除产权不清问题最有效方式的观点占据上风,推行股份制成了新的时尚(林毅夫,1994)。证券市场从此进 I. The “Control-Compromise” Logic of the Development of China’s Securities Market China’s gradual reform has inherent logical order and irreversibility. After 1992, with the view that the crux of the state-owned enterprises’ lack of vitality was attributed to the unclear property rights and taking the shareholding system as the most effective way to eliminate unclear property rights, the introduction of shares became a new fashion (Lin Yifu, 1994). From the stock market into