CAJ | 학술논문

从制度关联的共时性上看，在一个国家综合配套改革试验区内，区域性资本市场必然成为一种外生变量加以关注。一个有区域性资本市场安排与一个没有相应安排的国家综合配套改革试验区相比，前者更能提高决策效率并且更能保证整体制度的稳定性。从历时性上看，国家综合配套改革试验区可以视为对原先制度关联方式的重新组合或者捆绑。过去在经济地理意义上相互分隔的各项制度在试验区范畴内得以进一步融合，使得局内人可以有机会更有效地进行策略的组合选择，这会使得原先各领域中的旧制度加速消失、改进或替代。
종제도관련적공시성상간，재일개국가종합배투개혁시험구내，구역성자본시장필연성위일충외생변량가이관주。일개유구역성자본시장안배여일개몰유상응안배적국가종합배투개혁시험구상비，전자경능제고결책효솔병차경능보증정체제도적은정성。종력시성상간，국가종합배투개혁시험구가이시위대원선제도관련방식적중신조합혹자곤방。과거재경제지리의의상상호분격적각항제도재시험구범주내득이진일보융합，사득국내인가이유궤회경유효지진행책략적조합선택，저회사득원선각영역중적구제도가속소실、개진혹체대。
From the diachronic analysis of institutional linkage, in the pilot zone for China＇ s comprehensive reforms （PZCRR）, the regional capital market will be intentioned as exogenous variable. The PZCRR attached by the regional capital market can improve the decision efficiency and has better stability than the PZCRR which has not it. From the synchronic analysis, the PZCRR can be viewed as some kind of recombined or rebounded to the original institutional linkage. All kind of institution which are separated on the sense of economic geography can be fusion further in the areas of the PZCRR. It will provide the stakeholders more opportunities to choice a more efficient strategy portfolio. And it will accelerate the old institution to disappear, be improved and be substituted in the original domain.