股改深刻地改变了我国证券市场的游戏规则,大小股东的获利机制趋于一致。大股东开始关心二级市场的股价,对管理层的监管积极性更高,而中小股东“搭便车”的动机也更强。所以,股改后,大股东与中小股东的智猪博弈才更有可能,并呈现出一些新的特点。本文据此进行分析,拟找到平衡大小股东利益博弈的对策。 Stock reform has profoundly changed the rules of the game in the securities market in our country. Profit-making mechanisms of large and small shareholders tend to be in line. Big shareholders began to care about the secondary market share price, the supervision of management more motivated, and small and medium shareholders, “free-riding” motivation is also stronger. Therefore, after the share reform, it is more likely that the big shareholders and the small and medium-sized shareholders will play the game of pigs and show some new features. Based on this analysis, this paper intends to find a countermeasure to balance the interests of shareholders of large and small game.