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制度的意义在于效率,不同的制度会“产生”不同的效率.新制度经济学强调制度对效率的重要性.制度变迁是制度的替代、转换与交易的过程,制度变革会导致效率的变化.中国证券市场的制度变迁中的缺陷导致了证券市场资源配置的低效率.“,”The system significance lies in efficiency.Different systems will “produce” different efficiency.New system emphasizes the system significance to efficiency.The system changes is the system replacement,the process changing and trading.System reforms can lead to the efficiency change.Changes in China's stock market system defects led to inefficient resource allocation stock market.