吴敬琏教授最近撰文说,股份合作制这种企业制度并不是没有自己的弱点和适合一切企业的。所以不应有“一股就灵”的想法。吴敬琏教授说,股份合作制是一种在职职工共有的企业制度,在前南斯拉夫曾经进行过大规模试验。他们的经验证明,这种企业制度容易导致短期行为:一叫“少扣多分”,二叫“借钱投资。”我们对于这种可能发生的消极倾向要有思想准备,同时要在制度上想办法加以约束。企业理论告诉我们,企业的负债率过高和自有资本太少, Prof. Wu Jinglian recently wrote that the corporate system of the stock cooperative system is not without its own weaknesses and is suitable for all enterprises. Therefore, there should not be an idea that “it is a spirit.” Professor Wu Jinglian said that the joint-stock cooperative system is a corporate system common to all serving employees and has conducted large-scale experiments in the former Yugoslavia. Their experience has proven that this kind of corporate system is prone to short-term behavior: one is to “sufficiently deduct more points,” and the other is to “lend money to invest.” We must be mentally prepared for this possible negative tendency, and we must think institutionally. Ways to be constrained. Corporate theory tells us that companies have too high a debt ratio and too little of their own capital.