近年來，堅拒政治轉型的中國在經濟表現上取得了驚人的成就， 甚至遠遠超過1990 年代在政經制度上急驟轉向的蘇聯及東歐諸國。 以科斯（Ronald H. Coase）為首的新制度經濟學將會如何看待中國經 濟近年的巨大成就？他們所詮釋的中國政經制度變革有何特點？他們 的詮釋上有那些盲點與爭議？本文首先回顧新制度經濟學之起源及核 心理論，其次再以科斯、王寧（2013a）的《變革中國》一書為藍本， 檢視以科斯為主的新制度學家解釋中國崛起的特點，接著本文指出以 「邊緣革命」為主概念的新制度經濟學對中國的詮釋仍存在顯著之不足 及爭議。本文發現，科斯雖被視為新制度經濟學創始人之一，但他本 身並沒有提出一個清晰的制度架構。而他對中國市場化的解釋其實是 更接近海耶克（Friedrich Hayek）式的奧地利學派主張，而非新制度 經濟學的理論。本文認為即使以最寬鬆的制度經濟學的架構來檢視， 中國大陸雖意外的、蹣跚地由中央計劃經濟逐步向市場經濟轉型，但 迄今為止，市場經濟的轉型尚未臻完全。若要依靠目前尚未完全的制 度，中國大陸將難以支撐其未來經濟持續的成長。

In past 10 years, China, who has been resisting to change her political system, has reached a great economic performance that is significantly better than the ones of Russia and East European counties who were dramatically switched to democracy regimes in 1990s. How do New Institutional Economists (NIEs) interpret China’s great transformation since 1980s? What are the features and limitations of NIEs’ perspective in interpreting China? In order to explore these issues, this paper first reviews the rising of NIEs and their main theories. Then, based on Coase and Wang (2013)’s book – How China Became Capitalist, the features of Coase’s story is reviewed. However, there are some significant shortages and controversies in Coase’s interpretation on China’s great transformation. Especially, it is obviously that China has not yet successfully built a stable property right system and legal system through which China can persistently support her economic growth in the future. Finally, this paper figures out what should China make efforts in order to reach an efficient institutional system.