Marginal Analysis Of Property Right Diversification In State-owned Enterprises

Reformation in Chinese State-owned enterprises is a process of unceasing exploration and trials, with discoveries and uncertainty. How to reform State-owned enterprises has been argued in the academic circles and there were intense conflicts in 1995 and 2004. The State-owned enterprises have solved a lot of contradictions and problems during reformation of nearly 30 years, but some deeply-embedded intrinsic matters of the State-owned enterprises still remain unsolved, including the issue of property right as the most pivotal issue. At present, the government of the department responsible for the work and the academic circles basically agree on property right diversification for the State-owned enterprises reformation, but the diversification has been being carried out with"trial bugs"because of the lack of relatively complete systematic theory, which is unfavorable for the performance of property right diversification in the State-owned enterprises. Aiming at this realistic issue and using critical analysis method in new classical economics, through the mathematical model and experimental research methods, the study is to research the related issues about property right diversification reformation in the State-owned enterprises, analyze the critical condition of the property right diversification reformation in State-owned enterprise, and try to establish the marginal theory of property right diversification in the State-owned enterprises.After making a summary of property right, property right theory, theory of property right diversification reformation in the State-owned enterprises, and critical analysis methods, the article defines the meaning of property right in this study, compares and discuss between theories of property right. The article clarifies that the western property right theory can be consulted in the property right reformation of Chinese State-owned enterprises, which needs diversification, and the research of diversification can make use of critical analysis method in new classical economics. The article summarizes the processes and direction of Chinese State-owned enterprises reformation, analyzes the cause of the State-owned enterprises actuality, and point out the direction of Chinese State-owned enterprises reformation is the property right diversification, states that the theoretical bases of the property right diversification include property right malfunction, limitation of property right, high transaction costs, low efficiency of the manager decision-making process in the State-owned enterprises, and etc.Using marginal analysis method in new classical economics, the study researches property right diversification in Chinese State-owned enterprises reformation. First, the study subdivides the property right diversification into property right subject diversification and property right object diversification. Then the study establishes the mathematical model and conducts theoretical deduction of subject diversification and object diversification in the State-owned enterprises. There are two conclusions coming from theoretical deduction of subject diversification marginal analysis. One is that the property right subject diversification in the State-owned enterprises can increase corporation value; another is that the marginal condition of subject diversification is the equality of marginal value and marginal cost of the corporation, or the property right ratio demanded by the State-owned enterprises itself. There are three conclusions coming from theoretical deduction of object diversification marginal analysis. First, the property right object diversification in the State-owned enterprise can increase corporation value. Second, the more diversified the property right object are, the more the corporation value increases. Third, the marginal condition of object diversification is the equality of marginal value and marginal cost. In the end, the study verifies the deductions of mathematical marginal analysis of subject diversification and object diversification using cases of TCL and HY company and S company, which are under the custody of the State-owned Assets Supervision and Administration Commission of Guangdong Province.