The Development And Innovation Of China's Property Rights Market

China's property rights market is an institutional arrangement with Chinese characteristics of the capital market.Since the 1980s,the property rights market has developed for 20 years and played an important role in the allocation of social resources,especially the withdrawal and restruction of the state-owned assets.It has gradually developed as an indispensable part of Chinese capital market.However,it is undeniable that the property rights market is not perfect.There are still many problems such as multiple management,weak authority,uncertain powers and responsibilities and so on.To some extent,these problems restrict the development of the property rights market and influence the process which integrate property rights market into multitiered capital market system.Thus it is hoped that China's property rights market would transfer from the state-owned assets exchange market to the social public capital market, integrate into the unified social capital market system,and become a formal institutional arrangement.Using a combination of methods such as standardized analysis,empirical analysis, quantitative and qualitative analysis,this paper focused on the following questions:first,with the help of the system change theory of the new neo-institutional economics,discusses the effectiveness of its existence and development model,demonstrates that the property rights market is the best choice at that time;the second is the conversion of the property rights market functions.There are three possible development of the property rights market,including the gradual shrinking prospect,the banned prospect and the renewable prospect.Only if the property rights market ingrates into the multitiered capital market system,it can achieve regeneration; Third,to achieve the target conversion,the property market should complete its transformation through the regulatory system innovation,business innovation,and exchange patterns innovation.The first 10 years of the 21st century is a specially important historical stage in the development of China's property rights market.It should take the opportunity of construction of China's multitiered capital market system,integrate into the multi-level capital market system and play more important role in the allocation of resources.