Property Rights Theory And The Equity Market Research

On the back ground of globalization and corporations multi-national merger trend, property rights exchange market was founded in China and developed with Chinese state-owned enterprises' economic structure reforming, which is a significant part of Chinese marketing economic transforming process.The dissertation conducts the research to Chinese property right exchange market on the five aspects including the certainty of constructing and developing property rights exchange market, the development process and the present situation, the development direction, the existing questions at this stage, and finally, the advisement for normalizing the market.In the foreword, the article which raises the elaborates question at first and has carried on the summary to the academic theories correlated with our country property right exchange market points out that the fundamental research about the market must deepen. Finally, the foreword summarizes briefly the research ideas and methodology.The first chapter reviews the western property right definition, Coase Theory and other developed theories, concerns on the literature view of Chinese property right transaction market.The second chapter is elaborate to illustrate the necessity of giving our country property right market birth. The market raised at the historic moment under the state-owned enterprise equity system reform's background have the positively promotive effect on the modern property rights institution of the State-owned business. At the same time, the property rights market is accelerating the national economic growing by combining with technology and capital and exerting the investment's multiplier effect. Most importantly, the property right trading market as a constituent of the multi-level capital markets would realize the effective disposition for fund.The third chapter pictures an image of Chinese property right market development process, present situation and prospective model. Started from 1984, the market experienced several major stages: exploration, birth, regulation adjustment and continuous development.The management structure, the transaction object, the procedure and methods for trading are concerned for the property rights exchange organization's present situation. At now, the market organizations mostly state-owned are controlled by government. In Chinese property right exchange objects, the material object project occupies the dominant position while the rights and interests proportion rises increasingly. The property right transaction takes auction, public bidding and agreement assignment as the three main methods. At present, public bidding takes less effect when the agreement assignment is widely used. The property right market's development direction is to be unified and finally and it will become the Chinese OTC.In the fourth chapter, there are six aspects including the market organization, the market mechanism,"three stipulations", the coordinated sets of measures, the laws and regulations supervision to summarize the questions which the property right market development is facing. In Chinese market, too many low efficient market organizations are set up and mostly positioning on the producing market, which is hard to afford resources allocation function in the capital market. The market mechanism consists of two parts including price and information transmission. Too many supplies and ineffective intermediary communication cause the inflexible system; ineffective asset evaluation leads the wrong price. The agreement assignment is the overwhelming majority in the exchange mode, so there is no competitive price. Mean while, all sorts of questions existing in the transaction information cause the inefficiency in property rights exchange."Three stipulations"has suppressed speculation, but it also reduced property rights fluidity. Because there is no the nationwide single market, the resources are unable trans-region disposition. Low quality agents, low quality credit system, insufficient financial system, no professional manager system and other insufficiency coordinated sets of measures also have hindered the property right market function display. In the laws and regulations supervision aspect, the lagged legislation is lagged, the supervision function is overlapping and government administration is the leadership of the property rights market. Except for Shanghai, the Central authorities and other provinces have not established the supervision organization to supervise the property right transaction. Some property right markets are supervised by multi-thread supervision.The fifth chapter raises some suggestions to develop the Chinese property right exchange market, mainly including to perfect market network system, to regularize market operation system, to optimize unimpeded information conduction system, to consummate the coordinated set of measures and market monitoring.