China's State-owned Shares, Property System

The state-owned stock is a specific phenomenon in China. Its transaction cost is high which affects the efficiency of property system of the state-owned stock. A conclusion can be drawn that an innovation in the original property system is helpful to reduce transaction costs and improves the efficiency. This paper, adapting the analytic method of the modern property theory and transaction cost economics, analyses property system of the state-owned stock and its operating mechanism. Based on these, the thesis suggests an innovation of property system of the state-owned shares and seeks the way to construct circulation market of the state-owned stock in China. This paper consists of four chapters. Chapter one elaborates the characteristics of property system of the state-owned stock induced by the history of our economic institution reform. Chapter two turns to analyze transaction costs of property system of the state-owned stock. In chapter three, we put forward some suggestions on innovation in property system of the state-owned stock in our country. In chapter four, the construction of the circulation market of the state-owned shares is outlined.