Research On The Mechanism Design And Efficiency Of Cultural Property Right Transaction In China

Since the reform and opening up,the trading of cultural products and factor markets is worthy of attention.During the Party's 17 th and 6th Meeting,it was proposed that “improve the modern cultural market system and promote the rational flow of cultural products and elements”.During the Third Plenary Session of the 18 th CPC Central Committee,it was proposed that “We should make the market play a decisive role in resource allocation to form a modern market system with free flow of elements and equal exchange”.Then the 19 th National Congress of the Communist Party of China put forward that “economic system reform must focus on improving the property rights system and marketizing factors,realizing effective incentives for property rights,free flow of factors,and flexible price response”.All of these demonstrate the determination of the Chinese government to establish a modern cultural market system.However,compared with the product-flowing market,China's cultural property rights elementary market is more unsubstantial,especially the lack of a trading mechanism which is used to promote the effective flow of cultural property rights.Only by designing a trading mechanism that satisfied the characteristics of cultural property transactions,fully solved the influence of non-price factors,and combined the characteristics of the trading market,other market problems will be solved.The research of this paper is to design a two-way trading mechanism for China's cultural property rights: on the one hand,let the potential assignees express the true evaluation of cultural property rights through fierce competition,so that the cultural property rights can obtain a reasonable high price and protect property rights.On the other hand,it is necessary to protect the legitimate rights and interests of the investment subject(buyer)through contracts and institutional arrangements to avoid excessive price fluctuations,speculation and price manipulation caused by excessive capitalization of transactions.All parties are satisfied,and thus the property rights transaction can be carried out effectively.To this end,this paper constructs a trading mechanism suitable for China's cultural property rights trading market through theoretical analysis and empirical testing.Specifically,firstly,it briefly analyzes the background and research significance of the design of China's cultural property rights trading mechanism.And it sorts out the existing research results,makes comments on the shortcomings of the research institute.Secondly,from the theoretical and practical level,this paper analyzes the existing irrational pricing mechanism of cultural property rights trading mechanism.And it can not take into account the price factor and non-price factor.This paper points out the necessity of innovation of China's cultural property rights trading mechanism.Then,on the basis of theoretical and practical analysis,using comparative analysis and normative analysis to construct a “four-integrated” trading mechanism suitable for the characteristics of China's cultural property rights trading market.Finally,in order to measure the efficiency of the “four-in-one” trading mechanism,the Tianjin Cultural Art Exchange is used as a research sample.The empirical result shows that the “four-in-one” trading mechanism is efficient.The research finds that:(1)The development of China's cultural property rights trading market is characterized by incompleteness,serious speculation and price manipulation.It resulting in the unfairness of market transactions,the generation of unbalanced price and conspiracy in the transaction process.(2)The efficiency of the cultural property rights trading mechanism is affected by both fund raising and resource allocation.The “four-in-one” trading mechanism ultimately guides the rational allocation of capital resources and cultural resources through scientific and reasonable pricing.(3)Traditional factor analysis can study a cross-section data of a company or product,and there is no way to deal with the data for many years.By using the multi-indicator panel data factor analysis method,this paper measures the efficiency of the trading mechanism more scientifically and reasonably,and makes the efficiency measurement result more persuasive.(4)This paper proposes that the “four-in-one” trading mechanism can simultaneously consider the price factor in the pricing process and non-price factors.The pricing results are consistent with market performance,and are efficient in terms of pricing.Based on the research results,the following suggestions are proposed: It is important to optimize the “four-in-one” trading mechanism from the aspects such as reducing trading barriers,and increasing the promotion of trading mechanisms.We also need to promote its practical application.In the same time,we need to improve the behavior supervision and price monitoring of cultural property rights trading market,and introduce the maximum price limit and introduce price breakers and other price monitoring methods.Last,we should focus on talent training and improving information disclosure mechanisms to improve the transparency of the transaction process.