Game Analysis On Exchange Of State-owned Enterprises' Property Rights

With the methods of game theory and information economics,this paper sets up some models to study the processes involving the pricing of state-owned enterprises' property rights,comparing of market trading ways, construction of trade organizations,and other related problems. In the mean time,the paper some plolicies about the creativity of trading rules of enterprises' property rights and how to enhance the monitoring of the trading process of enterprises' property rights.This paper includes six chapters. The first one emphasizes the background and realistic significance of topic the paper deals with,and introduces the creative ideas of this paper and main contents of the following chapters. Based on the related literatures at home and abroad,this chapter sets up the analyzing methods and contents of the paper.Transfer price of enterprises' property rights has always been under hot fire. The main reason for that is the lack of reasonable pricing mechanism,which leads to many problems such as artificial intervention and illegal operations of non-government intermediary organizations. These phenomena result in people suspicion about the pricing outcome. Thus only through market pricing,can the transfer price of enterprises' property rights tend to be reasonable and widely accepted.Chapter two uses game theoretic model of bargain between the two property-trading parties to analyze the pricing mechanism of enterprises' property rights and gives some policy suggestions to enhance monitoring and governing the process of property trading and avoid rent-seeking behaviors in the process.Chapter three. Some transfer prices are much higher than asset assessment due to the change of market status and demand-supply gaming results;There is only one buyer after some properties are listed for trading,so the properties are finally transferred in line with the asking price. The latter case is totally different from the direct transfer according the asset assessment without entering market,because direct transfer has not been tested by the market demand-supply gaming.The rock-bottom pirce of property rights is not only related to its asset,but also to the power positions of two trading parties,and even related to trading methods and trading institution. This chapter uses game theory to study how to price the property under the bid for transferring ,and explore the method to maximize the trade value ofstate-owned enterprises' property rights.Chapter four. There are three most fundamental trading approaches during the present process of state-owned enterprises' property rights in our country: agreement transfer,auction and bidding transfer.This chapter analyzes and compares the impacts of those three different trading approaches on transferring prices. Based on researching trading objects and approaches of foreign countries and according to our country's present status conditions of property rights trade,this chapter points out the creative directions as for our country's trading objects and approaches of property rights market,and comes out with some creative ideas about trading rules and implementing them.Chapter five. Seeking and selecting buyers through market can effectively avoid limitation and blindness of previous resource allocating by government. The transfer information distributed professionally and normally by property trading organizations can attract more buyers, not only effectively avoiding the previous "blind matching" by government,but also effectively breaking up some unfavorable factors such as regional segment and business block ,and also effectively blocking the passageway through which some persons privately sell and buy the state-owned enterprises' property rights.However,there exists some competitions between all trading organizations,even if they take some cooperative procedures. Driven by interests such as prompting their development,expanding the trading volume and increasing their impact,some organizations ignore their work quanlity,don't operate normally,and do some corrupt things,leading to loss of state-owned assets. Then how to prevent this to happen?This chapter uses mathematical model to analyze the behavior of trading organizations,viewing them as an economic entity. The aim is to find out some reasonable plolicies to make the property rights market operate fairly and effectively.Chapter six draws conclusions and puts forward some policy suggestions,and points out some shortcomings and further problems that may be analyzed in the future. Our country's property rights trading market is still a newly-built and booming market,and the period of marketlization is still short,and our country's legal environment and credit environment are much far away from that a perfect market needs. All these problems should be addressed in the coming development of market. Create points of this paperFirstly,the paper uses the auction theory to analyze the pricing of state-ownedenterprises' property rights and factors that affect trading prices under bidding transfer trading approach,drawing the conclusion that bidding transfer appraoch does not make the state-owned enterprises get their real values and its reasons. The paper first put forward the idea that setting up the virtual bidder system is the effective method to make state-owned enterprises get more revenue with bidding transfer trading approach.Secondly,based on Carl Shapiro model that deals with the problems such as firms provide bad quanlity goods to consumers equipped with incomplete information,and credits impact on quanlity of goods,the paper studies how the incomplete information leads to decreasing level of equilibrium service through improving and modifying the parameters in the model. The parameters include information-affected factor,revenue and firm numbers. This provides some suggestions for government to interven.Thirdly,the paper uses mathematical model to analyze and compare the present trading approaches of state-owned enterprises' property rights,and points out their respective characteristics. It especially compares the equilibrium prices in different trading approaches,and challenges the current popular idea which thinks the state-owned enterprises get lower value using agreement transfer method than using bidding method and auction method.