The Evolution Of Chinese Specialized Markets

The Chinese specialized markets have rapidly become one kind of urban and rural circulation forms which have progressed fastest and occupied predominant proportion since the reform and opening and have brought profound influence to the Chinese economy and society. The specialized markets have become the crucial platform to support the sustainable development of medium and small-sized enterprises and an important force in coordinating and promoting regional economics developing in balance. However, the research of the Chinese circulation economy theory on the mechanism, disciplines, efficiency and benefit of the progressive evolution of specialized markets was relatively lagged. So that it did not provide support for the strategic issues of construction and development of specialized markets duly and effectively in theory, and affected the planning and dicision-making of local governments on the construction of specialized markets to some extent. This thesis intends to discuss the mechanism and disciplines of the Chinese specialized markets from the angle of transaction cost theory in order to providing certain support for the government to make policies.Firstly, this thesis introduces the transaction cost theory, the theoretical basis of the Chinese specialized markets. Under this theoretical frame, the author analyses the choice of transaction mode and compares the market transaction costs with the enterprise agent costs. We solve the problem whether we should choose the market or the enterprise and demonstrate that the small-scale enterprises are more suitable for external transaction. The author makes further analysis that the evolution process of markets organization is a process in which the transaction cost is decreasing. The cost of market organization form decides people's choices of market organization.Secondly, the thesis discusses the impetus, process and performance of the Chinese specialized markets evolution overall. Based on Davis-North institutional change model which is transaction cost savings oriented, the paper makes a study of the driving force of institutions of the Chinese specialized market. The specialized economy, devised economy and scaled economy brought by specialized market grid make the external profits which can not be gained under traditional circulation system come true. The variety of the basic economic system represented by the household contract system makes the system environment of specialized markets become more and more mature. The mass emergence of merchandise proprietors from countryside makes the primary action subjects of the specialized market growth become form gradually. Driven by different motives, local governments take part in specialized market construction and become the secondary action subjects. The above factors become the institution forces of the Chinese specialized markets evolution. From three angles the thesis reviews evolution process of the specialized markets multi-dimensionally. From the angle of history, this thesis analyzes the process investigation of three kinds of transaction organization in China and the mode of transaction costs savings; from the angle of time and space, it states courses of the transaction organization evolution, evolution mode analysis and evolution cases. From the angle of phase, the auther brings forwards a statement that the life circles of specialized market evolution, a comprehensive description on the life cycles of the Chinese specialized markets has been made, and draws a conclusion that the present specialized markets in China are in the phase of maturity. From the aspect of"quality"which refers to the adjustment of economic structure and the influence on the development of urbanization and the other aspect of"quantity"which refers to the influence on economic growth, the paper states in detail the institutional performance of the specialized markets in China from its generation and development.Finally, on the prerequisite that specialized markets will continue retaining transaction efficiency and benefit advantages under perfect competition and realize sustainable development, the thesis analyzes the institutional choices of the specialized markets development in China from four aspects in detail---reasonable arrangement of property right of the specialized markets, the creation of the transaction mode of specialized markets, the regulation of transaction principles of specialized markets and the reconstruction of organization systems of specialized markets.