Game Analysis And Pricing On Exchange Of Enterprises' Property

In the process of constructing and managing the property rights trading market, reasonable pricing issue is a key point, also is a difficult point. As the world's economies become more global and free, property transactions pricing has become a problem of the community and the market, which is urgently need to address. In property rights transactions, property assessment only be regarded as a bottom line, and the final transaction price is determined by the bargaining (game) results. Therefore, as for analysis of the property rights transaction pricing, the basic bargain is the analysis of the whole process of the property rights transaction.Basing on the equilibrium pricing theory, this dissertation will try to build the dynamic game model with incomplete informations, and combining with the three basic ways of the property rights transaction, analyse the function and influencing factors of the equilibrium pricing theory in the property rights transaction bargaining.In the researching process,always combining with the newest development of property rights theory,finace theory,ecnomics,institution ecnomics and ecnometrics, look forward to find the the property rights transaction pricing system and management pattern adapt to the communist market ecnomy, and further develop our national property rights institution.The main job and innovative point of the dissertation as following:Firstly,research the enterprises'property rights transaction pricing with game theory and information ecnomics theory, make the use of signal game model to find how the property rights transaction price come into being.And basing on various Bayesian equilibrium results of singal game,compare the transaction results of the property rights agreement transfer in the state of the government joining in or not.Secondly, make the use of non-parameter DEA method to analyse how the property rights transaction price come into being under the way of tender transfer.In virtue of special linearity layout model to confirm the shadow price of property rights,and price the property rights under the Polyhedron speciality of configuring resource.So not only provide a operative property rights pricing method,but also expand the application range of DEA theory.Thirdly,review how the owner of property rights select the pricing strategy from the angle of auction system design,and analyse the pricing problems of state-owned enterprises'property rights in virtue of double commissioned-agent model.Fourthly,make the use of mathematical models to comapare and analyse the current existing property rights transaction ways,point out each characteristics.And try to price the property transactions by combining tender transfer with agreement transfer,in precondition of estimating the resonnable agreement property price,using bargaining model to make sure of the last transferring price.For our current enterprises'property rights transaction pricing practice,there is not only of important theory value,but also of positive reality meaning.