Research On The Innovation Of Property Right System In Chinese Private-owned Economy

In the past 30 years of reform and opening up,the private-owned economy has experienced threedevelopment stages,that is,to"be permitted to exist","be a supplement part"and"be an im-portant part"in Chinese national economy,and it has accounted for almost half of the total econo-my in many coastal provinces and cities and has become an important part of national economy anda critical force for economic development.With the development of private-owned enterprises,the deficiency of its property right system,which is characteristic with"relatedness,closeness,centrality and vagueness"is emerging gradually,and it has greatly restricted to the further devel-opment of enterprises.When encountered the intensively competition from both domestic and a-broad,it is unavoidable to initiate the innovation of the property right system.This is an impor-tant issue not only for the survival of private-owned enterprises but also for the wholly capacityand competency of the micro economic organizations,and consequently it counts for much thesustainable development of the national economy.There are some complicated deep-rooted factors resulting in the existing limitations of private-owned property right system.The interior limitations result from the traditional notion of Confu-cian culture,the production mode of agriculture society,the game among vested interest groupsand the individual capacity of entrepreneur.While the exterior limitations are arisen by the policyand regulation environment,the mature degree of market,the public service level of governmentsand the situation of social trust.Therefore,it needs the collaboration between government andenterprise to overcome the above limitations.The government and enterprise have their own role in the process of innovation,however theyneed to collaborate.At the macro institutional level,government is the main body of the innova-tion,while it is enterprise at the micro level.The innovation of property right system doesn't al-ways imply the establishment of modern property right system,and it shouldn't be restricted tothe previous system and copy fully the model of western system.An approach for innovationneeds to be conducted in the way which is in accordance with the real situation of nation and en-terprise and with reference to the best practice of western society.It can be either the reconstruc-tion of system or the improvement of the original system.Based on the real situation of enter-prise,different models will be appropriate for the innovation,such as stock corporate,new-typelimited company,listed public company and new-type collaborating alliance.On the one hand,from the perspective of enterprise innovation,it is required to abolish the traditional notion,toclarify the interior property right,to separate the ownership and governance right,to initiate theinnovation of organization and management,to set up a rational system of successor,create busi-ness reputation and innovation idea.On the other hand,the government should provide support-ing policies for the innovation,identify the property right clearly to resolve the problem of"red-capped",improve the market system to ensure a fair and efficient competitive environment,buildup the regulation and law environment to guarantee the system innovation,initiate the integrityand honesty in society to provide the better exterior environment,encourage the private-ownedenterprise to engage in the reform of state-owned ones,to identify the property right of environ-ment to protect the benefit of the public.Innovation has been always the major driver of the development of human being.It is endless be-cause the society keeps developing and the environment changing.The private-owned enterprisewill survive and develop in the complicated and intensively competitive market only if it endeavorsto reform the old systems which aren't in accordance with its own development and the changesof the exterior situation.