Research On Transaction Institutions Of Mining Rights

In the past 30 years of reform and opening up, China's economy is always in the high-growth state overall, but because China is still in the transformation process from a traditional agricultural society to a modern industrial society, China's demand for mineral resources is increasing. At the same time, due to the constraints of the economic system, China's economic growth mainly relies on the extensive mode of production, which exacerbates the dependence of China's economic growth on mineral resources. Although China can make use of international markets to meet her growing demand for mineral resources, with China's growing demand, the prices of all kinds of mineral resources in the international market are shooting up. Therefore, to devote major efforts to developing domestic mineral resources market, China can reduce the dependence of their economic growth on the international markets, but also can lower the prices of mineral resources needed by her. An important part of developing domestic markets of mineral resources is to lower the transaction costs of the domestic market of mining rights, ie to improve the efficiency of transactions of mining rights, which is useful to China's mineral resources exploration and development.The level of transaction costs of mining rights is related not only to the natures of them and their transactions, but also to the transaction institutions of them. And the latter is based on the former. Using game theory, transaction cost theory, auction theory and principal-agent theory as tools, and based on the natures of mining rights and their transactions, this paper studied the transaction institutions of them the seller's market and the transfer market of mining rights,, in order to reduce transaction costs, and to improve the efficiency of mining rights transactions.This paper has mainly done the works as follows:First of all, roughly combing the evolution history of mining rights system, briefly summarizing the attributes of mining rights and the subject and object of them, introducing the seller's market and the transfer market of mining rights, elaborating the principles and necessities of establishing and improving mining rights market.Secondly, on the basis of introducing the knowledge related to the transaction institutions of the seller's market and the transfer market of mining rights, emphatically analyzing the different transfer modes of mining rights and their pros and cons, and pointing out the different conditions which they are applied to, and through establishing a model to analyze the auction design of mining rights for risk-averse bidders and to prove that if an auctioneer adopts a auction pattern of profit-sharing, he will increase his expected revenue when the bidders are risk-averse.Thirdly, on the base of making a general introduction to the market intermediary organizations related to the transactions of mining rights, elaborating the reasons why people use private ordering and the advantages of a professional arbitrator resolving the disputes of mining rights transactions in comparison with a court, emphatically analyzing the relationships of the role of a mining rights exchange center with the transactional efficiency of mining rights, and demonstrating that transaction costs of mining rights will be reduced if a mining rights exchange center has functions as an information intermediary. Finally, this paper discussed the influence of government regulation on transaction institutions of mining rights. As government regulates mining rights and their transactions, he is both the society administrator and the owner of mineral resources. As a society administrator, Government regulation to the subjects of mining rights and transfer conditions often leads to the economic losses of government as the owner of mineral resources. Furthermore, the regulation is usually useless or even harmful. In particular, government may infringe the legitimate rights of the owners of mining rights. The oil event in northern Shaanxi and the event of coal industry mandatory reorganizations in Shanxi are typical cases in this respect. Finally, through establishing a model to prove that government's reputations of protecting mining rights can increase his income of selling mining rights through auction or listing.