Research On The Realization Forms Of Ownership And Property Right Structuring

Property right falls in the category of both economics and law. For more than30years of reform and opening-up in China, remarkable achievements have been made in terms of rural and SOE property right reform and other fields as well. However, with rapid development, some deep-seated conflicts have also been accumulated. Overall, public property right reform remains the focus and difficulty of current property reform field, which is an uncompleted project and brings about inefficiency, wealth gap, rent-seeking corruption, and other negative influences. While its rights and interests, its economic efficiency and fairness could not be realized. Therefore, a handicapped market economy and suspension of public ownership have been created. Of all the problems, the fundamental one is the suspension of public ownership, which exists in the superstructure, but hangs in the air due to the lack of necessary institutional arrangement. The reason is that the system of public property is incomplete, and an effective realization form hasn't been established. The history condition and starting point for China's market economy are different from western countries; property right reform grounded on public ownership has entered into a crucial stage and a deep water area. The purpose of this paper is to utilize public property as the research object, and probe into an effective realization form of public ownership and the path of deepening property reform on multiple levels and from various perspectives (economic and legal, historical and logic.theoretical and practical). By conducting researches, the paper also aims to help public ownership be compatible with market economy and bring up economic efficiency, and at the same time, help to achieve common prosperity, improve the system of public property and fiscal budget. The paper is divided into eight chapters. The first chapter is an introduction, which mainly defines the research object and background, analyzes the current research status both at home and abroad, and outlines the research approaches and content. The second chapter mainly analyzes the underlying difficulties from practical and theoretical perspectives, and broadly describes the disadvantages and negative influences facing the stereotyped and outdated property rights theory. The third chapter is literature review, which systematically combs Marx's theory and western theory of property right from legal, social and economic perspectives. Via Contrastive analysis, the law and economics influences each other, each property right theory has advantages and disadvantages. It could get some findings, such as a narrow concept of western theory of property rights and limited model of belonging and sub-ownership of Marx's ownership theory, and a call for mutual assimilation of these two theories. The fourth chapter studies the legal property system changes, evolution of property rights in the process of human social development process, and property rights reform of modern capitalism and socialism from the perspective of historical development. In addition, it sums up the trend of the evolution of property right, and the law of private ownership and the adaptation of production relations, as well as many a practical problems and troubles facing the society. Thus, it puts forward a definition of property right structuring, which becomes inevitable, both for public and private ownership, based on risk or earnings measurement. The fifth chapter analyzes the realization form of ownership and property right structuring, puts forward property rihght structuring of SCP coupling paradigm (Structuring, Conduct and Performance)under the development trend of financialization, and analyzes overall methodologies, approaches and methods.The sixth chapter discusses the particularity and difficulty facing the realization forms of public ownership, the framework of public property right reform, the forms of system guarantee, and the mechanism of public property right structuring. Finally, it puts forward an independent budget system of public property right within the public finance framework. The seventh chapter has a brief review and puts forward some proposals concerning the reform of property rights, such as rural land, natural resources, SOEs, which are three hot spots and difficult areas. The final part is the conclusion and an outlook into future improvements.The logic in the analysis follows the ideas of ownership system, ownership and property right, thinking from the legal, economic, social and historical perspectives, and combining theory with reality on the whole. It builds a dynamic property right structuring theory based on characteristics of right, contract and benefit, and use the theory as a starting point for the reform of public property right. The dynamic and three-dimensional concept of property right structuring is considered to be breakthroughs, in contrast with previous linear and static methods.It is important to note that the concept of property right structure decides organizational efficiency is static and incomplete, so brings about an interactive SCP coupling paradigm.Under the development trend of economic financialization, because of the disability or incompletion of property right, and uncertainty of efficiency, the optimal ownership structure is a temporary equilibrium under dynamic game, so we must pay attention to appropriate governance mechanism. Property rights structuring should focus on no object body property-rights, also attach great importance to the equality of property right, tradability and incentive and constraint to human capital property right.The production relations and property right system for public and private ownership have been adjusted. It should have a comprehensive understanding public ownership, and dynamic definition to public property right. Public property right includes natural resources, SOEs, non-operating state-owned assets, and their derivatives of various types of rights on the basis of all kinds of public ownership. Effective forms for realizing public ownership depends on reforms on public property right structuring, and also lies in public property rihgt system building. Public property rights reform should be carried out to comply with market economy, reduce the public risk, improve common prosperity, and intensify reform property right structuring. Appropriate governance mechanism, effective connection administrative system reform and public finance are needed. It should further improve three mechanisms, which are management mechanism of universal coverage and well-defined right and responsibility, market mechanism of equal competition and incentive compatibility, budget and allocation mechanism of fair share and harmony. Drawing upon the above analysis, we can conclude that a budget system of public property right in the framework of public finance needs to be established, which could shape a transparent, complete, well coordinated, whole caliber of budget management system.