Research On Supply-side Structural Reform From The Perspective Of Reducing Institutional Transaction Cost

Government and market are two institutional arrangements of resource allocation,and their relationship has always been the focus of public management and public policy.From the perspective of policy changes,the supply-side structural reform is a major change in the national economic governance policy,which aims to play the decisive role of market in resource allocation and better play the role of government.The report of the 19th National Congress of the Communist Party of China pointed out that the supply-side structural reform should be the main line to promote the quality of economic development,the efficiency change,and the dynamic change,improve the total factor productivity,and strive to build an effective market mechanism,dynamic micro entities,and macro-control.A moderate economic system has continuously enhanced China’s economic innovation and competitiveness.How to further deepen the supply-side structural reform is a major strategic choice for my country in the new era to optimize the relationship between the government and the market,adhere to and improve the socialist system with Chinese characteristics,and promote the modernization of the national governance system and governance capabilities.Supply-side structural reforms are not only superficial economic reform tasks and goals,but also innovations and optimizations in the institutional field,continuously improving the quality and efficiency of my country’s institutional supply,and providing new driving forces for economic development.As a product of the combination of the Western concept of transaction costs and China’s reform practices,reducing institutional transaction costs is a new way of deepening supply-side structural reforms.Institutional transaction costs are the "public institutional friction"between the government and the market in the process of resource allocation,and are the "friction costs" between subjects,behaviors and systems.Institutional transaction costs are the "public institutional friction" between the government and the market in the process of resource allocation,and are the "friction costs" between subjects,behaviors and systems.To reduce institutional transaction costs is to construct and improve a public system that minimizes the cost of resource allocation and maximizes benefits,reduces the cost of China’s economic governance mechanism,and ensures effective supply and optimization of the system in the process of supply-side structural reform.From the perspective of public policy,institutional transaction costs are the costs incurred by the policy object(market)in the economic governance policies of the policy subject(government).In order to save the cost of economic governance policy changes and improve policy governance efficiency,it is necessary to optimize the relationship between the government and the market from the three key links of subject,behavior,and environment,and reduce institutional transaction costs.In order to save the cost of economic governance policy changes and improve policy governance efficiency,it is necessary to optimize the relationship between the government and the market from the three key links of subject,behavior,and environment,and reduce institutional transaction costs.Under the situation that the deep-seated structural contradictions of my country’s basic system construction have not yet been fundamentally resolved,institutional transaction costs are a new idea of effective system supply and the core of supply-side structural reforms.The root cause of my country’s economic structural imbalance,the distortion of the relationship between economic entities,and the low-quality economic development is the high cost of institutional transactions.This is the key motivation for the supply-side structural reform and answers the question of "Why reform";The realization of goals such as optimizing the structural imbalances of China’s economy,adjusting the relationship between the government and the market,and reforming the institutional mechanisms that constrain China’s economic development depends on the reduction of institutional transaction costs.This is the strategic outline of the supply-side structural reform.The question of "how to reform";The market-oriented economic governance system,the modern government governance system,and the institutional constraction of the new institutional open economy are important areas for reducing institutional transaction costs.This is the core content of the supply-side structural reform,which responds to "what to reform?".As a reform of the key area of the relationship between the government and the market,the supply-side structural reform has played an important role and function in the construction of "promising government" and "effective market".In order to comprehensively evaluate the actual progress of the supply-side structural reform,this article starts from the perspective of institutional transaction costs,based on grounded theory-based empirical research methods,and refers to standardized operating procedures,through open coding,main-axis coding,and coding inspections.Steps,on the basis of extracting the effectiveness and problems of reducing institutional transaction costs,construct a model framework for supply-side structural reform to reduce institutional transaction costs.Studies have found that although supply-side structural reforms have achieved good reform results in terms of institutional reforms,market burden reduction,and institutional reforms,there are still incomplete institutional reforms,many unreasonable administrative constraints and interventions in the market still exist,and market It is difficult to advance the reform of globalization.Based on the core factors that affect the reduction of institutional transaction costs,many problems in the supply-side structural reform are caused by multiple practical obstacles in the "institutional transaction subject-institutional transaction behavior-institutional transaction environment".The main obstacles that affect the reduction of institutional transaction costs are manifested in the formalization,fragmentation,and inefficiency of the government as the main body of governance in the reform process of " decentralization,management and service".The behavioral barriers that affect the reduction of institutional transaction costs are manifested in the government’s governance of market entities,and there are still regulatory barriers such as excessive regulation,regulatory failure,and lack of regulation.The environmental barriers that affect the reduction of institutional transaction costs are manifested in the institutional environment of the market.In the current market reforms,there are market barriers such as market monopoly,market segmentation,and market disorder.As the main body of policy,the government is an endogenous variable in the supply-side structural reform and is the key to the success of the reform.To deepen the supply-side structural reform,it is necessary not only to deepen the reform of decentralization,regulation and service,to optimize institutional trading entities,but also to deepen the reform of government regulations to standardize institutional trading behavior,and to deepen the reform of the market system to reshape the institutional trading environment to reduce the system The cost of sex transactions is to construct a dialectical and unified relationship between the government and the market.