An Inquiry Into Enterprise Property Rights From The Angle Of Contracts--Also On The Property Rights Reform Of The State-Owned Enterprises In China

Having been struggling for a long time, the state-owned enterprises in our country haven't gotten rid of trouble. This shows that we lack the sufficient prepare of theories and have a lot of fuzzy related opinions. Thus, it is necessary for us to make new efforts and illustrate questions reasonedly in order to deepen and develop the reform of the state-owned enterprises. The crucial reason of stepping hardly for the reform of the state-owned enterprise, we think, is the feature of property rights. However, the principle industry has heated discussions about the state-owned enterprises' property rights, this kind of document is very rarely seen from the angle of contracts. So we try to use the foreland theory of modern economics-the theory of contracts as a analytical tool, absorb the good points of many experts, think of relative aspects, describe enterprise property rights from the abstract to the concrete, analyze the relationship between contractual arrangement of enterprise property rights and enterprise institutional efficiency in order to propose important reference for the reform of the state-owned enterprises' property rights in China.Difference of understanding property rights will lead to influence on the analyzing enterprise property rights, so it's necessary for us to generalize the main ideas and fundamental propositions of property rights theory such as the implications, nature and role of property rights, adopt the theory "regard property rights system as an endogenetic variable in the process of economic function" from the western theory of the property rights, find the theoretical basis that property rights decide deep-seated connection of economic structure, argue that there is always a connection between the form of property rights and economic efficiency in any sense and market economy is the economy of property rights. Then, we explain the interface and nature of contracts, argue the meaning, causes, effects and relations related to specialized investment of incomplete contracts especially, points out that an enterprise is a kind of the contract relation in nature and it's the nexus of a serious of incomplete contracts.Then, under a unified logic framework of contracts and property rights theory, we point out that the importance of the allocation of property rights comes from incomplete contracts. The rights of contracts consist of the distinct rights and the residual rights. Now, the distinct rights that is definitely described in contracts isn't still significant, but the residual rights that is neglected or difficult to make clear, in other words, it is residual control and residual claims that is very significant. So, in the case of incomplete contracts, the allocation of property rights has important significance for economy. The allocation of the residual right affects enterprise efficiency greatly. So, making a fit allocation to the structure of property rights for an enterprise will directly increase its system efficiency. Then, we analyze the relationship between residual claims and residual control, illustrate that the contractual arrangement of optimal enterprise property rights is that residual claims and residual control should be utmost corresponding in the modem firm where the owner and manager are separate, consider the property rights' characteristics and the role of human capital and the contractual connection between human capital and non-human capital, discuss the truncated of property rights and the phenomenon, causes and problems of insider control briefly.Learning and discussing the general problems of enterprise property rights is to think about the reality of our country. Finally, we illustrate the property rights reform of the state梠wnedenterprises in our country, analyze the deficiency and defects of the state- wned enterprises' property rights in the traditional system, outline the current situation of the state梠wned enterprises; give the solution to this question cursorily, propose the conceive and conclusion of state-owned enterprises. We think,...