Research On Property Rights Dealing Of China Stock Company Of A Fixed Direct Collection

Until the end of 2000, there are 9,000 joint-stock companies in china. Among them, there are nearly 6000 stock companies of a fixed direct collection, accounting for almost 70 per cent of existing stock companies. However the stocks of these corporations cannot be business. As a result, transfer right of shareholder cannot be used and the efficiency of the whole society's resource collocation will be effected.There is obvious "market split" phenomenon in security market of China and securities business is lack of levels. Moreover, local property rights markets that take of barter have existing plight, property rights market and security market are not uniform also. This phenomenon results in many problems as follows: securities exchange market meet with huge expanding pressure ; middle and small enterprises, private enterprises are lack of stock-financing market and the costs of property right dealing are so high.This paper promotes to reform local property rights markets, and set up over the counter market for dealing stocks of stock company of a fixed direct collection, in order to perfect levels of securities business.The contents of this paper are as follows :Chapter 1 defines the concepts of property rights and property rights market, securities business and so on which are mentioned in this paper , introduces the "Transaction Costs law" of Coase and introduces the level organization of security market taking American security market as an example. Furthermore, analyses the states of securities business and local property rights market and points out the problems of lacking of levels of securities business and that the development of local property rights market requires stocks transaction to take the place of barter.Chapter 2 analyses the processes and states of stock companies of a fixed direct collection and introduces a few channels of property rights dealing of stock company of a fixed direct collection.Chapter 3 discusses the problems of property rights dealing of stock company of a fixed direct collection and points out that it is very necessary to resume setting up joint-stock company by a fixed direct collection. This chapter also analyses the possibilityof dealing stocks of stock company of a fixed direct collection by the whilom markets.Chapter 4 makes a conclusion , promotes to reform local property rights markets, set up over the market for dealing stocks of stock company of a fixed direct collection, and analyses the problems of setting up over the counter market, including orientation, network, supervise and so on .