The Normative Research On The Current Problem Of Asset-restructuring In China

With rapid growth of the national economy in these years, China has been adjusting its economic structure promptly to the ever-changing environment and asset-restructuring has become a hot topic through out the country. Under this condition, if only by positive means, it's far from enough to do the research on asset-restructuring. In china, there is too much government intervention during asset-restructuring, very limited experience has been accumulated and some relevant laws and regulations haven't been established accordingly. Besides, the effective measures that are valid in the developed counties become inapplicable in China. Therefore, we must take this situation into consideration and explore our own asset-restructuring models with strong Chinese characteristics.This thesis begins with expatiating the general theories, followed which, the author points out the driving forces of China's asset-restructuring and the main problems arisen during the restructuring by now. In this thesis, a new analysis framework, institution analysis, is introduced and theories of the new institutional economics are applied in the normative analysis of the following issues in China: property rights institution, government actions and some operation mechanism of securities markets. At the end, the restructuring of the state-owned stock assets is further analyzed.The author draws a conclusion that asset-restructuring forms a key link of our economic system reform, and the combined effect of many factors gives birth to the current problems of asset-restructuring in China, which reflects the problems and drawbacks of the current systems and institutions. And the fundamental way out lies in marketnization. Practically, we should start with improving the institutions and exert ourselves to develop a series of institutional arrangements of multiple-levels adapting to the new concepts and to the changing environment.