Researches On State-owned Enterprise Property Rights Auction

State-owned enterprise reformation has always been the central point of government all economic tasks. With deep reforming of national economic system, more and more enterprise M&A and regrouping are rising. Especially with strategic adjusting of large-scale state-owned assets, trade quantity is highly rising. It also brings forward a problem to trade mode of enterprise property rights. Auction, as a old-line resource configuration mode, makes state-owned property rights resource effectively boost industry structure optimized in new configurations, satisfies demand of state-owned enterprise reformation better in continually changing market environments.Game theory is to research rational actions and corresponding results when players choose their strategies with interpersonal benefits mutual constraining, to find out the decision-maker how to rationally make his decision to maximize his benefit with the precondition that other decision-makers is to maximize their benefits and make their decisions rationally. This paper combines auction theory knowledge, uses game theory analyzing method to research some problems about state-owned enterprise property rights auction, gets corresponding results to guide practice.This papers uses game theory analyzing method setting up auction-game model, clarifies bidding process and the way to choose the optimal strategy. It researches property rights value problem, sets up property rights value model, confirms the game-price in bidding-auction. With setting up BM optimal auction model and risky optimal auction model, this paper makes theoretical game analysis on bidders' bidding strategies and tenderee's optimal auction strategy under the corresponding models. It improves the second price sealed-bid auction, sets up the model to confirm auction mechanism and the optimal value, and analyzes the choice of auction mechanisms and performances of national property rights trading markets with demonstrations. At last, this paper studies on collusion and anti-collusion problems in auction, and analyzes a practical case gamely.With researches in this paper, we get game-value formula result in bidding auction model, open out the optimal strategies of both sides in BM auction model and risky auction model. We set up the auction model, analyze its mechanism design and get the optimal value. This paper also improves the second price sealed-bid auction and points out its advantages. Equilibrium strategy (without collusion, with inspiriting contract) is the dominant strategy in game strategies in the case of this paper.