Analysis Of Changes Of Property Right System

In the past twenty more years of the reform and open up, the private-owned enterprises from scratch,from small to large, from less to more, have become the most active force in the national economy and have produced significant economic and social benefits. By the end of 2006, The registered capital of private enterprises amounted to 7.5 trillion yuan, the number of investors 12.249 million , private fixed investment of the private economy in cities and towns 4.83 trillion yuan, the number of private-owned enterprises 4.947 million, employment 63.955 million, revenue 349.52 billion yuan, import and export 234.6 billion U.S. dollars, The GDP rate of contribution 70%. The private-owned enterprises have become a growth point of national and local economic.But the private-owned enterprises on an annual rate of 1 million dead is the highest in the world. Property right System is the core in all enterprise systems.Enterprise property right system is a decisive factor to the efficiency of the other systems and play a crucial role to the development of enterprises . At least 90 percent of the private-owned enterprises is the implementation of the family property right system.In response, academics have different views. This paper agrees with the academic mainstream point of view that property right system of the private-owned enterprises exists hidden dangers now. With the expansion of private-owned enterprises, the expansion of the right to operate, the increase of management complexity, the private-owned enterprises on the demand for economies of scale, management division and so on.Many potential profits that exist in a mature legal property right system can not be achieved in the existing family property right system. When external profit can not be achieved in the existing family property right system, the private-owned enterprises will generate the new system needs.The crux of the problem lies in how to promote change of the family property right system to a mature legal property right system and find practical changes path.This paper is for this purpose. First, build a framework of the theory of property right system change, explain classical theory such as property right system and change, general equilibrium theory about the formal institutions, game theory about the informal institutions and so on. Property right system is a series of systems that used to bound, encourage and regulate people's property rights act. Property right system is the inevitable product in a certain historical phase of the devolepment of human society and the result of coordinating mutual relations of Social productive forces and production relations. The scarcity of resources is the source of the birth of property rights and property right system. The functions of property right system are various: incentive , constraints, efficient allocation of scarce resources. In research areas of property right system changes, there have been two different research traditions. One is general equilibrium analysis neo-classical framework,using cost-benefit analysis and supply and demand analysis.The other is game theory. Generally speaking, neo-classical method is more suitable in enactments studies, and game theory in non-enactments studies such as social customs, practices and ethics. According to Hayek's classification, the former can be called the formal institutions and the latter the informal institutions. General equilibrium theory about the formal institutions and game theory about the informal institutions provide a specific research methods about property right system changes. The above theories are organically integrated, with a view to a better understanding property right system changes of China's private-owned enterprises.Then,at the macro and micro levels, analyz the characteristics of property right system of China's private-owned enterprises, as a basis for the reality of this paper, because of the different scope and content of macro-formal and micro-formal property right system.Next,analyz non-balance of macro-private and micro-private property right system by general equilibrium theory about the formal institutions integrated with property right system changes in Marxist political economy. Non-balance of Macro-formal property right system is mainly reflected in the proportion of the private economy in the national economy is rising and the contribution to economic growth began more than state-owned economy in the process of economic transformation,from a planned economy to socialist market economy, from a single public ownership to multi-ownership.But The rapid development of private property rights do not get the legal system and market system support. Non-balance of micro-formal property rights system is mainly reflected in many potential profits that exist in a mature legal property system can not be achieved in the existing family property system because of the expansion of private enterprises, the expansion of the right to operate, the increase of management complexity,the private-owned enterprises on the demand for economies of scale, management division. When external profit can not be achieved in the existing family property system, the private-owned enterprises will generate the new system needs.Again, discuss the informal system such as credit awareness, combined with game theory about the informal institutions,in order to explain deep-seated reasons of non-balance and its operation rules. Institution changes the cost is very high because of lack of recognition of private-owned enterprises in China's cultural tradition.Finally, on the basis of the above analysis, analyz and forecast changes direction that a mature legal property system should be implemented, and changes path that compulsive transition and inductive transition should be Used.Government should create a good system structure.Owners of private enterprises should seek breakthroughs.The interaction should be Strengthened between government and Owners of private-owned enterprises.