Research On The Auction System's Designs Of State-owned Property Rights

With the ceaseless reformation of our country' s economic system, M&A is gradually increased, especially in recent years, it is becoming the main economic activity to lead the transaction of property rights in our country. Being faced with the fine tendency of economics development and more and more M&A activities, our country has adapted a series of adjustments to state-owned assets' reformation. At the same time, all kinds of problems and difficulties are coming. Transaction of the property rights is a complicated problem, which refers to make a benefit equilibrium for every participator. But whether the results of all these equilibriums can come to Pareto Optimality or not are still one of the most important premises when we are designing the transaction system of property rights. If transaction of the property rights is not standardize, it will arouse the sever loss of state-owned assets. And if the transaction market is not perfect, adverse selection will happen, then it will give rise to the loss of country.Auction can be taken into the market of property rights' transaction is very necessary. It can make property rights' transaction more transparent for its opening, fairness and impartiality. At the same time, it will make the property rights keep the value or even increase their value for its price adjusting by market fluctuation. But considering our country's current situation, obviously our focal point of the work now is how to create a warm surrounding for growing of the auction.Designs about transaction system of property rights are contained three factors: how to choose the way of auction, how to solve the constraint of raising capital and how to deal with the encouragement and the constraint from all the participators. In the end, give some suggestions for making a policy to government by my own research.