Contract Theory And Its Development - The State-owned Enterprise Market Contract

Enterprise contract theory is the core of modern enterprise theory. Its basic viewpoints consist in that enterprise is a kind of combination of a set of contracts, the existence of enterprise is owing to that the cost of organizing a transaction in enterprise is lower than that of organizing a transaction in market and that enterprise substitutes market is in order to save transaction cost. This thesis holds the opinions that enterprise contract is characteristic of incompleteness and enterprise is the course of implementation of a set of transaction contracts of incomplete use right of elements, which includes the courses of management and production in enterprise. The development of enterprise firstly depends on the birth and expansion of the transactions of element use right, which is the development of element market. The relationship between enterprise and market is not simply a kind of substitution but a sort of advance and dependence. In essence, this theory is based on static analysis and relative static analysis.With the change of the technique and market conditions of enterprise, enterprise contract has been evolving. Because of that ownership contract of enterprise is the core of enterprise contracts, we focus on the evolvement of ownership contract arrangement of enterprise and analyze the basic principles and the track and impetus of evolvement of ownership contract arrangement of enterprise. By analyzing, we draw a common conclusion: as long as there is an adequately competitive market system, the free selection and transaction of the rational owners of elements can optimize ownership contract arrangement of enterprise. Owing to that the market-oriented course of sate-owned enterprises of China is a conversion from non-contract and quasi contract enterprises to the enterprises in the Coase' s sense, how to enable all kinds of owners of elements to possess free contract right is very important. This thesis analyzes the evolving course of the contract arrangement of state-owned enterprises and its characteristics in the transitional period. Also, this thesis analyzes the market-oriented reform ofstate-owned enterprises in the way of the optimizing courses of the government mechanism of exterior contracts and the interior government structure.