Property Rights Structure And Performance Of A Modern Enterprise

State-owned enterprises are the important participators of the socialist economy of our country, and the share-holding system's reform of the state-owned enterprises is moving forward thoroughly. Establishing modern enterprise system is the major goal of there form of the economy system of our country. Researching the structure of property rights of the modern enterprise and its performance has not only theoretical meaning, but also the positive guiding role for the state-owned enterprises' share-holding system reform. Aiming at this purpose, with relevant theory of property rights, I analyze the structure of property rights of the modern enterprise, the performance and correlation between them.The structure of property rights of the modern enterprise has the characters of multi-stage and complexity. The first layer is the ultimate property of the enterprise and the juridical person property of the enterprise. The second layer is the juridical person property of the enterprise and the marketing rights. And the most basic right structure is equity structure and the relation between the residual claim and the residual rights of control (marketing rights). This kind of relationship is not easy to be defined, which is the most difficult point to clear the property rights of the modern enterprise.The influencing factors of the performance of the enterprise can be divided into three subsystems: productivity system, economy relation system (the core is the relation of the property rights) and the market competition relation. In them, the productivity system is the key level, the economic relation system is the intermediate level and the market competition is the peripheral environment. The most crucial factor is the human resources in the productivity systemEquity structure influences the performance of the enterprise by the effect of four kinds of governance systems (marketing incentive, purchase and annex, the competition of a power of attorney, supervision). The equity structure, which is characterized with some centralization of equity and relatively-control shareholders and other big shareholders, is better for maximizing the performance of enterprises. The key of the state-owned enterprises' share-holding system reform of our country lies in straitening the relation of the property rights and forming an effective structureof property rights. We should disperse the state-owned enterprise equity, make the state-owned equity shared by some state-owned asset agents and construct reasonable equity structures.