Research On The Negotiation Transfer Mode And Bidding Transfer Mode Of State-Owned Enterprise Property Rights Exchange

Property rights exchange is an important part of capital market. It is an indispensable method to promote the state-owned enterprises reform and the flow of economic elements, and also an important way for the state-owned enterprises to exit the competition field. Property rights are not only important but scarce social resources, and it can be considered differently when various economic organizations make value judgments and operational capacity on the same property rights. It's thoroughly important to select commercial system if we want to dig out the relevant price in the assignment of ownership of enterprises, simultaneously, the same property rights will come into different costs and price in different exchange systems.This paper establishes the mathematical model to analyze two main property rights exchange modes of state-owned enterprises, the negotiation transfer mode and bidding transfer mode, from the perspective of expected profit function of state-owned property rights buyers and sellers. The characteristics and application scope of two transaction modes are analyzed. The negotiation transfer mode is essentially a bargaining process of several rounds. In the case of negotiation, the state-owned property rights buyers and sellers determine the transaction price according to their bidding strategies. The bidding transfer mode is conducive to the maintenance and appreciation of state-owned enterprise property rights. Then, a comprehensive mode of property rights exchange is given, which is improvement and innovation to the existing state-owned enterprises property rights exchange mode. At last, the paper analyzes the reason of state-owned property rights exchange which is mainly transferred by negotiation mode. According to the status of Chinese property rights exchange market, the path choice and proposed measure of constructing national unified property rights exchange market are proposed. That is, on the basis of existing Assets and Equity Exchange, the bottom-up integration gradually. Finally, the national unified property rights exchange market will be constructed gradually.