The Research Of System Optimizm Of State-owned Assets Trasaction

State-owned property rights transaction system is closely related to thereform of state-owned enterprises. The Third Plenary Session of the SixteenthCPC Central Committee set the direction to establish the modern institution ofproperty rights which should be clear belongingness, well defined ownershipand responsibility, strict guarantee and smooth circulation. Well definedownership and responsibility laid a solid foundation for the state-owned propertyrights transaction. In2004, the SASAC and the Ministry of Finance jointlyissued Interim Measures for the Management of the Transfer of the State-ownedProperty Right of Enterprises which requires state-owned assets must be sold inlegally established property right exchange, and subsequently has selected fourexchanges for central enterprises.The state-owned property rights transaction system is based to improve theefficiency of the transaction and to prevent the loss of state-owned property.Like most of equity exchanges, state-owned assets exchange has the function ofinformation disclosure, auction and so on. In addition, as the main transactionplace of state-owned place, state-owned assets exchange has the unique transaction system for the state-owned assets.State-owned assets transaction system can be roughly divided into threeparts: preparation, implementation and compliance. The preparation includesdecision making, approval, audit and assessment, legal investigate, etc. Theimplementation includes information disclosure, project promotion, duediligence, bidding, and contract signing. The compliance includes certificationchange, payment, tax and fees settlement and so on. The implementation is themost important part of the property rights transfer, mainly in the property rightstransaction market.Over the past decade after the state-owned assets transaction system wasestablished, the system has played a positive role in the protection ofstate-owned assets, promoting the reform of state-owned enterprises. However,it is not perfect. The system of information disclosure, bidding, fee structure andother aspect of the market is less than satisfactory. This paper intends to showthe defect of the current system through a real case in equity exchange.The innovation of this paper is in three aspects:1) The analysis is based onequity exchange;2) Theories are combined with real case;3) Comparison ofcost-effective is used to find the ways of system optimizing.