| In online economy, with the popularity of the Internet, traditional transaction has undergone major changes. In the online economy, the rapid development of network transaction greatly simplifies the transaction process, the emergence of e-commerce has revolutionized the concept of consumer spending. In the traditional economy, consumer transactions carried out in order to meet their needs is basically trading proprietorship of the goods, consumers get the proprietorship of the goods by purchasing. In the online economy, the usage right trading rises up, and consumers gain the usufruct of goods by trading to meet their own needs. This consumption pattern has been in existence in the traditional economy, such as housing or land usage right trading is very common. In the context of the rapid development of online economy, the usage right trading becomes more and more widespread, gradually penetrating into all aspects of economy and society, and it is an important part of the change of transaction. The rise of the usage right trading has played an important role in boosting domestic demand, improving resource allocation efficiency and promoting the development of commercial circulation. To this end, analyzing the reasons why the usage right trading has rose up, and researching its trend and barriers in development has important practical significance.The analysis of this paper includes the following aspects. Firstly, the paper respectively analyzes the differences between the usage right trading and proprietary trading, online and offline usage right trading, and then explores the relationship between the usage right trading and the online economy, to analyze the influence of online economy on the usage right trading. Secondly, based on the perspective of contract theory, the paper has in-depth analysis of the internal mechanism among the nature of information symmetry, transaction efficiency and usage right trading. This part begins with the analysis of the problem of asymmetric information in the process of the usage right trading. And then based on different analytical perspective of contract theory, this part analyzes the mechanism of usage right trading and the causes of its rapid development respectively from the property theory and transaction cost theory. In the end of this part, from the perspective of agency theory, the paper comparatively analyses the changes of transaction parties’ utility functions and the trends of variables in the usage right trading by building two Principal-agent models which contain traditional economy and online economy, in order to further explain the causes of the rise of the usage right trading and the problems in the transaction process. Thirdly, the paper discusses the development trends of usage right trading in online economy. This part includes the applicable fields between usage right trading and proprietary trading, the applicable fields between online and offline usage right trading, the major trends and development obstacles of usage right trading. Again, based on the perspective of contract theory, this paper analyzes the car rental industry in China by taking Shanghai Yihai car rental company and micro-bus as specific cases to verify the conclusions derived in this article, respectively from the perspective of owner and user. Then this chapter detailedly analyzes how they deal with the obstacles existing in usage right trading with the process of development, and the impact of specific initiatives to the transaction participants. Finally, based on the research, this paper put forward a series of policy suggestions for the usage right trading market.The research conclusions of this paper are as follows: 1. From traditional economy to online economy, the main reason that usage right trading market rises is the dramatically decline of transaction cost. 2. In the traditional economy, the problem of information asymmetry is more serious, and transaction efficiency of usage right trading is very low. Consumer not only bears its own transaction cost, but also undertakes various costs from the owner, and the owner shifts own various costs to consumer in the form of rent. This problem leads to low level of consumer’s transaction intention, and it is an important reason that usage right trading market develops slowly before the advent of the Internet. 3. In the online economy, the problem of Asymmetric information is significantly improved, transaction costs of parties in the transaction has dramatically reduced, and the transaction efficiency is improved. Consumer’s utility has been increased, and this increasement is mainly from two aspects:On the one hand, in the online economy, the problem of asymmetric information has been improved and the quality of the owner’s service also has enhanced. It directly increases consumer’s utility. On the other hand, compared with the traditional economy, consumer’s transaction cost has been significantly reduced, so that the utility has been indirectly increased. As a result, the total welfare of parties has been improved and the transaction becomes more efficient. 4. In the online economy, usage right trading can not unboundedly develop. There are certain boundaries of its development, referring to the applicable fields between usage right trading and proprietary trading, the applicable fields between online and offline usage right trading. The boundaries of usage right trading determine its development trends, and usage right trading has three development trends, as Internet technology gradually permeating usage right trading, online and offline usage right trading gradually being fused, the usage right trading and proprietary trading tending to coexist. |
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