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1、论产权交易市场的定位及优化问题（On the positioning and optimization of property rights trading market）On the positioning and optimization of property rights trading marketAbstract: to bring new opportunity to the development of the market expansion for the property rights trading market, the property market has bec
2、ome the capital market Kentucky to promote the transfer of state-owned assets, enterprise financing, enterprise transfer and resource integration. To clarify the defects of the market function, to develop and design new trading varieties and investors will help to improve the liquidity and stability
3、 of the market. Through the system design of asset evaluation system, trading system and regulatory constraints, the institutional environment of property rights trading market can be improved.Key words: property right transaction, transaction type, investment subject, institutional environmentRelat
4、ed literature reviewGrossman and Stiglize (1980) argue that the hierarchy of capital markets can counteract the moral hazard and adverse selection caused by asymmetric information. Merton, Robert, C and Z.Bodie (2004) based on the functional perspective of capital market reform theory, the basic fun
5、ction of the capital market with capital allocation, risk aversion and incentive constraints, the structure of the capital market to establish difference to achieve the capital supply and demand balanced flow, radiation regions at different levels of the capital market has heterogeneity. Thus, to ac
6、hieve the basic function of the coupling between various levels of capital market and give full play to the property rights trading market in the capital market system, the differences of property rights theory based on the structure of the capital market provides a theoretical support for this.Chin
7、as capital market from the main board market and the second board market and the third market, is obviously a pyramid structure. Li Yan (2009) that optimize and perfect capital market system, to establish different levels and structure of the capital market, the OTC market is an important component
8、of the capital market system, the problem of construction within the framework of the OTC market to effectively solve the transaction mode, type and principle in the market. Xiong Yan (2008) defines the connotation of property rights trading market, said: the property market is a combination of prop
9、erty rights trading places, fields, activities and exchange relations, including not only the property transaction institution itself, including around the property trading institutions set up market trading service platform, service platform, intermediary service system and related to the exchange
10、relationship. The Jin Dynasty, Qin (2009) think that the important role of property rights trading market in China for the reform of state-owned economy, realize the optimal allocation of state-owned economy and state-owned enterprise restructuring cannot do without the property rights trading marke
11、t, it can regulate the transfer of state-owned property rights and reduce the loss of state-owned assets. Li Xiangling and Zhou Qingfeng (2010) pointed out that the property market has financing function, function of incubator and absorb the delisting function, it is the buffer zone and inferior qua
12、lity enterprises listed companies delisting system, and through the design aspects of the transaction system and the information disclosure system of market access, and to improve the property market has huge market capacity low level. Therefore, it is particularly important to further improve the p
13、roperty rights trading market through the tilt of the center of gravity and institutional arrangements.Functional positioning of the trading marketCombining the advantages of hard resources and soft resources in the property rights trading market, it is necessary and urgent to integrate property rig
14、hts resources comprehensively and improve and optimize the property rights trading market. The development and optimization of property right trading market can promote and drive economic development, and its reasonable function orientation should be embodied in the following aspects:(a) a platform
15、for state-owned resources to carry out sunshine trading;The remaining part of state-owned assets should be transferred and restructured through reasonable channels in order to improve the efficiency of state-owned assets. In the market transformation, the imperfect and inefficient transaction caused
16、 by the imperfect market system leads to the serious loss of the state-owned assets. The property right trading market is gradually established and developed under this background. Price discovery is the property rights trading market system and public bidding system, the information disclosure mechanism to strictly enforce the state owned property rights trade system, the restructuring and optimization of mobile value-added of state-owned asset
