国有资产的产权安排及其形态效率比较

The Allocation of Property Rights of State- owned Assets and the Effectiveness Comparison between Its Implicit Rights

辨析国有资产的正确含义，分析国有资产的 3种产权制度安排，认为国有资产 3种代理关系各有利弊：物权化代理成本较高，但社会效益大，具有不可替代性；股权代理成本也很高，但效率高于物权化管理，也有较高的社会效益；债权化代理成本最低，虽然债息固定不变，但“旱涝保收”。

Proceeding from a general understanding of state- owned assets, this paper analyzes the three implicit rights underlying the property rights system, namely the asset- owners′ right, equity- holders′ rights and debt- holders′ right. The writer believes that there are advantages and disadvantages in the effectiveness of these three different stake- holders. The cost of giving the state- owned assets to manage to the asset- owners is relatively high but highly profitable to the community and is irreplaceable. The cost of giving the state- owned assets to the equity- holders is higher but the returns are also higher. The cost of giving the state- owned assets to the debt- holders is the lowest at a fixed rate with the returns guaranteed.