论不完善市场与不明晰产权──我国乡镇企业高速增长之“谜”

Towards Imperfect Market and Unclear Property Rights：Mystery of the Rapid Growth of CHina’s Township Firms

在市场发育程度高或市场环境完善的背景下，最佳的产权安排应当是明确界定的产权安排；但是，当市场发肓程度低或市场环境不完善时，明晰的产权安排也许并不是最佳的选择。因为在竞争不公平、信用无保证、秩序混乱的情况下，作为单个企业的交易费用是非常高的，以致使它不能将其内部因产权不清晰而带来的优势转化为利润。面对这种特定环境和运行机制，借助于政府的力量，反而可以提高其效率。

Under the condition of highly developed market or perfect market environment, the perfect arrangement of property rights should be arrangement of clearly defined property rights． Under the condition of lowly developed market or imperfect market environment, however, the arrangement of clear property rights may not be the perfect choice． The reason is that under the condition of unfair competition, unwarranted credit and disorder, the transaction cost of any single enterprise is so high that it cannot turn th advantage resulting from unclear property rights inside the enterprise into profit． Under such specific environment and operation mechanism, government’s intervention can enhance the efficiency of township enterprises．