交易成本、禀赋效应与国有股权转让定价——兼论国有企业混合所有制改革的新思路

Transaction Costs, the Endowment Effect and State-owned Equity Transfer Pricing

国有企业混合所有制改革是积极发展混合所有制经济的关键,完善的定价机制有助于推进国有企业混合所有制改革。国有股转让过程中存在大量的交易成本,扭曲了定价体系。基于科斯定理,可以发现,明晰产权是优化定价体系有效途径。但是,禀赋效应的存在,使得科斯定理无法完全解决国有股转让定价问题。对此,需要采取市场和非市场的政策组合,以此来完善国有股转让定价机制,推进国有企业混合所有制改革。

The mixed ownership reform of the state-owned enterprises is the key to develop the mixed ownership economy, and the perfect pricing mechanism can promote the mixed ownership reform of state-owned enterprises. There is lots of transaction cost in the process of the transfer of the state-owned equity which distorts the pricing system. Based on Coase Theorem, we can find that clearing property rights is an effective means to optimize the pricing system. However, the existence of the endowment effect makes the Coase Theorem can not completely solve the problem ＂of transfer pricing of the state-owned equity. So we need to take the market and non-market mixed policies to perfect the transfer pricing mechanism of the state-owned equity and advancing the mixed ownership reform of the state-owned enterprises.