Study on the property rights exchange models for privatization of state-owned enterprises

摘要

The information search cost of Anglo-American model and the brokerage cost of Chinese model, obstruct the privatization process of state-owned enterprises (SOEs) to different extents. This paper theoretically explains the differences between Anglo-American model and Chinese model from the perspective of information search cost and brokerage cost in the process of property rights exchange. We then argue that all governments should establish the uniform agency institution of property rights exchange gradually, to reduce information search cost and brokerage cost.