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| Corporate Property Rights:A Theoretical Hypothesis and It''''s Policy Implications |
| [1]华南农业大学经济贸易学院，广州510642 [2]中山大学管理学院，广州510275 |
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Abstract This paper argues that both ownership and property ri ghts mean the exclusive rights on scarce resources, but the latter are the resul ts of competition. After the formation of ownership, property rights become the feasible assets ownership when competition reaches equilibrium, and they can be established on the behaviors of the owners and their contests. Therefore, it add resses the formation processes of corporate property rights. The corporate prope rty rights display on three forms: the ownership which can be exercised directly by the stockholders (R 1), the legal person property rights of the corporation (R 2), and the partial rent-containing property rights which the management gr oup grabs of the stockholders in public domain by means of their competitive adv antages(R 3). Their allocation ratio constitutes the arrangement of corporate p roperty rights.
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Received: 25 February 2004
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