国有产权交易中不同交易方式的绩效分析

在国有资本从竞争性领域退出的过程中,不同的交易方式和参与主体会对交易结果产生重要影响。文章以信息经济学中的拍卖理论为基础,针对国有产权交易中原管理层是否参与的不同情况,对协议转让、英式拍卖、第一价格密封拍卖三种交易方式比较分析。研究发现在几种交易方式中英式拍卖的期望成交价格最高,而原管理层参与拍卖对成交价格有正面影响。国有产权交易中,应该更多的采用英式拍卖方式,并鼓励原管理层参与竞标。

A Performance Analysis on the Different forms of Transation in the Trading of State-owned Property Rights

In the process that state capital withdrawing from competitive fields,different forms of transactions will have a significant impact.Based on the theory of the transfer agreement,this paper makes a comparative analysis on the English Auction,the Protocol Transfer and the First-price Sealed-bid Auction.The study shows that the English Auction has the highest expected knockdown price.The original management in the auction have a positive impact on sale prices.Therefore in state-owned property rights transactions,we should use more English Auction,and encourage the original management to participate in the auction.