From property rights prospective to analysis the stocksystem reform of the natural monopoly industry——take the railway industry for example

In the natural monopoly industry, such as railway, owing to the economies of scale and scope, the government permits these industries themselves to manage them. But they harm the customers' welfare by the monopoly-higher price and monopoly-little supply. It was attributed to the institution of government and firm integrated and not-exchangeable residual claimant right. So in order to improve it, we should introduce stock system into these industries, making the government and firm separated and the residual claimant right exchangeable. By doing so , we can enhance the incentive and efficiency