Formal Institutional Arrangement of Property Rights Reform in Russia and Its Implication

The application of new institutional economics theories in the analysis of the institutional arrangement of property rights reform shows that it is the institution itself leading to unfairness, inefficiency and dignitary-benefited privatization in Russia. The lesson told us that it is necessary for China to avoid such an institutional trap in its property rights reform, and that owners arrangement of state-owned property rights is the key of the institution and the institution construction of state-owned enterprise property rights reform should be brought into stringent criterion of law.