A new Development of Property Rights Theory:a Theoretical Framework and Its Explanation on Current Property Right System of Collectively-owned Farmland in China

The purpose of this paper is to develop a new concept of the branches of property rights,and set up a new theoretical framework for the structure of the property rights,aiming to explain the current property right system of collectively-owned farmland in China.Methods employed include deductive analysis and law theory.The results indicate that the ownership includes four basic bundles of property rights,such as possession,use,profit and alteration. And further the four basic bundles of property rights are formed by more branches of property rights.The branches of property rights are the basic units of property rights,and each branch of property rights represents the possibility for enacting some kind of behavior.New types of property rights are formed through the separation,reorganization and coupling of the basic bundles of property rights or their branches.It is concluded that,based on the new concept of the branches of property rights,a new theoretical framework of the structure of the property rights was set up.The current property right system of collectively-owned farmland in China could be well explained by the application of the new theory developed in this paper.