Ⅱ.Under the condition of production socialization，property rights are more and more distributed among the related participants and thus form a group of stockholders related with the property.With the extension of the property denotation and the continuous discovery of the potential value of property resources，the property right relationship among stockholders is more complicated and makes it essential to decide behavioral rights，namely property rights.The defining of the behavior rights of the stockholders forms the core problems of right institutions.The property institution evolution logic is the process in which property rights are institutionalized.Property institution and its transform do rely on the foundation of proper right，but what is more important is to cultivate an awareness of property rights，by which property is esteemed，accepted and protected broadly.However，this evolution in transitional China is in a reversed order，namely，from property rights to property.This may be explained as some economic phenomena that are different from the property rights in some institution-perfect countries.The logic of evolving from property to property rights may be used as a significant reference for Chinese enterprise reforming in the future.Enterprise ownership is the extension and exercise of the general characters of property rights.The nature of the evolution of the corporate governance structure is the response to the change of property institution.The arrangement of modern enterprises is more and more deviated from the logic of pursuing maximum profits of the owners which is embodied in manpower capital holders’participating in corporate governance and the cooperate logic of “stockholders”.The efficiency of corporate governance is represented in the match of stock holding right and surplus demanding right.
Ⅲ.This paper‘s thinking is based on the logical framework of institution-behavior-performance.When institution is exogenous variable，enterprise is a black-box.However，when we import institutions into production function，and confirm it as an endogenous variable，the model of production function of institutional endogenesis will be set up.Therefore，enterprise can come forth incessancy innovation actions under the rational institutional encouragement.Enterprise property rights change is the basic faction in the enterprise institution.Because different property right structure leads to different control right combination，which induces corporate governance difference.Enterprise performance is determined by the actions under the guide of institutions.At the same time，it is decided by the adaptability and the cooperativity between enterprise internal structure and institutional environment.
Ⅳ.The efficiency of the enterprises is embodied，to certain degree，in the adaptability between the corporate governance structure and institutional environment.The establishment of the enterprise property rights is essential for an ordered institutional environment.Corporate governance will lose its fundamental support without the social institutional environment and will lead to the shortage of some basic resources such as social credibility and entrepreneur，etc.on the other hand，efficient governance structure can not be employed efficiently due to lack of resources.The ignorance of private property during the long history if China leads to a vague awareness of property rights and failed to establish the institutional environment，and consequently has a negative impact on the reform of property rights and the efficiency of corporate governance during the economical transitional period of China.
The paper finally comes to the following conclusion：While accelerating the reforming of property rights in China，we should pay great attention to the cultivation of social institutional environment based on property institutions.Only when this point is recognized and the corresponding actions are taken can the difficulties that property rights reforming theories are facing and the specific problems that Chinese property rights reforming are encountering could be solved.
