The kernel of financial government is to solve the issue of property rights allocation. It is essential to distribute property resources between each instance.

财务治理的核心就是解决财权的配置问题，财权配置的实质就是对企业的财务资源在各权力主体之间的分配。

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To answer these questions, an analysis on the internal relations between property rights system and resource allocation efficiency apparently be indispensable.

要回答这些问题，就必须深入研究资源的产权制度与配置绩效间的内在联系。

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In the Ravens-Orioles example, the initial allocation of property rights below to the Orioles in the sense that their 2013 schedule was determined well before the Ravens 2013 schedule.

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The Coase Theorem essentially states that if trade in an externality is possible and there are no transaction costs, bargaining will lead to an efficient outcome regardless of the initial allocation of property rights.

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But this cannot be decided by stealth: The allocation of losses is an act of violence against individual property rights.

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