中文摘要：

本文从系统的角度对国有企业产权变革过程中的利益相关者的收益与成本进行了分析，并且从文化的角度对这种成本的扭曲进行了进一步讨论。从系统经济学的角度来看，国有企业的改革存在“财富分离”现象。改革的收益和成本由不同的利益相关者分享和承担，其中旧的产权主体和员工成为交易成本的承担者，而新的产权主体成为变革的受益者。从文化的角度来看，新旧文化的冲突导致和加剧了这种财富分离现象。尽管如此，我们并不能否定国有企业的变革，国有企业的选择不是应不应该变革的问题，而是怎样减小变革成本的问题。

英文摘要：

state owned enterprises, and explained the formation and distortion of transaction cost of property change from cultural perspective. We find there is a phenomenon of ＂wealth separation＂ in state owned enterprise transformation on the basis of systemic theory. The benefit and cost were taken by different stakeholders, among them the old property owners and departing employee undertook the transaction cost and new property owners enjoyed the benefit of transformation. While the confliction of new and old culture induced and enlarged this phenomenon of ＂wealth separation＂. Nonetheless, we still can not say no to state owned enterprises＇ transformation. Because, the choice of state owned enterprises is not whether they should or not be transformed, but how to reduce the transaction cost.