中文摘要：

界定明晰的产权在保持城市有序有效发展的过程中起着关键的作用，同时产权又是为制度所定义的。在旧城更新中，通过制度对产权的明确与限制，可以约束参与者的个体行为，从而实现整个城市发展的公共目标。本文通过对新加坡牛车水和广州金花街两个典型改造案例的比较，说明不同的发展目标和现状产权结构决定了旧城更新中不同的制度定义，而新设计的制度与基于原有制度的路径依赖则决定了旧城更新中的差异行为。以此为基础，文章强调清晰明确的产权定义是有效推动旧城有序更新的关键，而规划应作为明晰产权的重要环节在旧城更新中起到更大的作用。

英文摘要：

Clearly defined property rights play a key role in maintaining the order of urban development and therefore achieve the public target of urban development. By comparing two redevelopment projects, Niucheshui in Singapore and Jinhuajie in Guangzhou, this paper illustrates that the development target and current property rights determine the institution in urban redevelopment, and the path dependence of new institution on past institution leads to different behaviors. It argues that clearly defined property rights are critical to improve the urban redevelopment and the planning should play an important role in this process.