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In this thesis, starting from the topic of Chinese Media enterprise’ function during transitional economy period, made discussion the property reform’s influence on the media enterprise’s role and performance. on the basis of the institutional economics, analyse was conducted from the view of regarding property right structure as the outcome of the pursuing behavior of different goals of state and market. Due to the socio-political system of China, state owned power governed the media market and enterprise behavior. When experiencing transitional economy, Chinese media enterprise, as one of government propaganda organization lying under the state regulation, market entity, and the creator of contents product has striven for brand-new concept and the change of its function. And due to the reform’s influence, media enterprise’s ownership and stock ownership structure have been diversified, and also much more autonomy of media enterprise have been appeared in the area of media management and editing. These trends, like other state owned enterprise reform, can not only bring the definition change of media enterprise in the economy and politics, but also reflect the newly born power-relationship between state and market. during the reform period, Chinese state owned enterprise has introduced shareholding system. Shareholding system, as one of effective mechanisms which can achieve the gradual reform of property right, can bring the decentralization of property right entities and the stakeholder diversification. the reform has resulted in the state owned enterprise’s goal change, specifically speaking, the enterprise needed to consider more conditions, when pursuing the profit maximization, and build the new relationship with the society as well.