科斯定理强调在交易费用为零的时候,产权的初始配置不会影响制度的效率。但是科斯定理忽略了权利配置的收入效应,也没有论述在交易成本为正的时候,国家对产权配置会对绩效有何影响。本文指出了科斯定理财富效应缺失引起的制度不公正,由于客观上信息不完全和政府自身的性质,国家在产权配置中的作用也有很大的局限性。 Coase’s theorem emphasizes that the initial allocation of property rights does not affect the efficiency of the system when transaction costs are zero. However, Coase’s theorem ignores the income effect of rights allocation and does not discuss the influence of the state on the allocation of property right when the transaction cost is positive. This paper points out the system injustice caused by the lack of wealth effect of Coase Theorem. Due to the imperfect information objectively and the nature of the government itself, the role of the state in the allocation of property rights is also greatly limited.