Abstract With the overall opening of the circulation industry to foreign investment in China, economic components in circulation, where property right system and ownership forms have undergone drastic changes, have become more complex. In this context, this paper proposes a mixed oligopoly competition model, which involves the government, state-owned circulation enterprises, private circulation enterprises and foreign circulation enterprises. Through the regulation parameters embedded in the objective function of state-owned entities, the government designs and implement the regulation on the market competition. According to the findings, the optimal regulation mechanism should be specifically designed by taking into account the efficiency comparison among circulation enterprises with different ownership forms, the micro-efficiency loss of the state-owned enterprises and the social welfare to guarantee its stability and predictability, which plays a leading role in shaping the circulation market order, realizing the value of the whole industrial chain and ensuring the high-quality economic growth.
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