This paper analyzes the evolution of the property services market and the characteristics of the development process.on this basis, This paper analyzes the the roots of Market and institutional Malfunctioning that exist in current property industry and proposes the corresponding institutional design to Inhibit Malfunctioning. the root cause of Malfunction: information asymmetry; eternal effects and public goods;rights and obligations asymmetry;property services’ quasi-public nature without mandatory;the owners’ difficulties of bearing renovation costs;residential district’s social attributes are obvious and services administration is complex,etc. We propose system design points to suppress Malfunction and the corresponding implementation approachs , Fundamental purpose is to establish harmony community that meet minimum sustainability.%本文分析了物业服务市场发展演变和发展过程中的特征，在此基础上，分析了目前物业服务行业中存在的市场和制度失灵的根源，提出了抑制失灵的相应制度设计。本文认为失灵的根本原因在于：信息不对称；外部效应及公共物品；权利义务不对等；物业服务准公共性而无强制性；业主承担更新改造费用的困难性；居住小区社会属性明显且服务管理复杂性等。并提出了抑制失灵的制度设计要点和相应的实现途径，根本目的是要建立满足最低限度可持续性的和谐小区。
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