Abstract: This paper reviews and comments on the new institutional economics which is changed and challenged by digital information economy, focusing on the paradigm of ownership and characteristics of transaction. It changes to another theoretical perspective, proposes a property rights system of usage whose frame structure comprises the theory of the right to use, the theory of organization and the enterprise theory. Comparing with the new institutional economics, this paper tries to investigate and analyze three facets—contents, nature and characteristics—preliminarily.