The research of influential factors on regional property right market is always an attractive issue in the academic circle. The paper，from the perspective of law and economics，inspects the impact of differences in legal environment on the local property right exchange market through the panel data of thirty provinces in China from the year 2005 to 2009，and analyzes the diverse influence of differences in legal environment on the local state owned and non-state owned property right exchange market. Based on the conclusion of empirical analysis，the paper provides some suggestion on the advancement of property right market.