Research On The Information Disclosure Institution Of Unlisted SOEs

The property rights of SOEs (State-owned enterprises) belong to all the people in the country. SOEs are important force in the advancing of modernization of the state, and also guaranteeing all the people’s common interest. It is an important step to comprehensively deepen reform that we improve the modern corporate institution. And a sound modern corporate structure and corporate governance are key elements to establish the modern corporate institution. The primary cause to the failure operation of the unlisted SOEs’corporate governance in our country is the deficiency of the information disclosure institution.The dissertation analysed the special nature of unlisted SOEs before researches the relationship between public information disclosure and unlisted SOEs’ effective corporate governance, based on the perspective of SOEs’ corporate governance. Then the dissertation gives qualitative and quantitative analyse to the SOEs’ information disclosure status. In the end, the dissertation offers proposals to the institution construction of SOEs’ information disclosure after reviewing the existing information disclosure institution. This dissertation deployed based on the framework of’Theoretical analysis-Summary of the current situation-System design’, containing theoretical analysis and practical application. First, the dissertation expounds and proves the theoretical logic of the unlisted SOEs’ information disclosure based on the reality of new round reform of the SOEs and the theoretical basis, which contains principal-agent theory, property rights theory, corporate governance theory and equity theory. We find it is unachievable to meet the SOEs’ supervision and governance requirements under the circumstance of deficiency of the sufficient and timely information disclosure even having formal and informal institution established after summarizing and evaluating the SOEs’ corporate governance institution and examining information demands of the governance subjects. Therefore, sufficient information is the basis of SOEs’ effective governance, and establishment of the information disclosure institution becomes the breach of solving the unlisted SOEs’ corporate governance problem. Second, the dissertation summaries and analyses current status and cause of unlisted SOEs’ information disclosure. Unlisted SOEs’ information disclosure status can be summarized in pervasive information hide. And the reasons are as follows, SOEs’ governance system, management’s tendency of avoiding responsibility, institution deficiency and inadequate supervision. We can only rely on the compulsory information disclosure institution that the unlisted SOEs’ information disclosure problems can be solved under the circumstance of lacking of constrain outside. And the dissertation establishes an unlisted SOEs’ information disclosure evaluation indicator system and use central enterprises as sample after investigating the unlisted SOEs’ information disclosure institution status and advanced experience at home and abroad. The statistical results verify the observations before. Last, the dissertation establishes the unlisted SOEs’ information disclosure institution based on the information disclosure institution necessity analysis. The information disclosure institution contains four aspect, establishment principals, main content, institution framework and expression mechanism.The dissertation can be divided into three parts, introduction, main body and conclusion.The introduction introduces issues and its background, defines the research objects, states the significance, research method, research design and research content of the questions.The main body is divided into seven chapters. Chapter One is the relevant literature review and commentary of information disclosure. This chapter defines relevant concepts of information disclosure, reviews and comments the literature about the relationship between information disclosure and corporate governance, measure methods of information disclosure level and information disclosure of the SOEs. Chapter Two is about information disclosure theory and the theoretical logic of the unlisted SOEs’ information disclosure. Basic theory, which can be used as explanations of information disclosure, refers to principal-agent theory, information asymmetry theory, signaling theory, equity theory. Openness and transparency is SOEs’ fundamental duty due to their nature and goals. Information disclosure is precondition of guarantee the stakeholders’ right to know and supervise, foundation work to the realization of effective corporate governance, necessary choice to make up defect of corporate governance due to its unlisted nature, and basic requirements to increase the transparency of the government and participate in international competition. Chapter Three analyses the relationship between sufficient information disclosure and SOEs’ effective corporate governance. First, it investigates and summarizes the pathway of SOEs’ governance, then researches the existing formal and informal institution about the information transfer. This chapter verifies that only by the way of openness and information disclosure, which provides the right to know, the right to express and the right to supervise, that unlisted SOEs can realize the efficient corporate governance. Chapter Four summaries and analyses current status of unlisted SOEs’ information disclosure and institution. The current status of unlisted SOEs’ information disclosure can be concluded as pervasively conceal information. It summarizes current status of unlisted SOEs’ information disclosure based on the investigation of laws, country policy and local regulations. Chapter Five studies the information disclosure institution advanced experiences at home and abroad. It investigates the information disclosure institution of listed companies, unlisted public companies and large central enterprises at home and OECD, Singapore Temasek abroad. Chapter Six introduces the design and application of unlisted SOEs’ information disclosure evaluation system. First, it describes the design principles, establishment process, computing method, data resource and study object. Then use central enterprises as sample to apply and analysis the evaluation system. Chapter Seven establishes unlisted SOEs’ information disclosure institution. First, it states the information disclosure institution necessity, then elaborates the establishment principals, main content, institution framework. In the last, brings out expression mechanism of the information disclosure institution.The conclusion part summarizes the main conclusions and gives some suggestion in the following research.