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State-owned Capital Trust Management Legal Research

Posted on:2006-07-06Degree:DoctorType:Dissertation
Country:ChinaCandidate:S B NiFull Text:PDF
GTID:1116360152485204Subject:International Economic Law
Abstract/Summary:PDF Full Text Request
State-owned assets are the assets owned by all citizens in this nation,It can be classified into the following catergeries: the profit assets, non-profits, and natural resource assets. Corresporndingly different methods and models of asset-orgnized shoud apply to match them .As the portion of profit assets concerning,Retaining and adding value to itself is its major task. Corporatized-SOEs is better than the traditional SOEs in the corporation structure and governance. So the modern corporation is thinked as a best tools to repeal the obstacle hampering the SOEs' efficieny and its ability to earn profit.But under SOEs law and corporation law .the ongoing framework still grant the state paths and chance to intervene the daily operation and decisiong-making powers of the State-owned coporation, because the state is the control shareholder .Even in Chinese listed corporation, although the governance bodies have been established ,they don't function well.The directors in listed corporation are nominated by the government agency. So the paper come to a conclusion that only Diversity of investors and modern corporation can't solve the problem.The blending of the public administration with the investor is the rub .the profit assets is still suffering the loss in most corporatized-SOEs. .So renovation is necessary to operate and manage the profit assets efficently .As the core concept of trust law ,double ownership of assets mechanism can keep the govermnet(trustee) from intervening the daily managemen of trustor .the trustor has obligation to manage the assets for beneficiers oppointed by trustees.the trustor shall be fudiciary for the stakeholders.Through the trust vechile and design.government cannot make random commend to trust.At same time, the assets is indepent from the trust concerning party,the state have no obligation to bear the indefinite liability as in the past ,but get divends and benefit when as benifiarier.lnfact,in the national wide,many assets management practice and model can classified as trust operation.such as equity trust,ABS for NPL .Admittedly ,there are wrong and irregular aspect in these practice according to trust law,So it is necessary to regulate this practice by "the trust law on state-owned assets operation" ,which is the particular law of "trust law".ln this law,government(coffer) signs a management contract with the NIF(national invest funds) for different trust purposes.This paper think that SASAC being administrator and represent of assets is salient shortcoming of assets management system . In state-owned assets trust operation,a independent supervisor body must be established as watchdog to resist the government from infringing the public interests.The author suggest that SASAC should focus on its supervisor position. The law must deprive government of its status as assets represent. SASAC should be transformed into the independent commissions, being similar with the official Custodian for charity trust.In a word ,to be independent ,the supervisor shall be affiliated to NPCC and be separated with government .government must be under control.
Keywords/Search Tags:state-owned capital, operation, trust law
PDF Full Text Request
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