The Development Of Empirical Research, Promote The Reform Of State-owned Enterprises On The Stock Market

Based on the fact that the characteristics of enterprise development, which is determined by the original structure and combination structure of requisite resources, will propose different requirements to the capital structure at different stages of economic development, the thesis attempts to study the function of Chinese stock market on facilitating the reformation and development of state-owned enterprises from a variety of perspectives. The basic ideas of the thesis run as follows:The thesis first reviews the origin of the theory of enterprise capital structure and the impact of capital market on the capital structure and its development According to the capital structure theory, creditor's and stock rights are regarded as not only the different financing means but also the representation of different enterprise managing structure. A rational coordination and selection of financing structure can restrain the negative factors for the enterprise development, such as incumbency consumption of managers, over-investment and unshared information, and at the same time it can make a sound guarantee for the ultimate and mightiest benefit of enterprises.Then, the thesis systematically elaborates the function of stock market. In the process of shifting to modern market economy, stock market takes on many new functions. Roughly, these closely-related functions can be categorized as basic functions, extended functions and special functions. Due to a series of mechanism defects and other problems, Chinese stock market was born with badly distorted functions, which in turn leads to the misuse of stock market as a means to finance money and the problem that the stock market singly takes on the responsibility for the reformation of the current system of state-owned enterprises and pulling them out of predicament What makes it even worse is that the financing function is distorted as a means to gather money in order to go through the current plight, and other functions such as changing the controller through stock market, reforming the enterprise and optimizing the resources are weakened, which undermines the further development of stock market From the diachronic viewpoint, the distortion of function or the drawbacks of the system well reflects the specialty of the development of Chinesestock market.Next, the thesis explains the capital sources and the development of certain state-owned enterprise with some examples. Since the opening-up reform, the change of capital sources and constitutes of state-owned enterprises can roughly be divide into four phases with unique features for every phase. Then it probes the major problems in the capital structure of Chinese state-owned enterprises and analyzes the reason: high liability rate and short of capital; lack of long-termed capital sources; shortage of self-owned capital and relatively high reliance on outer capital. Also, it summarizes the significance of stock market development to the reformation and development of state-owned enterprises. The thesis holds that stock market not only plays a key role in dealing with such problems as short of capital, high liability rate and lack of long-termed capital sources but also has an essential function on the recombination of state-owned capital, the property right reformation of state-owned enterprises, the perfection of management system of state-owned enterprises as well as the encouragement and regulations to the enterprise operators.Also, the thesis discusses the impact of stock market on the reformation of property rights of state-owned enterprises. After depicting the germination, of stock market and the reformation of state-owned enterprises, the thesis puts emphasis on the influence of rapid development of stock market on the reformation of property rights of state-owned enterprises. Analysis shows that many factors restrict the full exertion of the functions of stock market and the transformation of the marketization of property relations in state-owned enterprises through stock market. These factors include the favor that government shows to the market admittance, flaws and inefficiency in conduct of the state-owned stock rights and exchange system and the traditional managing system in state-controlled listed companies.The thesis also analyzes the liability problems of state-owned enterprises in the stock market. It points out the system origin for the liability formation of listed companies. One is the overwhelmed state-owned shares and the liability risk caused by the loss of control over company management. The other is the deficiency in the listed state-owned enterprises after system reformation and new liabilities caused bylarge amounts of unfair affiliated exchanges. The thesis states the major means for the liability recombination and also makes short comments and analyses. The system restriction analysis of the liability management of listed state-owned enterprises will facilitate the system innovation of assets liabilities recombination of listed companies. And finally, the thesis states the active function of stock market from the viewpoint of accelerating the reformation and development of state-owned enterprises. It put emphasis on stimulating the transformation of the structures of the enterprise property rights and management system through the function of tock market Besides, it discusses the aim of stock market development and puts forward some feasible measures. The measures run as follows: go on picking out some large-sized state-owned enterprises which are important to the national economy and with good plasticity and ability in competition, and encourage them to be listed companies step by step within a limited period. In this way, thorough transformation in the system and the mechanism of enterprises can hopefully be exercised with new capital support; encourage preeminent listed companies to have a variety of assets re-organization, pull the most outstanding assets or companies to be listed companies through the way of rationed shares or other ways and support the capital operation of listed companies; settle the allocation of stock right appropriately, pave the way for the circulation of state-owned shares and corporate shares, and clear up sequela of stock market as soon as possible; rebuild the relationship between enterprise and bank in the development of stock market; cultivate and develop institutional investors; reorganize and perfect existing non-bank financing institutions and exploit the investment bank business; gradually lead the social security capital to the stock market together with the reformation of social security system. The government should carry out new rules for the market regulation, set the new management and exchange system of state-owned stock rights according to more flexible and feasible economical rules.