State-owned Dilution

The stockholder's rights structure adjustment is the key problem of our state-owned enterprise reform, also is the key point about the reform's dispute. The reform of SOE has experienced 3 stages, as the surrender of right and concession of a bigger share of profits,share holding reform,Country's economic reform, after this series of reforms, the problem of"one share big alone"is gradually prominent. Ownership's dilution becomes an important content to deepen the reform of SOE. We try to realize the optimization of the ownership structure of SOE, to improve the mechanism of corporate government, to improve the attribute rate of country's capital and firm operating performance. In the dilution of state-owned ownership, Liaoning is one of the provinces, which have larger quantity of SOE and assets. The way and experience of ownership dilution have general model significance. So, in advance, what is the basis of the theory and the practice in the process of ownership dilution for the SOE and state-owned holding company in Liaoning province? Does the reasonable scope and model for ownership dilution exist? If they exist, how large is the scope? Do different scopes and models for different industries exist? Which ways are helpful to realize the ownership dilution? What investors are the strategy partners which SOE hope to cooperate with? How to prevent the state-owned assets from draining in the process of dilution? All these have become the core problems we must solve now. In order to answer these questions from both theory and practice prospects, this paper conducts the research on the below mentality: First, to conform the subject of ownership structure adjustment for SOE, this has been basically defined in Liaoning. Second, how large the scope of dilution of SOE is, Which model we build all these can find answers from both theory and empirical research; finally, which investors are appropriate to take part in the ownership structure adjustment of SOE, viz. how to choose the appropriate investors to take part in the enterprises reform. At the same time, we also have to make an arrangement on the system to avoid the loss of state-owned assets in the process of dilution.There are 7 chapters in this paper, the main content of each chapter is designed as...