The Research On The Problems Of The Corporate Governance Of State-Owned Enterprises

The corporate governance is a science concerning proxy problem under modern enterprise system, which is caused by the separation of ownership and operation, as well as the information dissymmetry. The corporate governance is a world wide problem, even in the US—which is regarded as a country having a perfect corporate system. Some serious financial cheating cases happened in big corporations, such as Enron, WorldCom, Xerox and American Airline. These corporations harmed their investors' benefit.The state-owned enterprises are the main style of Chinese corporations. The proxy problem not only reflects the relationship between the owner and the operator of the enterprises , but also caused the problem between different agents and final shareholders and at last caused loses of final owners' benefit. So, we can say that the problem of the corporate governance of state-owned enterprises is more urgent.This paper is guided by dialectical materialism and historical materialism, based on property rights theory, hyper-property rights theory and enterprises theory. Using the method combined by standard research and real diagnosis, the paper studies systematically the governance theory of state-owned enterprises, explores way and countermeasure of the corporate governance of state-owned enterprises in china . The following is the detail:1. In this part, it summarizes the current research situation at home and abroad, such as the connotation or the essence of the corporate governance; the objective model, the balancing mechanism and the inspiration mechanism. It also states the content and the essence of property rights theory, hyper-property rights theory and corporation theory, and at the same time, analyses the various basic models of ownership and proxy theory.2. The origin, means, objective and the criterion of corporate governance are discussed.This paper puts forward some ideas: (1) In general, corporate governance problems appear simultaneously with the appearance of the enterprises . In order to save transaction expense, maintain enterprise' operation and decrease internal transaction cost, the operator himself—as an authority—controlled the enterprise resources. This is an effective means of corporate governance. (2) The means of corporate governance contain not only defenses and restrictions, but also the coordination. (3) The objective of corporate governance should be divided into two layers—final objective and concrete objective. The final objective is to promote corporation value, and the concrete objective is to enhance the decision-making ability, efficiency, sustainable development ability and decrease corporate governance cost (contains transaction cost and agent cost). It also makes a comparative research on corporate governance criterion in Britain and OECD, and sets up the frame of Chinese state-owned corporate governance criterion. This paper also uses means of real...