Research On Power Sharing Of State-owned Enterprises Property Rights

Reform process of state-owned enterprises(SOE) in the past 30 years has reflected that the core problem of SOE reform is how to realize control&profit sharing and effective balances among the SOE owners, the board of directors and senior managers of state-owned enterprises so as to realize the perfect governance structure of the SOEs and the establishment of modern enterprise system and good operation. In other words, how should we realize the unification of duty,right,profit among owners, the board of directors, senior managers the of the state-owned enterprises through the arrangement of ownership. We believe that traditional "two rights separation" reform has failed to solve that problem perfectly. From specific views, the governance structure of a company still exists defects, and the duty-right-profit hasn't match among the state-owned assets Supervision and Administration Commission, the board of directors or investor representatives entrusted by the Commission,and the agent. In this paper we innovatively use the concept of state-owned power sharing to replace "two rights separation", and using this view to analyze ownership arrangement in SOE's reform and managementGeneral ideas are as follows:On the basis of reviewing relative theories and reform experience of SOE in the past 30 years, we analyze present property structure of SOE, expose its governance defects,then expounds the necessity of power sharing and set up the basic framework of state-owned power sharing. And with a typical example of Qingjiang company,we summarizes power sharing experience and make further research on how to better achieve power sharing of SOE.The first part is introduction, mainly discusses the problem studied in this paper, the purpose,method and basic structure of the research.The second part is review and evaluation on relevant concepts.The third part mainly reviews the reform process of SOE in 30years'reform and opening-up and the general situation of various stages,and evaluate the reform of state-owned property right.The forth part analyzes and studies the current situation of state-owned property right's structure and its management defects, expounds the necessity of state-owned power sharing, and constructs the basic framework of state-owned power sharing.The fifth part takes a typical SOE-Qingjiang company as an example, and summarizes the experience of power sharing.Then we study on the stimulative effects of Qingjiang system to SOE's power sharing.The sixth part firstly clarifies relationship between power sharing theory and deepening of SOE's reform, and then makes further exploration on how to realize power sharing of SOE from aspects of state-owned assets management system, internal and external governance structure, diversified ownership and equity incentives.