The Reform Of Property Rights Institute And The Perfection Of Governance Structure For The State-owned Enterprises

The reform of state-owned enterprises (SOEs) is the core problem of the reform of Chinese economic system. After having experienced several stages as follows: releasing rights and yielding profits, contracting out system, share institution and so on, Chinese SOEs have not solved such a series of key problems as the absence of owners, insider control, the unseparation between government and enterprises yet, which limits the reform of state-owned enterprises. Modern enterprise system is based on the separation of ownership and management rights. This separation must lead to the agent problem, namely the problem how to incent and supervise agent, which also is the crucial problem of the research of corporate governance. So, the key to achieve the reform of SOEs is to establish efficient and perfect corporate governance structure. The meaning of corporate governance includes two aspects. On one side, it refers to interior governance, which is so-called corporate juridical person governance structure. That is realized by the arrangement of corporate inside property rights system. The other aspect refers to exterior governance which is brought to success by outside competed market system.In order to establish a perfect corporate governance system, this paper will go along from two sides of interior governance and exterior governance. On the side of interior governance, the paper puts the multiple property rights and the moderately centralized property rights system forward on the base of clearly property rights. With the purpose to multiplying property rights structure, the paper analyzes the relationship and obstacle between Chinese capital market and the multiple property rights, and the same time, points out the existence of intuition, information and law obstacles. To these obstacles, some effective advice is given. On the side of exterior governance, the thesis analyzes the incent and supervise on managers of competed market system, especially of merchandise, manager and capital market (control rights market).By the analysis of internal and external governance, a set of system is design, such as multiple property rights, artificial person, socialization, perfect and fair market system. Meanwhile, a kind of comprehensive corporate governance model is brought forward on the base of surveying the developing tendency of two world main corporate governance models, namely, perfecting corporate governance structure from internal and external governance.