Corporate Governance Of State-Owned Corporation--Analysis Based On The Administration System Of State-Owned Assets

The dissertation researches the corporate governance of state-owned firms based on the existing administration system of state-owned assets. In detail, we will research the corporate governance issues of the central government-owned firms, in particular, owned by the State-Owned Assets Supervising and Administration Commission (hereafter, SASAC), through comparative analyses, qualitative analyses and case study. We start our discussion by analyzing of the nature and the ownership arrangement of the firm, we then clearly define the enterprise corporate governance and introduce the basic theory concerning the enterprise corporate governance. We summarize the basic models of enterprise corporate governance which are relatively mature in the world and their characteristics. Then, based on the agency theory, we make a brief review and analysis on the history and current status of the administration system of state-owned assets. We specially analyze the power and responsibilities of the SASAC under the existing administration system of state-owned assets. On the basis of the above discussion, we analyze the corporate governance problems existing in the central government-owned firms such as the extra-long agency chain. We also analyze the ownership arrangement among entities of the existing administration system of state-owned assets. Based on these analyses, we explore how to restructure the corporate governance of the central government-owned firms which includes the board of directors system, the choice system of top management, the board of supervisors system, the investment and financing decision system, the incentive system and performance evaluation system, etc. Finally, in order to put the above theoretical analyses into practice, we use a specific central government-owned firm-----the C group company------as the case to do empirical case study which describes the C's existing corporate governance status and suggests how to restructure the C's corporate governance in the future.