Application Research Of Preferred Stock In The Property Right Reform Of Chinese State-Owned Enterprises

During the reform of Chinese State-owned enterprises, we can not set all the arrows to the reform of the property right system. But indubitably, the property right reform is so important that it just likes the sword of Damocles hanging on the reform of state-owned enterprises. Privatization is not the main reforming direction and withdrawing does not equal selling out. Transferring the state-owned common property right into state-owned preferred peoperty right can decrease the state-owned capital loss and assure the state-owned assets' maintenance and appreciation. It also can standardize the stock kinds in china capital market and perfect the the structure of firm governace. Therefore, it is the feasible choice of the property right reform of Chinese State-owned enterprises.This thesis includes five parts.Firstly, the thesis reviews the relevant theoretical research on the application of preferred stock in china and summarizes their research backgrounds and contents systematically. The 2nd part introduces the preferred stock ' s features and kinds at length. It also concerns its main applications in domestic market and in foreign countries. The 3rd chapter discusses the current situations and problems occurring in the reform of Chinese State-owned enterprises. The 4th chapter is the core of this thesis, which demonstrates how to setup the state-owned preferred stock right system in detail, including its necessary, advantages, principles, pattern and the handle methods of the crucial technique problems and so on. In the 5th chapter, the thesis reveals the preferred stock' s application in the property right reform of large and middle State-owned enterprises, which verifies the realistic meanings of the preferred stock.Through systematic argumentation, the thesis suggests that we should choose the rational pattern and principles according to the existence form of state-owned capital. In general, the state-owned preferred stock should be set as convertible, callable,cumulative and participating preferred stock with the sound nominal price, dividend rate, conversion condition, conversion rate and call price in order to lay the foundation for the later convertion and circulation. At the same time, the relevant departments should amend the law and constitution corresponsively. As a whole, it is not very difficult to finish this setup and the key is to perferct the law, spread application and deepen reform.