Reformation And Stock Ownership Optimization Of Stateowned Enterprises

The Third Plenary Session of the 14th Party Central Committee in 1993, put forward that the state-owned enterprises should establish modern enterprise system that tally with the requirement of "property-rights clear, right and liability unambiguous, the government and enterprises be separated, management scientific", and to resolve the problem of system innovation.In the recent ten years, more than 80% of all the state-owned business enterprises have innovated according to the requirement of the modern enterprise system, and established the modern enterprise system. However, after that, the ownership structures of many enterprises are not appropriate, and they can't make the modern enterprise system that the enterprises have built up bring into play positive effect, thus restrict the management development of the enterprise.Aim at an above-mentioned problem, in 2003 The Third Plenary Session of the 16th Party Central Committee put forward that the state-owned enterprises should establish modern property-rights system that tally with the requirement of "ownership clear, right and liability unambiguous, protect strictly and flow smoothly". The transform that build the modern property-rights system has provided an excellent theories basis to property-rights structure optimization of the state-owned enterprises after their former stock-holding system innovation. Under the condition that state-owned enterprises have established modern enterprise system, this article argues the further optimization of the property-rights structure.This article carried on investigate to the related theories, and carry on correspond of substantial evidence research. And the author hope her can optimize the property-rights structures to exert modern business enterprise system act, and to promote state-owned enterprise develop powerfully from the system innovation to the property-rights innovation.Firstly, this article describes the history of state-owned enterprise reformation and related theories, and expatiates the theories of modern enterprise system, modern property-rights and stock-holding system, and then describes the international experience on decreasing the stockownership that the nation hold and correlative theories, and lastly argue the practical situation about the nation-hold-stockownership-decrease and the property-rights structure optimization of our nation, hi the meantime, this article draw lessons from property-rights structure theories and encouraging methods like Employee Stock Option Program, Management Buy-outs that have been used widely overseas. The demonstration object is the Chinese Petroleum Pipeline Long way Inspect and Control Limited Liability Company (in following calls it Long way Company for short). Long way Company is separated from the Chinese Petroleum Pipeline Designing Institute (in following calls it CPPDI for short) when the CPPDI reformed to the Chinese Petroleum Pipeline Project Limited Liability Company. From then on, the Long way Company turned from a branch that acts as an affiliate to a subsidiary company that has independent legal personality. Through several years' actual operation, the company found that its property-rights structure is not optimization after the company carried on its reformation, serious restricted the development of the company. This article carries on a thorough inquisition on the company. And combining the above theories and method this article analysis its present condition and the property-rights ownership structure condition. Aims at these idiographic problems, this article put forward three blue prints to optimize this company's property-rights ownership, and compares and analyses this three blue prints. Under the precondition that the company's property-rights have been optimized, this article puts forward the notion to resolve the problem of "one share is big alone and a single character operates", and preliminary resolves the problem that stockholders orientation is out of balance, which is brought by the problem that the property-rights structure and the encouraging and restricting mechanism is out of balance.The research this article carries can provide a beneficial reference towards the state-owned enterprises that being placed in a similar circumstance and those willing reform the system soon.