| Godfather of American Journalism absurd Henry ? Thompson said: "an era of dazzling burst of energy will become clear after the flash." State-owned enterprises is the protagonist of the Chinese economy, state-owned enterprises also determines the success or failure of economic reform. Opened in 1992, is nothing less than dazzling state-owned enterprises reform, and reform is now becoming too light, recalling the three years of history of SOE reform, through the delegating powers and benefits, the contract system, stock, market, property rights reform in different historical stages of reform of state enterprises in different mode out of a gradual reform of the way, on behalf of special national conditions of China. After nearly three decades of exploration, China's state-owned economic reforms in theory and practice have made tremendous achievements.2003 State-owned Assets Supervision and Administration Commission of the establishment of the first set in the government to achieve the government's social functions of public management functions and the separation of the owner, identified on behalf of state-owned assets, to determine the "state, grade representative" "powers, duties and responsibilities of unity, the management of assets and personnel, and the combination of affairs," a new system of state-owned assets supervision. Since then, the state-owned enterprise reform to a new level. SASAC actively promote the joint-stock reform, the establishment of modern enterprise system. Joint-stock reform, especially by domestic and foreign market, enabling companies to raise substantial funds for development, but also realizes the internal organizational structure adjustment and optimization, promoting improved corporate governance structure, and promote the construction of the modern enterprise system.Actively in the implementation of state-owned joint-stock reform of enterprises, standardize and improve the corporate governance structure is the direction of state enterprise reform, restructuring of listed state-owned enterprises has become the ultimate goal of reform options, including the promotion of state-owned enterprises listed on the main business and enterprise-wide market. Property rights reform is the restructuring and listing of state-owned enterprises as the core, that is, through the reform of property rights ultimately makes the business property rights, while rational and effective corporate governance structure can be gradually built up. Involved in restructuring state-owned enterprises listed on many fields, including economic, employment, social security and other fields, while the theory involved is very complex, this property theory of modern enterprise and modern corporate governance theory describes two aspects of the analysis.State-owned enterprises in the market's rapid economic development in the need to seize the opportunity, the successful economic transformation and state-owned assets. The process of restructuring state-owned enterprises through the long gestation and operation, can control the mode selection from the restructuring of various aspects of the preparations to the market, the successful listing of state-owned enterprises play a key role. In the process of achieving this goal to the actual situation based on a variety of different models, due to different levels of business and management features, a variety of market reform model has a different premise and conditions applicable for the large state-owned enterprises, the correct analysis of options for restructuring models, accurate business and market conditions to determine how the effective use of capital markets, restructuring of large state-owned enterprises more efficient model that is an important factor in the success of restructuring. Based on this, this article from the restructuring of state-owned enterprises listed on the theoretical start of state-owned enterprise reform through the practice of analysis and experience summary, restructuring of state-owned enterprises listed on the basic model and prospects and the overall restructuring of China South Locomotive example, for the next Deepening state enterprise reform, restructuring the listing to select the most optimal model, more efficient development of modern enterprise system to provide information. This article is divided into six parts. The first part is an introduction. Including the research background and significance of this article, research methods and thesis structure.The second part of restructuring state-owned enterprises listed on the theoretical perspective. Analyzed from two aspects: first, the modern enterprise property rights theory, introduced China's economic circles about the state-owned enterprise reform, the main points of property rights theory, analyzes the characteristics of the modern enterprise system of property rights and modern property rights system to improve the efficiency of enterprises ; Second, analysis of modern corporate governance structure, including the corporate governance structure of the content, the significance of effective corporate governance. This section is for listing of state-owned enterprises made a theoretical and practical summary of the theoretical foundation for later studies to further clarify the thinking and direction of the research paper.The third part is the practice of the state-owned enterprise reform. First introduced the reform process of state-owned enterprises, including establishment of the SASAC in 2003 after the state-owned enterprises to play a regulatory function, the use of related policies and other means to reform state-owned enterprises continue to promote the process of restructuring and listing, the state-owned enterprises to establish and perfect the modern enterprise property rights system and the corporate governance structure; followed a summary of the reform experience. Mainly by the deepening of reform of shares, the enterprise management mechanism has been further conversion, the company gradually improved corporate governance structure; Finally, reform is analyzed. Mainly from state-owned assets management, state-owned enterprise restructuring, corporate governance model, the state-owned enterprise reform in the governance structure of the three aspects. The fourth part is the restructuring of state-owned enterprises listed on the basic model. Restructuring of state-owned enterprises listed on the basic model is divided into five categories: overall restructuring of the mode, split mode of restructuring, division restructuring in the form of restructuring in the form of joint overseas in the form of red-chip companies, by introducing the definition of the model and an example, the last the application of methods and different models for a comparative analysis of the principle.Part V for the restructuring of CSR Model Selection and Empirical Research on the process of restructuring. South of the car group reorganized and went public, for example, expounds the CSR restructuring mode selection, the basic situation of CSR, restructuring the background, the restructuring program and the issuance and listing arrangements, restructuring process of restructuring the results. Empirical case of a fresh, more clearly reflects the reforms discussed in previous chapters the theoretical basis of practical experience in the application of the reform, restructuring and listing patterns for selection, etc. This section of the actual participation as a project leader of large state-owned enterprises IPO one of restructuring and listing, objective and detailed case specific data integrity, so that readers have the opportunity to reform state-owned enterprises listed on the true picture of the overall process have a more intuitive understanding.Part VI Conclusions and prospects for the study. Mainly the overall situation, summed up the views of this and related conclusions. Also pointed out that the restructuring of listed state-owned enterprises need to address the key issues and development... |
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