Research On The Management Of State Owned Shares Of Chinese Listed Company

The promotion of sustainable economic development is more of the most important issue faced by every country in the world. Corporation is the micro fundament of economic and social development, to activate the power of corporation and harmonize the development between society and human being is the vital factor of realizing full-scale, harmonizing and sustainable development of economy. State Owned Corporation is an important element of China's economy; it plays an important role in the economic growth, technological improvement and employment promotion, etc. To adapt the globalization and acceleration of technological advancement, to fit to the trend of the construction of comprehensive wealthy society and the consummation of institution of socialism market economy, it is necessary to furthermore deepen the reform of state owned corporation. Only by doing this, the state owned corporation may become main body of the market, the micro fundament of institution of socialism market economy may be consummated, and the function of supporting, directing and driving of state owned economy may be strengthened. The key of the reform is to consummate the institution of state owned asset management, it is an important task of consummation of our market economy. Currently, the core of the management of Chinese sated owned corporation is to solve the issue of the management of state owned shares. And the key within the share management is to clarify who is the ultimate representative of state owned shares, the corporate governance under principle-agent condition, agency cost issue, corporate performance issue, and how to guarantee the safe and control of the state owned assets.This paper mainly takes the spirit of deepening the institutional reform of state owned assets of the sixteenth national people's congress as the background. Through integrating the practice of the reform, this paper analyzes the path, status and defect of state owned shares management from an angle of macro government management. Based on the analysis and comparison with the western countries, and according to the real situation in China, this paper points out the significance of the western experiences. Meanwhile, an empirical study is made to analyze the principle-agent relationship in multi-variant share structure which has become the common phenomenon during the reform of state owned corporation. Through theoretical and empirical study, the paper points out the existing problems in current institution of state owned shares management, and brings out policy suggestions at the end:(1)introducing institutional investor, exerting active supervising function(;2)actualizing securitization of voting of state owned shares, constructing new type of government-corporation relationship;(3)advancing the reform of split (tradable and non-tradable) share merger, stimulating the circulation of state owned share.