A Study On Corporate Governance Of State-owned Enterprises Based On The Theory Of Human Capital Property

The reform of state-owned enterprises has always been the focus since twenty years ago. With years of hard work, a great step has been made by the state-owned enterprises. They are moving forward to the great goal of establishing the Chinese socialism market economy. While there seems like an obviously exciting progress, the problems of corporate governance of state-owned enterprises existing for quite a long time are not resolved fundamentally. And some of the problems are still quite serious, such as the illogical structure of property right; the ambiguity of investors; lack of inspiring mechanism. Among all the problems, the most important factor is the reform of property right of state-owned enterprises.In order to advance the reform of property right and optimize the corporate governance, people should refer to the methods which are popularly carried out in the western countries, like ESOP, ESO and MBO. And MBO is much preferred in China nowadays.This dissertation first lists the problems of the corporate governance of state-owned enterprises. According to problems above, the key factor is the property right. On the way of improving the situation, MBO is considered to be the best method. By studying on the concept and applications of MBO, the author finds out the MBO has some born limitations, and it should not be applied as the way to reform the property right. With the progress of human capital and human capital property, people realize the human capital can be contributed as material capital. Human capital should be absorbed as the kernel of a firm. This dissertation points out it is essential to confirm the human capital property. It is also thought to be the way to actualize the reform of property right of state-owned enterprises.