Constructing The Governance Mechanism Of Agent Risk In The Course Of Chinese State-Owned Assets Operation

Enters for the 21st century China, the reform and innovation of the economic system makes its national strength grow quickly, becoming a star of economic stage in world. But also appeared an out of harmony note in the process of Chinese economic development, the moral hazard and rent seeking cause people's ethics value perplexed in the certain degree.Always, the core of the state-owned assets administration system and government-owned enterprise reform is further introducing the market mechanism. The realistic condition of China is the market mechanism being weakly to compare with the compulsive strength of the government, the resources regulated by the market mechanism is still limited, moreover the transformation process still must continue the quite long historical period. Therefore the government must carry on an intervention according as the judgment to the microscopic economical condition and the macroscopic result. In the meantime, the government hopes to see still, through the state-owned assets administration system ,the government can realizes certain controls not only to the state assets, but also possibly to certain national strategies (for example employment, social safeguard, security strategy, environment strategy and so on).This article take our country present state-owned assets administration system as the key on spot, based on principal agent 's angle of view, from two aspects of state-owned assets supervising and company governance, carries on analysis and solution to the agent risk of state-owned assets operation in our country.First of all, from the summary of the related research, this article has defined a certain scope limits to the state-owned assets, the government-owned enterprise, the agent risk and the government mechanism.The state-owned assets this article refers to, only refers to the state-owned assets of the narrow sense, That is to say the management state-owned assets, whose carrier is the government-owned enterprise. At present, the government-owned enterprise's organization form in our country, besides the profession and domain whose sole-source investment enterprise must to be established by the national, other government-owned enterprise occupies the general competitive domain, all should implement the corporate system transformation. From the state-owned assets administration system frame "three levels of supervising and two- layers management" in our country, designs the chainsabout the property rights principal agent and the chains about state-owned capital operation principal agent. Divides the state-owned capital management into regulative link (first layer) and the operation link (second layer), brings the competitive state-owned assets into the second layer, manage them according the market mechanism; and brings the non-competitive state-owned assets into the first layer.Use Williamson classics research " manager utility model "in 1960's to explain the principal agent theory. under the existing administration system about the state-owned assets "three levels and two layers", this article defines the agent risk in process of state-owned assets operation to be the phenomenon "the moral hazard" and "inside control" ,which appears in the process of state-owned assets supervising and operation .This article constructs agent risk government mechanism in the course of state-owned assets operation to be the state-owned assets property right supervising system and the microscopic company government mechanism.For another, through the real diagnosis analysis and the comparative analysis, get the conclusion that the three levels authorizations administration system of the state-owned assets now in our country causes the main reason which the agent risk produces, and at the same time draw lesson from the state-owned assets supervising system and the aspect of constructing the incentive and constraint mechanism in the main country of the worldAt last, divide two angles of view, from three aspects, this article has constructed the government mechanism of guarding against the agent risk in the state-owned assets operation in our country.