Research On The Optimizing Control Of State-owned Listed Companies Under Mark Conditions

The reform of equity division is a change of the control of the State-owned listed company, "Due to the dominance of one share" will change investment diversification into leading the State-owned shareholders; this will bring the opportunity of coordinating the two targets of the leading public and the efficiency of the State-owned listed company. It has provided the premise to optimize. First, it has canceled the inherent and endogenous defects of the system and market on capital market, it has completed the equal shares system and it has reached the right to share the same, lee shares with the same and select shares with the same; secondly, it makes the equity incentive operability. The circulate gives the market assessment criteria to the management, stock prices can objectively reflect the performance, it increases the effectiveness to incentive the management. The reform of equity division has solved the problem of the flow of state-owned shares, but, the deep contradictions of the State-owned listed company have not been solved, for example, the problems of absence of subject, acting cost and chief configuration control, it proves the necessity that the control is improved. It is a choice the optimizing control Layer-by-layer from the state-owned listed company on the reality. At the level of shareholders, it eliminates the "Sham" state by diversifying that it inserts the fame shareholder and introduces the private investors, institutional investors and strategic investors. At the board level, it improves the independence of the board; it stresses the policy-making functions of the board; it perfects the internal management structure; it optimizes the internal control mechanisms of the state-owned listed company. At the manager level, it implements equity incentive to mobilize the operators' enthusiasm to improve the decision-making efficiency by together with the interests of shareholders, the interests of the company, the business interests. At the level of workers, ESOP enterprise system is implemented, incentive ordinary worker human capital. In control of the environment, we establish mature market manager and improve the laws and regulations that are indispensable.