The Split Share Structure Reform Of Listed Companies In China Share Capital Operations

Now, the state-owned capital of our country exists mainly in Limited Liability Company and the limited company, and state-owned stock capital in limited company exists in the listed company and non-listed company. The object of research of this paper is the operation of state-owned stock capital in the listed company. In recent years the proportion of Chinese state-owned economic amount in entire national economy appears downward trend step by step , and there are considerable part of high quality state-owned capital concentrate in listed company. Comrade Deng Xiaoping emphasized again and again: "one is main status of public ownership, another is common prosperity. This is the socialist basic principle that we must insist". Therefore operation of state-owned capital, especially the state-owned stock capital in listed company, not only concerns the operation efficiency of the state-owned capital of our country and the health of the entire national economy of our country ,but also concerns the main status of public ownership and the stability of socialist basic economic system.In 2007, after shareholder structure reform completed basically, state-owned stock capital of our country in the listed company got circulating right and enlarged its operation space further. At the same time, shareholder structure reform brought a lot of new problems to the operation of state-owned stock capital in the listed company. For example: Who is the operation subject of the state-owned stock capital in listed company on macroscopic and microscopic operation? What are basic principles and the goals of macroscopic and microscopic operation? How to evaluate the microscopic operation effect of state-owned stock capital in listed company? What are the conditions that state-owned stock capital healthily operates in listed company? How to prevent state-owned assets loss more efficiently under new conditions, and so on? This paper lies in to answer these problems. With the majority and minority of non-circulation stockholders' stock circulating on the stock market of our country , these problems will become more complex. The research on these problems is a new task of state-owned stock capital operation in listed company in our country , not only having important theoretical and realistic meaning, but also having urgency.Article is divided into 4 chapters. The first chapter is about the background, methods and the consequences of shareholder structure reform. Mainly Elaborates the historical background, basic methods, basic course and major consequences of the shareholder structure reform, and draws forth research from this. The second chapter is about macroscopic operation of the state-owned stock capital in the listed company after shareholder structure reform. Based on the analyzing status of state-owned stock capital in the listed company problems in entire national economy , article have put forward the subject, goals, basic principles and major contents of the macroscopic operation of state-owned stock capital. The third chapter is about microscopic operation of the state-owned stock capital in the listed company after shareholder structure reform. Article mainly elaborate the subject, goals and existing problems of state-owned stock capital microscopic operation , criticized evaluation methods of state-owned stock capital microscopic operation effect ,and finally presents the author's opinions. The forth chapter is about the conditions of the state-owned stock capital in the listed company after shareholder structure reform. Article elaborates the essential conditions of state-owned stock capital operation .These conditions include: perfect state-owned capital management system, the scientific system of selection, strict supervisor system, reasonable incentive and constraint mechanism, standard contract system, related regulations.Independent view and the major characteristic of this paper include: First, state-owned stock capital operation in listed company is a new problem after shareholder structure reform. Article explored this problem from many angles in order to give some help for the thorough research. Second, article connect the solid of basic economic system with the macroscopic operation of state-owned stock capital in listed company ,think that the basic goals of state-owned stock capital macroscopic operation in listed company should be " profit maximization" ," control national economy ", major principles should be " do-something, not-to-do-something"," go after profits and avoid disadvantages " , " chase capital gains and stabilization of stock market ".Third, about the state-owned stock capital operation conditions ,article put forward that establishment the contract system between different levels of state-owned stock capital agents to restrain different levels agents with contract on rights, duties and benefits.