Based On State-owned Enterprises Of The Cooperative Game Bonus

First to be an enterprise state-owned enterprise, it should distribute a bonus to the shareholder abide by the principle the market determines. When the efficiency of state-owned enterprises was poor, people concerned about how to make state-owned enterprises out of the woods. In those days, The operation result of state-owned enterprises was always at a loss, which made the government do not concern about allocation of enterprises profit. In recent years,as the financial situation of state-owned enterprises gradually improved, the state-owned enterprises have pulled through, they already have the dividend conditions to the state. State-owned enterprises have huge profits, how to allocation of enterprises profit has become an urgent problem at present. The bad treatment will affect the deepening of the reform of state-owned enterprises, which also will effect the development of the whole nation's economy.From June 2006, SARC(State Asset Regulatory Commission) and the Ministry of Finance have began to draft the "State Council on the implementation of the views of state-owned capital operating budget ",which was the preparation for the state-owned enterprises dividends. To December 11,2007, SARC and the Ministry of Finance issued "the central state-owned capital gains received Interim Measures ",this measures demanded the important enterprises which were administered by the central government. According to the requirements of measures. These enterprises will pay capital gains to the state government in different proportion. From then on,the state-owned enterprises have been not more than ten years history of shareholder dividends to the government ended in 2007. When the income of The Central Enterprises reached 918.66 billion which almost close to one trillion, State-owned enterprises dividends has started. As the receipt of the state capital gains, how to create a perfect dividend system has become one of hot topics. According to practice experience of States at home and abroad. The dividend policy of the state-owned enterprises are mostly concentrated in the government level.They Only from the view of the development of macroeconomic policy to settle social problems bonus system studying the state-owned enterprises dividend, which always emphasis the neglect effects of social responsibility. To pass over their own development goals, the system should also consider development of state-owned enterprises. Also the state-owned enterprises can be considered the distribution of dividends of state-owned enterprises and the social responsibility of investors. According to the type of distribution which does not favor to development of enterprise's, but also does not favor to the management of enterprises of the government. They make system should also consider the benefit of the government and also we should consider the benefit of the Sate-owned enterprises.Based on the above thinking, first this thesis studies on the situation of domestic and international, then Analyses the kinds of the dividend models, at last we summaries the experience of kinds of policies and lessons. We established a three-stage game model of cooperation based on State-owned Enterprises agency relationship. According to analysis and understanding of the model, we find out some problems of dividend policy which exist now. Then the thesis uses the enterprise of Sinopec as a case. Put cooperative game model validation in this case to analysis. Finally, the thesis put forward some reasonable proposals to promote the development of state and enterprises.