On China's State-owned Property Rights Transactions Legal System Perfect

This article believes that enterprise itself is the aggregate property owned by investors, and therefore enterprise property right is the total or part of the integral property right owned by investors, as formed by various production elements of enterprises organically combined with certain proportion; whereas the enterprise state-owned property right is the total or part of the ownership right of the state subject of investment (including administrative department and state-owned enterprises) to the said enterprise, based on its act of state capital investment to enterprises in various forms. Hence, enterprise state-owned property right transaction should be defined as an act of general transaction of the state subscriber of enterprise to transfer, for equal value, part or all of the enterprise property right it owns, and does not include transfer of enterprise property. For transfer of state-owned assets of pure material modality, they shall be adjusted by general law, such as the "Contract Law" etc., and as they are not subject to adjustment of the special law of enterprise state-owned property right transaction, they are therefore not within the scope of discussion of this article.This article expounds from three aspects improvement of the legal system of the state-owned property right transaction of Chinese enterprises. Part I of this article mainly analyses the defects of the existing state-owned property right transaction system of Chinese enterprises. First of all, the article introduces the status quo of legislation from the perspective of Special Law and General Law. As in China, legal adjustment to enterprise state-owned property right transaction is more embodied in the Special Law, and therefore in this part, further introduction is made towards the current conditions of legislation of the Special Law from four legal aspects, namely: law, administrative statutes, department regulations, and local rules and regulations. And then, through study of the current legislation, the article expounds its existing malpractices; Secondly, the legal system of the Special Law is neither perfect, nor scientific; thirdly, the supporting regulations of the General Law are in severe shortage; and fourthly, the lagging of supervision to legislation.Part II is to draw out some inspirations for improvement of the state-owned property right transaction legal system through introduction of the overseas property right transaction legal system. First of all, the article has given a brief summery of the relevant legal systems of the United States, France, and Britain. And then, throughcomparative study to the current conditions of China's legislation, we gain inspiration in improving the legal system of the state-owned property right transaction of Chinese enterprises.Part III is design to improve the legal system of the state-owned property right transaction of Chinese enterprises. First is to establish a scientific Special Law system, to make the trunk of the Special Law legible and its regulations uniform. Second is to improve the specific content of the Special Law, and enhance the operability of law. Of which, the article particularly put forwards its own point of views towards the initiation procedure, preliminary procedure, the procedure of transaction itself for improvement of the enterprise state-owned property right transaction, as well as the income disposal procedure after completion of the transaction. Third is to improve supporting regulations of the General Law, mainly presents its own thinking from six aspects, namely: the Company Law, the Anti-monopoly Law, Labor Law, Social Security Law, Tax Law, and Industry Special Law. Fourth is to strengthen construction of the external supervision system of the enterprise state-owned property right transaction, and put forwards specific suggestions of the author from three aspects, namely: judicial supervision, administrative supervision, and social supervision.