Research On Corporate Governance Of Mixed Ownership Enterprises

In the report of the Third Plenary Session of the 18 th CPC Central Committee, central government pointed out that “mixed-ownership economy which encourages cross-shareholdings among state-owned capital, collective capital and private capital to achieve the capital integration is one of the most important forms to fulfill the basic economic system. On one hand, it can benefit the zoom function of the state-owned capital, at the same time increase the value and competitive power of the state-owned capital; on the other hand, mixed-ownership economy will push different forms of capital complementing one another and finally realize the mutual promotion and common development.” The report reveals that the reform of mixed-ownership has transformed from the macro stage to the micro stage, in this stage, the company of mixed-ownership is the main objective of the present reform. Corporate governance is the top design of a company, which decides the whole structure of a company. Therefore, researching the corporate governance of the mixed-owned company means a lot not only to the whole reform of the mixed-ownership economy but also to the all economic reform in China. My research aims to find the sound corporate governance framework of the mixed-ownership company in the contemporary situation of China. At last, some practical measures are put forward to improve the present corporate governance of mixed-owned company.Firstly, through documentary research, my thesis builds the theory foundation for the analysis afterwards. Secondly, by using historical methods, this dissertation reviews the history of mixed-owned company, explicit the degree of the development of mixed-owned company and finds some problems in its governance. Thirdly, by combining qualitative and quantitative methods, it analyses the particularity of governance in mixed-owned company, makes clear the governance structure and governance issues, by which it comes up with the sound framework of governance in mixed-owned company. Fourthly, by using the previous framework, my dissertation analyses the governance of two classical companies, Electricite De France from France and Temasek from Singapore. Both of them have a lot of merits deserving our attention. Finally, my dissertation proposes some practical advices to improve the governance of mixed-owned company in China.My dissertation takes the mixed-owned company as an independent form of business organization, in which the framework combining internal and external governance is built to provide certain practical advices for the corporate governance of mixed-owned company in China. In the inner governance structure, this dissertation advises that proportionate ownership structure should be built to protect minority shareholders, private capital should be positively absorbed in mixed-owned company, the role of outside directors should be strengthened, efficient supervising council should be perfected and the institution of professional manager should be founded. At the external level of corporate governance, this dissertation puts forward some measures concerning capital market, laws and regulations, human resources and the management of state-owned capital.