Research On State-owned Enterprises’ Corporate Governance

Corporate governance problem has always been the hot spot of the academicresearch. At the same time, improve the corporate governance is the core issue ofreform of state-owned enterprises in China. Has always been the pillar of the nationaleconomy, state-owned enterprises is the comprehensive construction well-off society’simportant strength, is an important economic base of our party in governing andrejuvenating the country. Since China’s reform and opening up, the reform ofstate-owned enterprises has experienced three stages, although most of thestate-owned enterprises corporate governance framework through the three stages hasbeen established, but the specification of the corporate governance level andoperational effectiveness is still not very ideal. Such as the government’s directintervention of enterprise and the state-owned assets investor does not reach thedesignated position phenomenon coexist, big shareholders abuse of control and thephenomenon of insider control, and "XinSanHui" and "old" relations deal with theproblem, and so on.This paper will through the five chapters of state-owned enterprises corporategovernance issues. Chapter1is the introduction part of this article, mainly elaboratedthe paper selected topic background and significance, research ideas and researchmethods. Chapter2is the literature review part, first, the concept of corporategovernance were reviewed, from the concept of "corporate governance" has been thesource of analysis to the present different definitions of corporate governance at homeand abroad, due to the academia to the concept of "corporate governance" did notform a unified understanding, this article will from the existing conditions, thesolution of specific problems, system arrangement, organization structure, narrow andbroad such five angles to summarize the concept of corporate governance. Then, thispaper will be involved in corporate governance to economic theory to carry on the detailed summary, including property rights theory and property rights theory, the twopower separation theory, contract theory, interest oriented theory and the theory ofseparation of powers. How to draw lessons from international advanced experience inorder to perfect the corporate governance of state-owned enterprises in our country isan important question, good corporate governance mode can implement all the checksand balances of power owners and to improve the overall efficiency of corporategovernance. Because of the difference of the external environment and the historicalevolution, corporate governance mode is different from all countries. Chapter3willenumerate some countries in the world of corporate governance model, including theBritish and American model, Japanese model and the German model. Chapter4willpoint out the problems of corporate governance, state-owned enterprises in China,including state-owned capital investment subject vacancy,"insiders" control, a highproportion of non-tradable shares, state-owned shares, the controlling shareholder’sbehavior problems, and problems such as board of directors, board of supervisors andmanagers. Chapter5to chapter4, state-owned enterprises corporate governanceimprovement measures are presented. General policy Suggestions are given from twoaspects, respectively is equity structure and behavior of controlling shareholders andboard of directors, board of supervisors and managers. Specifically, including thepersonification of the state-owned assets management, to ensure that the investor ofstate-owned assets in place, build the controlling shareholder of standard operatinglong-term mechanism, prevent the big shareholder occupy listed company interests,strengthen the outside directors, to ensure the independence of the board ofsupervisors, perfecting executive compensation structure and so on.