Management Of The State-owned Holding Listed Companies And Regulatory Legal Issues

With the continuous progress of reform and restructuring listing of state-ownedenterprises, more and more premium assets have been inserted into the listedcompany, in turn makes the state-controlled listed companies becoming the importantsector of the capital market and the backbone of state-owned economy. For variousreasons, the state-controlled listed companies are still imperfect in their internalgovernance structure and external regulatory system, this not only restricted thehealthy development of the securities market, it may also lead to the loss of stateassets. Currently, the State-owned Assets Supervision and AdministrationCommission of the State Council set two new goals for State-owned AssetsSupervision and the reform and development of state-owned enterprise " during the"Twelfth Five-Year" period, they are: improve State-owned Assets Supervision andstate-owned enterprises development to a new level. This puts forward higherrequirements for the Governance and Supervision of the state-owned enterprises, andalso pointed out the direction for the reform and development of state-controlled listedcompanies. Therefore, the further study on governance and regulatory issues ofstate-controlled listed companies has important impact and reality meaning to furtherreform of state-owned enterprises and strengthening the state-owned assetssupervision of listed companies.The paper is divided into five chapters. The first chapter introduces the conceptof governance and supervision of the state-controlled listed companies, discusses therelationship between internal governance and external regulation, provide thefoundation for the issues to be discussed in the later part of the paper; the secondchapter describes the extraterritorial state-owned corporate governance and regulatorymode, analyzes its impact to the governance and regulation of China’s state-controlledlisted companies. The third chapter focuses on analysis of current governance andexisting problems of the state-controlled listed companies, points out the problemsassociated with unregulated Board of Directors settings, virtual functions of the Boardof Supervisors, unbalance of the "new board meetings" and "old board meetings",andanalyzes the causes of those problems. The fourth chapter analyzes the regulatorystatus quo and existing problems of the state-controlled listed companies, points outthat the current regulatory system is not perfect, imperfect regulations, and analyzesthe causes of those problems. Chapter five based on a comparative analysis,considering China’s feature, puts forward suggestions and measures to improve the governance and regulation of state-controlled listed companies from the perspectiveof optimizing internal governance and strengthening the external monitoring, focuseson optimizing and improving the internal governance structure, so that the "new boardmeetings" and "old board meetings" exist in a coordinated way; on the other hand, itis necessary to clarify the regulatory system, improve governance regulations,strengthen supervision, thereby achieving the goal of deepening the reform ofstate-owned enterprises.