Research On The Legal Problem Of The State-owned Equity Category

The economic system reform of our country has continued for more than thirty years,but the current equity structure of state-owned enterprises in China still presents the basiccharacteristics of the dominance of state-owned shares and high ownership concentration.The internal contradictions in the governance of state-owned enterprises,including internalcontrol, administrative control and so on, is not only make against the efficiency and thevalue of the state-owned enterprise,but also not conducive to the reform and development ofthe whole economic system.Many developed countries pursue category stock as effectivemeasures to promote the innovation of financing domestic capital market and thedevelopment of modernizationand.It’s also widely used for privatization reform in Britain,Japan and other countries of state-owned enterprises.In China, relevant regulations can betraced back to1992. In November2013,“the guiding opinion on the launch of the pilotpreferred stock” promulgated by the State Council put forward the pilot work，allowscompanies to issue common and preferred shares, which provides a useful reference forChina’s state-owned equity category.For this, the author believes that, in view of the presentsituation of company governance and ownership structure of state-owned enterprises in China,carries out state-owned equity categories, legislative rules of state-owned category shares, cansolve the problems of state-owned enterprises, promote and perfect the governance structureof state-owned enterprises.The title of this article is research on the legal problem of the state-owned equitycategory,it is divided into five parts.The first part explains the legitimacy of equity categories. This part of equity categoriesstarting from two aspects,the first is the understanding of "equity" analysis of the contents ofthe division;second is the understanding of "categories", especially in the classes of shares.The author thinks, constitute a class of shares should have two elements, namely the rightsattached to shares, rights exist difference. This part also demonstrates the legal basis of equitycategories.It’s believe that the equity category is further reflected on the principle of equality of shareholders, is amendment to the capital majority principle, and obtain the justice basis inaccordance with the autonomy of company charter.The second part analysis the legislation value of state-owned equity categories. This partreviews the origin of state-owned shares and the reform process, the stock ownershipstructure is the core content of the reform of state-owned enterprises, but from the reductionof state-owned shares, the equity division reform, MBO to introduce strategic investors,reform of state-owned shares failed to produce good results, and some even have beenstopped.In this context, the state-owned equity categories can be seen as the stage of China’sstate-owned enterprises to explore new ways of reform. Therefore, the next part is the studyof the legislation value of China’s state-owned equity categories,think that state-owned equitycategories not only can realize the state-owned shareholder control limits, but also to meet therequirement of appreciation of state assets, and conform to the development direction ofstate-owned enterprise equity structure.The third part discusses the legislative system of state-owned equity categories. Throughcomparative research of legislative mode in different countries, and combined with thepractice of our existing legislation and basic characteristics of state-owned equity,this paperconfirms the feasibility of legislation of our country state-owned stock category, andproposed that our country state-owned stock category shall be made by the State Council inthe form of administrative rules.The fourth part analyzes the category selection of our country state-owned stockcategory,and puts forward some legislative suggestions. This part firstly study the relevantprovisions of Japanese and English law,suggests that our country should not only adopt suchexperience,more important is to focus on the practical needs of national economy and society.Based on the consideration of the constraint of state-owned shares and non-state-ownedshares,this part puts forward that our country state-owned equity can be categories intostate-owned preferred stock and state-owned golden share, and and making suggestions onlegislation。The fifth part summarizes the above.