The Analysis On Using Preferred Stock To Implement The Mixed-ownership Reforming Of State-owned Enterprise

During this period, the thirty years of reform and opening up to foreign, state-owned enterprises experienced a series of processes that contains decentralization of management rights, enliven, establishing modern enterprise system based on property system, establishing the asset management system base on state-ownership and government regulation and independent business, the shift from assets supervision and management to capital supervision and management. After eighteen Congress, the top-level design about SOE refferred developping mixed ownership economy to new heights. At the same time, to solve the issue about unreasonable capital structure in commercial banks and large SOEs, the preferred stock system has begun to implement, when multi-level capital market construction is being implemented.Classification regulation, survival of the fittest is the future direction of SOEs reforming, and mixed-ownership is the main way to achieve diversification of property rights of SOEs. The author believes that, the property diversified mode of the current state-owned enterprises reformming has limitations, and is limitatign the initiative of private capital to participating in mixed-ownership reformming. The preferred stock can introduce a choice to implement the mixed-ownership reforming. And the other, the implementation of mixed-ownership reforming using preferred stock can also promote the developing of preferred stock system and the construction of multi-level capital market.This paper introduced the preferred stock system at home and abroad, and then reviews the history of state-owned enterprises reform, analyzes the status of implementation about the mixed-ownership reforming. On this basis, this paper discussed the feasibility of introducing preferred stock into mixed-ownership reforming as a supplement to the the common stock, and the model of using preferred stock to implementting the mixed-ownership reforming.