The Exercise Of State-owned Equity In Mixed Ownership Enterprises

Mixed ownership reform of State-owned enterprises by introducing private capital,forming a mixed ownership enterprises which have multiple investors ?Improving the enterprises management mechanism through the state-owned shareholders and the general shareholders of mutual checks and balances,become the main direction of State-owned enterprise reform in the next period of time.In this context,whether the state-owned equity mechanism of exercising can meet the characteristics of multiple investors within the mixed ownership requirements,maintain the balance of interests of different shareholders has become the key to the success of this reform.However,the state-owned equity which has a unique stateowned equity mechanism of as a form of state ownership,is different from the characteristics of the general equity.And this mechanism of exercising has broken through the boundaries of private right which state-owned equity as.On the one hand,it has led to imbalance of interests between different ownership investors in the mixed ownership enterprises,and on the other hand it has led to some problems in the internal governance of the mixed ownership enterprises,which deviates from the original intention of the state-owned enterprises to carry out the mixed ownership reform.This paper is based on how to maintain the balance of interests among different ownership shareholders in mixed ownership enterprises and improve the management of enterprises as the starting point,analyzing the problems existing in the existing state-owned equity mechanism of exercising from the legal point of view,and putting forward perfect suggestions,so that the state-owned shares mechanism of exercising is in line with the requirements of mixed ownership enterprises under the diversification of investors.This article is divided into three parts: introduction,text and conclusion.The text part is divided into six parts to discuss.The first part mainly defines the connotation of the mixed ownership enterprise.Mixed ownership enterprises are the products of state-owned enterprises to carry out mixed ownership reform,which is not a new enterprise form.Combined with China's relevant policy documents on the definition of mixed ownership enterprises,we believe that the nature of mixed ownership enterprises is kind of a diversified investment enterprises,which are linked with equity diversification enterprises,stateowned enterprises and other concepts as same as differences.The second part discusses the particularity of state ownership in mixed ownership enterprises.State-owned shares are same with general equity that the essence is equity and civil right.At the same time,the state-owned equity as a form of realization of state ownership in the joint-stock enterprises,also has the the particularity which general equity does not have,such as the interests of diversified demands.The third part analyzes the status quo and problems of the state-owned equity exercising in the mixed ownership enterprises.According to the “Company Law” “Enterprise State Assets Law” and other relevant laws and regulations,by presenting the status quo of the state-owned shares exercising,we obtained the characteristics of the exercise of state-owned shares,that is,the exercise of the main body of diversification and the exercise of the way of public law.On this basis,combined with the characteristics of mixed ownership enterprises,we analy the status quo of the exercise of state ownership generate the internal governance problems in mixed ownership enterprises.The fourth part analysis of state-owned equity in the process of reform of stateowned enterprises in other countries or regions,including Singapore's Temasek and British state-owned enterprises privatization.And obtains some common features in the reform of state-owned enterprises through comparative analysis,which can provide references for the exercise of state-owned shares in China.The fifth part,at the background of changing of the state-owned assets management system in China from the management of man,steward,capital to capital,we should also be regard the capital as a link to change the exercise of state-owned equity ideas in the mixed ownership of enterprises,re-establishing the exercise of private law of state-owned shares,the maintenance the interests of different shareholders and other new ideas to exercise.The sixth part,under the guidance of the exercise ideas of state-owned shares,the author puts forward the suggestions on perfecting the state-owned equity exercise mechanism in view of the existing problems in the exercise mechanism of the stateowned shares in the mixed ownership enterprises.perfecting the state-owned investment operation company and the state-owned equity representation mechanism to realize the main body “de-administrative” of the state-owned equity exercise;Through the market-oriented managers to improve the internal management of corporate governance institutions,giving play to the checks and balances in shareholders,board of directors,board of supervisors and management;Through the construction of subject stocks in different types of industries,changing the old thinking which own the right to control by the acquisition of share,optimizing the equity institutions,giving full play to the advantages of different ownership shareholders;At the same time,strengthen the state-owned shareholders the right to know and other relief rights to protect the safety of state-owned assets.