A Study On The Reconstruction Of Corporate Governance Structure Of Solely State-owned Companies In China

State-owned sole proprietorship is the product of the restructuring of state-owned enterprises and is a new exploration of deepening reform of state-owned enterprises.At present,most of state-owned enterprises have basically completed the company system transformation;establish a modern corporate governance structure.Due to the particularity of the state-owned sole proprietorship in the field of business and the ownership structure,the formal transformation is only the first step in the construction of the state-owned corporate governance structure.How to further improve the state-owned corporate governance structure,there are still many problems to be solved urgently.In the process of governance,China's state-owned sole proprietorship did not form an effective decentralized checks and balances governance structure,which gradually become the main obstacles of restricted state-owned companies operating and development.First of all,the allocation of authority in the state-owned corporate governance institutions of our country is unreasonable.This is mainly reflected in the unclear SASAC C State-owned Assets Supervision and Administration Commission)positioning,the lack of independence of the board of directors of the decision-making,excessive deputy of the board of supervisors,imperfect mechanism of concurrent post of internal senior managers,unclear lines of authority of "two new unions" and "three old unions" and so on.Secondly,there is no mutual control of the governance structure between China's state-owned corporate governance institutions.There is no restriction between the internal constituent institutions of the company,the board of directors is difficult to restrain the managerial layer,what's more,the staff of the board of directors and the board of supervisors constitute are all unreasonable,and the supervision and incentive mechanism of supervisors are not formed.In view of the shortcomings of the governance structure of the state-owned sole proprietorship of our country,the legal reasons are mainly due to the lack of systematic of relevant legislation,and there are overlapping and contradiction between the Company Law and the relevant state-owned assets management laws.The state-owned economy is not unique to the socialist countries;the experience of Western Countries for the State-owned Enterprises is of Reference to the Adjustment of the Governance Structure of the state-owned sole proprietorship.First of all,by comparing the "single-tier leadership" governance model with the board of directors as the core of the US state-owned enterprises and the "double-level leadership" governance model with the German state-owned enterprises as the core of the board of supervisors,we can absorb the advantages of the state-owned management.Secondly,the French,Singapore and Canada in the management of state-owned enterprises,government of state-owned enterprises to discuss the way of exercise,as a clear reference to our SASAC in the state-owned sole proprietorship in the way of exercise.Under the principle of ensuring the ownership of the state,At the same time follow the principle of balance of interests and the principle of separation of powers,and the reconstruction of the state-owned corporate governance structure with the supervisory board as the core of governance is put forward.And to adjust the internal composition of the board of directors,Abolish the special committee of the authority overlapped;in the board of directors and the board of supervisors to introduce stakeholders and professionals to promote the composition of the board of directors and the board of directors to diversify;Coordinate the relationship between the "two new unions" and "three old unions".In view of the legal reasons for the defects caused by the governance structure of the state-owned sole proprietorship of our country,to further clarify the relationship between the Company Law and other state-owned assets management laws and regulations,and put forward the idea of establishing a single-owned corporate governance laws and regulations,and clarify the governance structure and the specific management mode of the state-owned sole proprietorship of our country in the form of legislation.Hope to provide little reference in perfect China's state-owned company's governance structure.