Study On SOE Corporate Governance Under The Background Of Mixed Ownership Reform

After more than 30 years of development, great strides have been made in reforms on ownerships represented by mixed ownership. The judgment that “mixed ownership economy is an important way to achieve basic economic system in China” put forward in the Third Plenary Session of the Eighteenth Central Committee, in particular, gives mixed ownership a higher position in the theoretical and political position in China's economic development. The active development of ownership entails “interactive integration and cross shareholding of state-owned capital, collective capital and nonpublic capital”. Despite gradual establishment of modern corporate system, there are still flaws in governance system and a number of shortcomings in state-owned enterprises(SOE), the major participators of reforms on mixed ownership, due to inherited historical and system reasons. Following the foray of non-public capital, the major players of which are private enterprises, into the original turf of state-owned capital and construction of mixed ownership enterprises, it is imperative and important to discuss and study corporate governance issues at present.This paper first conducts literature analysis of mixed ownership and corporate governance theories and speeches, sums up the connotation of mixed ownership and corporate governance theories and on this basis sorts out and analyzes related theories of corporate governance of SOE and mixed ownership enterprises by combining research results of domestic and foreign scholars. Next, it analyzes cross shareholding of SOE and other ownership enterprises and possible consequent problems such as grapple of control over company among shareholders of mixed ownership enterprises, infringement of mid-and small-shareholders' interests by big shareholders, principalagent problem of shareholders and corporate executive teams caused by separation of corporate control and operation, which can give rise to the problem of establishment of compensation management and incentive restriction system of corporate executive teams, as well as the problem of influence on corporate governance imposed by shareholders and corporate employees, especially remaining employees of the original SOE. To more vividly show the importance of sound corporate governance mechanism of mixed ownership enterprises, this paper draws on the case of the system reform development of Zoomlion Heavy Industry Science and Technology Co., Ltd., a listed company with certain influence both at home and abroad, analyzes emerging problems and the effectiveness of corporate governance. In the following article, it correspondingly comes up with corporate governance strategies such as diversity of corporate equity, improving independent director system, building reasonable compensation and equity incentive system and professional manager market and effective restriction system and enhancing employee shareholding system, in the hope of supplying corporate governance of mixed ownership enterprises with reference.