Under The Classification Regulation State-owned Equity Structure Optimization Design Research

Party’s eighteen big put forward to further deepen the reform of the state assets of state-owned enterprises that the reform property rights reform of state-owned enterprises is the key, which is a matter of reform of state-owned enterprises success.More than 30 years hard assets of state-owned enterprises reform process has shown complete withdrawal from state-owned assets is not the reform of state-owned enterprises in the right direction. For the moment, many malpractices do exist in the state-owned enterprise property rights system, how to put between the control and management efficiency of state-owned assets balance? This is the question about which we have to study. This article plans through to Shanghai sasac pipe group company and its listed company as an example, through the shareholding structure embedded in a certain proportion of preferred stock to optimize the equity structure of the company. Preferred operating mode in Europe and USA has for years relatively mature and being many related theoretical research, but the situation of our country unique decided to reform of state-owned enterprises is very complex. In this paper, on the basis of combing the reform of state-owned enterprises and status quo, at the current state-owned enterprises case as sample, from its reasonable shares mode and operation plan, the reasonable stock price, dividend rate, conversion conditions, redemptive stake and so on various aspects of this problem is discussed in detail.The conclusion of this paper show that the proposed in this paper the state into the state-owned preferred stock, common stock is under the classification regulation a good way to promote our country state-owned enterprise equity structure.In the process of pushing will meet resistance,but the key is to determine reasonable application model and operability technology scheme, complete in law and in practice to summarize, deepening in the reform.