The Research On Dual-Class Share Structure In The Reform Of Chinese State-owned Enterprises

The reform of SOE in the future will focus on the mixed ownership reform.The mixed ownership economy plays an important role in the supplement of the public ownership economy,the increase of market vigor and the employment problem.Only to find effective ways and means of implementation can make the mixed ownership economy work.With the future deepening of the reform of SOE and the integrate of non-public capital,bring new vitality to the SOE,has a positive significance for the establishment of modern enterprise system and the operation mechanism of the market.But at the same time,we should also recognize that in some key areas of SOE,non-public capital shares will gradually increase its influence of nature the public welfare,the influx of foreign capital will bring development tendency of profit,once by the control,may be gradually submerged by the mission of developing state-owned enterprises,so how to balance the public interest and capital introduction target is a problem can not be avoided.After the study found that one of the reasons for the lack of SOE to solve the problem is the simplification of the ownership structure,it is necessary to open up a new path for the reform of SOE through the diversification of ownership structure.The first part of this paper briefly introduces the basic situation of the dual ownership structure and the reform of the state-owned enterprises,and distinguishes the dual ownership structure with preferred stock and gold stock,and refines the main characteristics of dual ownership structure.At the same time,this paper expounds the original intention of the reform of state-owned enterprises,and analyzes the key point of the reform of mixed ownership.This requires a understanding of the functions and positioning of state-owned enterprises,and then focus on the point to reform.In the second part,the author discusses the compatibility between the dual ownership structure and the reform of state-owned enterprises.Firstly,discusses the necessity of the reform of the ownership structure of SOE,the current structure of SOE is the one share one right,which limited equity change and development space of SOE,the shareholders voting mechanism also has certain shortcomings,it is easy to lose in the mixed ownership reform process control of the country Then it expounds the feasibility of applying dual ownership structure to the reform of state-owned enterprises.It expands the ownership structure and the space of state-owned enterprises,improves the voting efficiency,keeps control of the country in the key areas,meets to achieve economic goals and social goals of state-owned enterprises,to maintain long-term stable development of state-owned enterpriseThe third part analyzes the current obstacles in the application of dual ownership structure in the reform of SOE.From the legal level and corporate governance level,we found that the current law does not allow the existence of different rights in the same stock.In addition,the traditional shortcomings of SOE will be intensified if the dual-class share structure have the improper application,such as increasing the dominance of state-owned enterprises,internal control and other issues,but at present our country enterprise supervision system and the protection of minority shareholders is facing a lot of problems,these are the obstacles in the application of dual-class share structure.In the fourth part,the author elaborates the construction of the dual ownership structure in the reform of SOE.From the principle of design,then clear the legal status of it.Next to specific contents of the system,then limit applicable scope and object,super voting range,exercise procedures and deadlines of dual-class share structure.Last design further supporting mechanisms,such as the information disclosure mechanism,supervision system,group litigation system.To safeguard the positive function of dual-class share structure.