Study On Legal Issues In The Exercise Of Stated-owned Equity

In order to comply with the needs of the development of the market economy,state-owned enterprises in our country began to implement corporatization reforms.With the continuous deepening of the state-owned assets management system and the reform of state-owned enterprises,state-owned equity has gradually become a manifestation of state-owned capital in state-owned enterprises,and has played an increasingly important role in the actual operation.Whether or not state-owned stock rights can be exercised actively and effectively will affect the realization of the goals of state-owned company corporatization reform.Therefore,at the crucial stage of the development of the state-owned shareholding system,it is necessary to study how state-owned stocks are exercised and how they can effectively play their due role.However,domestic scholars mostly concentrate on the research of state-owned asset management,and there is less specialized research on the exercise of state-owned equity.China's "Company Law" also only stipulates the basic content of the exercise of general equity,but does not specify the relevant content of the exercise of state-owned equity.It cannot be ignored that the state-owned shareholdings are quite different from ordinary stocks.Therefore,the principle provisions of the "Company Law" on general stock rights do not necessarily apply to state-owned stock rights.In this context,the study of the legal issues concerning the exercise of state-owned stock rights has practical and theoretical significance.From the perspective of legal research,the dissertation uses a combination of theory and practice,comparative analysis and other research methods to conduct a deep-level study on the main body of state-owned equity exercise,exercise mode,legal dilemma,and regulatory mechanisms.First of all,as the decisive condition for the exercise of state-owned equity lies in the nature of its rights,it is possible to study the exercise of state-owned equity from the property rights of state-owned equity.Through research and analysis,we know that state-owned stock rights are essentially public rights that have both public and private rights.Therefore,the combination of public law and private law should be used to adjust and standardize state-owned stock rights.Secondly,based on the Law of the State-owned Assets Law and other laws and regulations,the paper studies the subject of the exercise of state-owned equity,and finally establishes the status of the state-owned equity exercise entity of the SASAC and other agencies that perform the investor's responsibility.However,at the same time,the mode of functioning of institutions such as SASAC that fulfill the responsibilities of the investor should be changed.Thirdly,through the game analysis of government regulation model and corporate governance model,we learned that state-owned enterprise governance is actually a kind of corporate governance model that integrates government regulation.Moreover,in the relationship betweengovernment regulation and corporate governance,we should adhere to the corporate governance model.Of course,the corporate governance model of China's state-owned enterprises is not perfect,and there are still defects such as the formalization of shareholders' meetings and the unbalanced allocation of managerial authority.Therefore,it is possible to optimize the corporate governance model of state-owned enterprises by adopting measures such as perfecting company supervision mechanisms.At the same time,in terms of the exercise of state-owned equity,the use of gold stocks,preferred stocks and trust mechanisms can be used to improve the exercise of state-owned equity.Finally,in order to achieve the goal of effective exercise of state-owned equity,a set of reasonable evaluation and supervision mechanisms need to be set up.This evaluation and supervision mechanism consists of internal supervision and external supervision.The focus of supervision lies on the external supervision mechanism.Through the above research,we learned that the effective exercise of state-owned equity,on the one hand,should strengthen legislative guidance and improve the relevant legal provisions for the exercise of state-owned equity;on the other hand,it must establish effective corporate governance mechanisms and evaluation and supervision mechanisms to reduce government's administrative intervention and guarantees.The autonomy of the company's operations ultimately achieves the goal of effective exercise of state-owned equity.