Research On The Governance Mechanism Of State-owned Enterprises Under The Reform Of Mixed Ownership

After the Third Plenary Session of the Eighteenth Central Committee of the Communist Party of China,a new round of reform of state-owned enterprises was launched.The Third Plenary Session of the Eighteenth Central Committee of the Communist Party of China(Decision on Several Issues Concerning the Comprehensive Deepening of Reform)proposed that "the mixed ownership economy should be actively developed".State-owned capital,collective capital,non-public capital and other cross-shareholding,mutually integrated mixed ownership economy are important forms of realization of the basic economic system,"allowing more state-owned economy and other ownership economy to develop into a mixed ownership economy".Where is the "new" of the new round of state-owned enterprise reform? Can mixed ownership work?The author believes that the key to the reform of mixed ownership as a breakthrough in the reform of state-owned enterprises lies in the improvement and reform of corporate governance mechanism through the reform of mixed ownership.All previous reforms of state-owned enterprises in China have been the original motive force to improve the efficiency and competitiveness of state-owned enterprises.The question and criticism from the society and the public is that the investment efficiency of state-owned enterprises is low.The only way to solve the problem of low investment efficiency is to establish a modern enterprise management system,while modern enterprise management.The core and foundation of the system is the corporate governance mechanism;the fundamental reason why the previous reforms of state-owned enterprises have not achieved satisfactory results is that they pay too much attention to the short-term practicability of the reform rather than touching the deep-seated reasons of unreasonable corporate governance structure.Mixed ownership is a new form of ownership.After mixed ownership,the nature of enterprises is neither state-owned enterprises,nor private enterprises,but a new form of enterprises that complement each other’s strengths and promote national progress through mixed ownership.Therefore,the development of mixed ownership is of great importance and far-reaching significance to China’s further comprehensive deepening of reform and the development of the national economy.After the promotion of mixed ownership,although the state-owned supervision department has the controlling right or control right of the supervised enterprise,the supervised enterprise is no longer a state-owned enterprise owned by sole state-owned or multi-state-ownedshareholders,but a company-owned enterprise with non-state-owned equity.In this way,the state-owned supervision department can improve the state-owned enterprises.The competitiveness of the industry and the goal of developing the state-owned economy can not only depend on the original administrative management concept,but also choose to participate in the management and operation of the regulatory enterprises according to law,and do well the operation of the company together with other non-state-owned shareholders.In the current new round of mixed ownership reform of state-owned enterprises,it will inevitably bring new problems and challenges to the corporate governance mechanism of state-owned enterprises.These problems are mainly manifested in three aspects: first,the property rights mechanism;on the one hand,the proportion of non-public capital shareholders in mixed ownership enterprises is not large and the quality is not high;on the other hand,the operation mechanism is not smooth and unsound after the mixing reform;on the other hand,the corporate governance structure is not perfect,and the governance structure needs to be straightened out,and the shareholders’ meeting and the board of directors should be clarified.The relationship between the "three meetings and one layer" and the Party committee,such as the board of supervisors and the managers,should be clarified in terms of division of labor and responsibilities,and a unified coordination mechanism should be further improved.Thirdly,the phenomenon of insider control in the company is still relatively prominent,the creditors’ supervision is lacking,the managers lack internal and external competition mechanism,and the "absence of investors" under the state-owned system.And so on.In short,if state-owned enterprises implement mixed ownership,their governance mechanism needs to be further improved.The author thinks that the development of mixed ownership economy by the Central Committee of the Party is obviously different from the previous reform of state-owned enterprises’ shareholding system.The previous reform of state-owned enterprises adopted measures including the reform of shareholding system and the listing of companies.The starting point is to hope that after the reform of the shareholding system,the traditional state-owned enterprises will truly become the main competitors in the market.In order to realize the separation of government and enterprise,a series of enterprises have been classified as sole state-owned,absolute state-owned holding and relative state-owned holding.There is no essential change incorporate governance mechanism.Enterprises are basically based on the old management model of state-owned enterprises,which has not played a role in stimulating vitality and improving efficiency.。 The direction of this mixed ownership reform is neither what some people call the "national advancement and civil retreat" trend nor the arrangement for state-owned capital to withdraw from certain fields,but to fully integrate single state-owned capital with other state-owned capital and non-public economy;even if state-owned capital is mixed,it also requires that it should not come from the same state-owned capital law.Human beings must play a checking and balancing role in corporate governance because of different interests.Good corporate governance mechanism helps to reduce internal agency costs,reduce transaction costs,ensure the interests of shareholders and stakeholders,and enhance corporate social responsibility.Therefore,in order to make the mixed state-owned enterprises play a state-owned role,a good corporate governance mechanism must be established to carry out the reform of mixed ownership in state-owned enterprises.The respective advantages of enterprises and private enterprises have realized the mutual promotion and common development of different ownership economies.Therefore,through strengthening the research on corporate governance mechanism,the author summarizes the experience of corporate governance mechanism of some mixed ownership enterprises at home and abroad,which has been proved to be mature and effective in practice.Combining with his own work practice and thinking,the author puts forward some research viewpoints for further...