The Reasonable Choice Of The Form Of Golden Share In The Reform Of State-owned Enterprises

Golden share is a kind that held by the government in the reformed state-owned enterprises with extremely small ratio.The government as its holder does not have any property rights,nor can it interfere with the daily operations of the company,but it has the right to intervene in matters that involve the company's national security or public interest.In Europe,for example,golden share has played an important role in the reform of state-owned enterprises and has also developed various forms,such as the government's prior approval and veto power over major issues involving national security or public interest,or the rights to send relevant personnel to the company's board of directors or supervisors,etc.With the convening of the Third Plenary Session of the 18th CPC Central Committee,the reform of China's state-owned enterprises'mixed ownership system has begun.Meanwhile,during the process of mixed reform with the participation of private capital,there is a contradiction between the profit-seeking nature of private capital and the public welfare of a particular type of state-owned enterprise.At this time,the introduction of the golden share system is a better way to resolve this contradiction.To the date,in the case of China's existing golden share,China's state-owned enterprises are still more conservative and simple in the choice of golden share.Most of them show that the government has veto power over certain matters.Moreover,local governments do not consider the types and characteristics of state-owned enterprises,making the effect of mixed reforms less than ideal.However,in the reform of state-owned enterprises,European countries have adopted different forms of golden share according to the nature and characteristics of different types of state-owned enterprises,which have better ensured the efficiency of enterprises and stimulated the vitality of enterprises while maximizing national security and public interests.By all means,it will provide a good demonstration for the choice of the form of golden share in the reform of state-owned enterprises in China.On this basis,this paper conducts a comparative study on the rational selection of golden share in the reform of state-owned enterprises.The main contents are as follows:The first part introduces the connotation and origin of golden share,expounds the reasons for the reform of China's state-owned enterprises to choose golden share and the problems faced by China's state-owned enterprises in the choice of golden share.The second part introduces the concept of golden share,the various forms of golden share in Europe and the choice of golden share in the classic cases of China.Meanwhile,we put forward the problem that the existing golden share in China is too conservative and simple.The third part mainly discusses the legality of the golden share system.At present,the European Court only recognizes the "public order and public safety" and"mandatory reasons for consideration of general public interest" as its legitimate reasons.And it has to go through the review of the principle of proportionality and the principle of certainty.Nowadays,China's "Company Law" has a relatively complete legal basis for the application of the golden share system of state-owned limited liability companies;but for state-owned companies,it still lacks the legal basis for the "special voting rights".In this case,its legislative space can be perfected by utilizing in Article 113 of the Company Law.In addition to the legal basis,the golden share system should also have legal justification to meet the requirements of legality.The fourth part focuses on the types of state-owned enterprises that are suitable for the reform with the gold share system.The academic and practical circles have different views on the classification of state-owned enterprises.Among them,the classification of "public service-oriented state-owned enterprises,fully market-oriented state-owned enterprises,and strategic functional state-owned enterprises" is more reasonable,and only public service-oriented state-owned enterprises and strategically functioning state-owned enterprises have the need to apply the golden share system.The fifth part puts forward the choice of gold share in different types of state-owned enterprises in China.This part first explores the selection of golden share in the classic case of China and the reform of European state-owned enterprises.Subsequently,combined with the characteristics of China's public service-oriented state-owned enterprises and strategic functional state-owned enterprises,this paper further separately proposes different suggestions for the rational selection of golden share in these two types of state-owned enterprises.The sixth part is the conclusion.