Research On Legal Issues Related To The Exercise Of State-owned Equity In China

State-owned equity is a modern state-owned enterprise system marked by the corporate system,which is produced in the process of China's reform from the planned economy system to the market economy system.State-owned enterprises are the foundation of our country and are related to the national economy and people's livelihood.State-owned enterprises are also common in the world.Under China's special economic system,the agency problem of the exercise of state-owned equity is complicated.How to ensure that the state shareholders as special subjects manage the state-owned equity of state-owned enterprises like their own assets is the fundamental problem we need to solve.The reform of state-owned enterprises has lasted for more than 30 years in China,from the initial decentralization and transfer of power to the reform of tax and contract system,to the reform of company system and shareholding system,and finally to the structural adjustment of state-owned economy.However,the idea and core content of the reform is clear,that is,the governance of state-owned enterprises should follow the law of market economy development,and the management of state-owned assets should follow the line of marketization instead of administration.State-owned equity is a right form of ownership transformation of state-owned assets,so state-owned equity inherits the public right attribute of state ownership.As a system,the state needs to be represented by specific state organs to exercise ownership.It is very important to define the subject of state ownership.The prominent problem in the reform of state-owned enterprises is the absence of "owners".Countries as the real owner of the state-owned assets,state-owned assets in the reform of state-owned enterprises into state-owned equity,and thus to the shareholders of state-owned enterprises,but the country as a system,can not directly exercise their equity,appears "layers of agents" countries as investors(shareholders)-(shareholders)of the state council,the state council or the local people's government(representative)to perform duties shareholders enjoy shareholders' equity-at all levels of government state-owned assets supervision and administration institution,fulfill their duties of shareholders).As a result,the rights and obligations of the subjects exercising the state-owned equity are not clear,and conflicts of interests and "absence of owners" are more likely to occur.There are still many governance problems faced by state-owned enterprises in China.For example,state-owned enterprises may be subjected to inappropriate political intervention from various aspects,and the fiduciary responsibility will be weakened.Therefore,in the process of state-owned enterprise reform,corporate governance and government regulation should give full play to their respective roles to avoid the unprincipled "compromise" of corporate governance to government regulation and the "capture" of corporate governance by government regulation without thinking.The most critical problem is that the governance difficulty of state-owned enterprises in China comes from a series of complicated agency chains involved when state-owned enterprises fulfill their fiduciary duties.In this complex agency chain,the relationship between the principal and the agent in terms of responsibilities,rights and interests is not standardized,which leads to the inconsistency between the target and interests of the agent and the principal and the violation of the target and interests of the principal.On the one hand,in the principal-agent chain of state-owned enterprises,on the surface,everyone is the principal(or agent),and it seems that everyone is responsible for the state-owned enterprises,but in fact,due to the unclear subject of rights,no one will be responsible for the situation.On the other hand,in the above principal-agent chain,the goals and interests of officials and managers at various levels of delegation(or agency)are also greatly deviated,which may lead to conflicts of interest.The principal's supervision and internal constraints on agents are insufficient,and the phenomenon of "internal control" is serious.In the shareholding system in state-owned enterprises,as the government appointed trustee chairman itself is not relying on personal assets as policymakers and supervisors,they itself is not the owner of the enterprise,and because its not have residual claims and ultimate control over,so not much incentive to monitor and binding agents,resulting in supervision and constraint is not strong enough to agents.As for the phenomenon that the chairman of the board of directors,the general manager and the party secretary of some state-owned enterprises are held concurrently by one person,they play no supervisory role and the restraint is not strong enough.As a result,the internal control of enterprises is serious and a large number of state-owned assets are lost.If the equity system of existing companies cannot provide direct institutional support for the state shareholders to exercise theirequity,then it means that in the reform of the corporate system of state-owned enterprises,an important task for legislators is to build a new system in line with the needs of state-owned shareholders on the basis of the company law principles,that is,the state-owned equity system.The introduction of "special shares" can expand the path of the exercise of state-owned shares,which can not only maintain the necessary controlling status of state-owned shareholders in specific fields,but also respect the law of the market and protect the interests of the company and small and medium-sized shareholders from infringement.The first was the introduction of gold shares [gold shares: As a kind of innovation,it originated in the late 1970 s at the beginning of the British public economic privatization reform.At that time,many European countries in the severe economic crisis,Britain also encountered a second worldwide oil crisis,the ruling Labour party split over nationalization policies.In 1979,the conservative leader,Margaret thatcher after start the public enterprise privatization reform,the reform of the theoretical basis is friedman as a representative of new liberalism economic theory,is the core of the British big privatisation of state-owned enterprises,the so-called "thatcherism".] Gold shares are referred to simply as "gold shares" and are also known as privileged preferred shares or privileged redemption shares.The second is the introduction of preferred stock,which is a kind of stock with some special rights relative to common stock.The third part introduces the way of state-owned equity trust.State-owned equity exercise is the important issue of contemporary state-owned enterprises,as a socialist country,our country state-owned enterprise on our country's national economy and people's livelihood,is shouldering the rise and revival of the Chinese nation,shouldering the generation after generation of Chinese sons and daughters of the Chinese dream,so on the question of state-owned equity exercise,we should devote more energy to research how to effectively exercise of state-owned equity,to seek greater well-being for all people.