The Value Choice Of The Law Of Corporate Governance In Mixed Ownership Enterprises

The Sino-US trade war that broke out in 2018 is destined to have a profound impact on the world political and economic landscape.For China,as a country concerned,the key to dealing with trade wars depends on doing our own domestic affairs.In this context,the significance of the success of mixed ownership reform is particularly important.Establishing a mixed-ownership enterprise should not only be satisfied with the introduction of different ownership capital,but must transform the corporate governance capability,transform the business operation mechanism,and ultimately achieve substantial improvement in the market competitiveness of the enterprise.Throughout the history of the evolution of corporate governance,it is not difficult to find that the pursuit of a balance between fair value and efficiency value is an intrinsic motivation.Based on the specific national conditions of our country,based on the starting point of perfecting the corporate governance system of mixed ownership enterprises,this paper analyzes the main problems and shortcomings of corporate governance in mixed ownership enterprises from the perspective of the value of law,and proposes relevant measures to improve the corporate governance system of mixed ownership enterprises.The first chapter of this paper defines the legal connotation of the value of mixed ownership enterprises,corporate governance and law.China's mixed-ownership enterprises refer to enterprises that mix public-owned capital and non-public-owned capital,and the nature of mixed capital ownership remains unchanged.Corporate governance can be understood as a combination of governance structure and governance mechanisms,with the construction and improvement of decision-making and supervision mechanisms as the core issues,and the process of continuous coordination between companies,shareholders,directors,managers and other stakeholders.The aim is to achieve the company's goals.Fairness is the same treatment for similar subjects or matters.Efficiency,ie,law,enables society or people to achieve maximum effectiveness or output with minimal resource consumption or input,thus meeting people's need for efficiency.The second chapter of this paper reviews the historical evolution process of corporate governance model and the new trend of development,and analyzes the traction effect of the balance of fairness and efficiency value in the evolution history.Shareholders' centralism is popular in the early stages of corporate development,paying full attention to the fair value of the law,but it does not hinder the realization of efficiency value.At the end of the 19 th century,due to the fact that shareholder centralism could not adapt to the complex and ever-changing modern business environment faced by the company,the centralism of the board became more and more popular in various countries.The centralism of board of directors is mainly about the value of efficiency.After entering the second half of the 20 th century,the centralism of the board of directors has exposed many drawbacks.The corporate governance model has undergone further changes and improvements.It not only adheres to the original efficiency value of the centralism of the board of directors,but also promotes the partial return of fair value.Coordination.The third chapter of this paper analyzes the status quo and problems of corporate governance in China's mixed ownership enterprises,and points out the lack and imbalance of fair value and efficiency value in corporate governance system.Including:(1)State-owned shares are monopolized and the shareholding structure is unreasonable.(2)Business management is full of administrative color,which not only undermines the independence of the company,but also leads to inefficient operation of the company.(3)The phenomenon of insider control is serious.The corporate governance model established by the current company law not only harms the fair value of mixed ownership enterprises,but also does not meet the efficiency value.There is a clear value imbalance in corporate governance.The fourth chapter of this paper,based on the rational allocation of fairness and efficiency value,proposes relevant measures to improve the corporate governance system of China's mixed ownership enterprises,including:(1)Promote the transformation of the shareholding structure from “one big share” to multiple major shareholder checks and balances.Break through the old management system of “regardless of government and enterprise”,improve the operational efficiency of enterprises,and realize the efficiency value of corporate governance.At the same time,it is also conducive to protecting the right to speak of small and medium-sized shareholders,and also reflects the fair value.(2)The state-owned assets supervision method is to change from managing assets to managing capital.The timely transformation of the state-owned assets supervision function has liberated the unnecessary shackles of the management layer,bringing about a benign transformation of corporate governance in mixed-ownership enterprises,reflecting the full manifestation of efficiency values.(3)Strengthen supervision over directors and operators.Through checks and balances and prevention of abuse of directors and operators,the interests of shareholders are safeguarded,the company's interests are maximized,and fair value is highlighted.At the same time,the strengthening of supervisory power does not interfere with the normal business decision-making activities of directors and operators in general,thus ensuring the efficiency objectives of corporate governance.This paper argues that the balance between fairness and efficiency value is the ideal goal pursued by corporate governance,but at the same time emphasizes that a specific corporate governance system must meet the current economic needs and cannot be separated from the social background of the system.Otherwise It can only be "on the paper" and become a "castle in the air." Therefore,from the perspective of reality,we believe that it is necessary to build a corporate governance system that focuses on efficiency while balancing fairness in a mixed-ownership enterprise.When the society develops to a specific stage,the balance of the two values is finally realized.