On The Protection Of The Rights And Interests Of Non-state Shareholders In The SOE Mixed Ownership Reform

Driven by the top-level design,the SOE mixed ownership reform has become the direction of SOE reforms in the new era.However,the hot situation of the SOE mixed ownership reform at the government is in stark contrast to the tepid situation of non-state-owned capital,The low enthusiasm of non-state-owned capital to participate in the SOE mixed ownership reform has seriously affected the realization of the goal of the SOE mixed ownership reform,which has been a major problem in the SOE mixed ownership reform.To fully mobilize the enthusiasm of non-state-owned capital to participate in the SOE mixed ownership reform is essentially to fully protect the rights and interests of non-state-owned shareholders.However,the protection of minority shareholders' rights and interests in practice appears to be unsatisfactory because of various complicated reasons,when China's "Company Law" and other laws have also increased the protection of the rights and interests of minority shareholders.At the same time,due to the particularity of the state-owned shareholders in the SOE mixed ownership reform,the protection of the rights and interests of non-state-owned shareholders as minority shareholders has worsened.Based on this background,this paper takes the perspective of the protection of the rights and interests of non-state-owned shareholders in the SOE mixed ownership reform and generally follows the logical approach of "proposing problems-analyzing problems-solving problems".Firstly,the paper clarifies the significance of non-state shareholders to the SOE mixed ownership reform in theory.Then,the paper proposes a perfect path with these theories on the basis of reviewing the deficiencies and causes of the protection of the rights and interests of non-state-owned shareholders in the SOE mixed ownership reform in China.Besides the introduction,the paper includes the following four parts:The first part is problem statement.The current market's low expectation for the SOE mixed ownership reform and the large stock of state-owned property rights trading project reflect the low enthusiasm of non-state-owned capital to participate in the SOE mixed ownership reform.In practice,the low enthusiasm of non-state-owned capital to participate in the SOE mixed ownership reform has seriously affected the realization of the goal of the SOE mixed ownership reform,but it has gone unheeded in current situation.Therefore,it is necessary to do research from the perspective of protecting the rights of non-state-owned shareholders.The second part discusses the significance of the protection of the rights and interests of non-state-owned shareholders to the SOE mixed ownership reform.A critical factor in the SOE mixed ownership reform is the participation of non-state-owned shareholders.To protect the rights and interests of non-state-owned shareholders is conducive to the SOE mixed ownership reform to establish modern corporate governance mechanism and achieve the goal of business vitality and efficiency.The third part discusses the deficiencies and causes of the protection of the rights and interests of non-state-owned shareholders in the SOE mixed ownership reform.The main problems in the SOE mixed ownership reform include that non-state-owned shareholders' rights to know,to participate and to obtain dividends are infringed and relief mechanism is imperfect which restrict the protection of non-state-owned shareholders' rights and interests.From the perspective of the history of SOE reforms,system specification,and theoretical foundation to see it,the main causes include the unreasonable arrangement of system of property rights,the constraint of the SOE mixed ownership reform,the confusion of theoretical foundation,the defect of institutional norm,and the defect of external environment such as capital market and intermediary service.The fourth part is to explore the path of protecting the rights and interests of non-state-owned shareholders in the SOE mixed ownership reform.The path of protecting the rights and interests of non-state-owned shareholders in the SOE mixed ownership reform is divided into five parts,which includes promoting equity reform with equity as the core,constructing a corporate governance framework in line with the modern enterprise system,drawing lessons from the gold share system and preferred stock system to build an equal exercise system,protecting non-state-owned shareholders'rights to know,to choose,to obtain compensation for improving right relief,promoting the stability of the capital market and improving the level of asset evaluation.