Design Of Dual Class Share Structure In China's State-owned Enterprise Reform

To deepen the reform of state-owned enterprises,a mixed-ownership economy must be developed,and the National Special Management Unit is also proposed in this context.National Special Management Unit include dual class share structure and“golden shareholding” model.From the perspective of equity connotation,National Special Management Units should have dual class share structure.The dual class share structure can balance the conflict between the social policy objectives and business objectives of state-owned enterprise reform under mixed ownership through special allocation of voting rights.At the same time when the state-owned capital fades out,the state still retains control over enterprises in special industries.Although there are inherent disadvantages to the dual class share structure the positive effects of its introduction state-owned enterprises reform cannot be ignored.How to design dual class share structure model and corresponding supporting system suitable for the reform of state-owned enterprises is the main content of this article.This article first sorts out the reform goals of state-owned enterprises at different time periods and at the macro and micro levels,and analyzes the actual dilemma of state-owned enterprise reform using data analysis methods.Then,it discusses the dual class share structure under the special management stocks and the “golden stock system” Two reform paths of the model,comparing and analyzing the two reform paths from the perspectives of origin,development,legal basis,and structural characteristics,and making the choice of introducing dual class share structure into the reform of state-owned enterprises;secondly,based on the status quo of China's state-owned enterprise reform Analyze the positive significance of introducing the dual class share structure into the reform of state-owned enterprises and the potential risks of the implementation process;again,analyze the feasibility of introducing the dual class share structure into the state-owned enterprise reform from the perspectives of legislation,theory,and practice.At the same time,the obstacles in theimplementation process are also proposed.At the end of this article,it is proposed that to introduce dual class share structure into the reform of state-owned enterprises in China,an effective dual class share structure system must be established,and corresponding system recommendations are proposed.Mainly include: legislation to affirm the dual class share structure,create applicable scope,super voting rights and other relevant restrictive regulations;improve the state-owned enterprise incentive and restraint mechanism and the protection of state-owned property civil public interest litigation,including state-owned assets protection system;promote information disclosure the further improvement of the disclosure system and the acceleration of the establishment of a securities representative litigation system to further protect the rights of small and medium shareholders.Through the corresponding system setting,we will escort the adoption of dual class share structure model for the reform of state-owned enterprises.