Deepen The Reform Of State-owned Assets And State-owned Enterprises Based On The "three-power Separation" Structure

State-owned enterprise(soe)has special status in the political,economic and social life of our country,which also determines the institutional design and policy formulation of the reform of soe,which is an important area of public policy research.Property-rights reform is the core problem that soe must face.The formulation of public policy on soe reform should be based on the trend of modern enterprise property-rights.Structurally speaking,the property-rights structure of modern joint-stock enterprise is characterized by “the separation of the tri-right(the separation among capital ownership,capital operation and business ownership)after “the separation of two rights” during the private running enterprise of the classical phase and recent joint-stock enterprise,the main background is the specialization of capital operation.The reform of capital management is at the core in the strategic deployment of soe reform decided in the third plenary session of the 18 th CPC central committee.The three layer architecture of state-owned capital property-rights among the state-owned assets supervision and administration commission,the state-owned capital investment company or operating company and soe is following the modern enterprise property-rights of “the separation of the tri-right”.However,the comparative analysis of the reform of soe in Shanghai and Z district of the paper shows,the policy of local government to promote soe reform is mainly carried out under the traditional framework of "the separation of two rights ",which has obvious transition.This may lead to the current situation of local state-owned assets reform,for example,the classification reform is not thorough,the capital reform is not comprehensive,modern enterprise system reform does not reach the designated position and mixed ownership reform is not ideal.Further through the case study,this paper finds that although the reform of J group in Z district is still under the property structure of "the separation of two rights" and faces multiple difficulties,the subsidiary of J group is exploring the property-rights structure of "the separation of the tri-right " and the expected reform effect is preliminarily obtained.Therefore,the reform policy of soe should be designed in accordance with the property-rights structure of "the separation of the tri-right " and reconstruct the state capital operation framework of the "state-owned assets supervision and administration commission-group company-the secondary corporate" model.Promoting the transformation of the functions of the state-owned assets supervision and administration commission by effectively exercising capital ownership.Promoting the functions of the group company by effectively exercising the capital operation.Promoting the transformation of secondary corporate governance by effectively exercising business ownership.In addition,the paper also believes that,after choosing the overall property-rights structure of “the separation of the tri-right”,the public policy on soe reform should be further studied around the various principal-agent issues under “the separation of the tri-right”,efforts should be made to ensure the normal operation of the model.