Research On Corporate Governance In The Reform Of Mixed Ownership Of State-owned Enterprises

Establishing a modern enterprise system with clear property rights,explicit relationship between rights and responsibilities,separation of government function and enterprise management,and scientific management system,is an important target of the reform of state-owned enterprises in China.Since the concept of mixed ownership reform was put forward in the last century,it has experienced more than 20 years of development,both in theory and in practice.During this period,most state-owned enterprises in China have established mixed ownership with different economic components.However,the mixing at the ownership level does not actually solve the existing problems of insufficient vitality and inefficiency of production in the enterprises.At the Third Plenary Session of the 18 th CPC Central Committee held in 2013,it was emphasized to develop mixed ownership economy,which set off a new wave of reform with corporate governance as the core.In recent years,through introducing strategic investors and establishing internal incentive mechanism,many pilot reforms of state-owned enterprises have made some achievements in establishing an effective corporate governance structure.Under this background,this paper takes NavInfo Technologies Co.,Ltd.(which firstly completed the mixed ownership reform among central enterprises)as an object to research on the problems existing in corporate governance,and how these problems can be solved during the mixed ownership reform of state-owned enterprises,as well as the most important issues that should be focused,to provide a reference for the development of corporate governance theory and practice of state-owned enterprises.Firstly,this paper summarizes and compares different corporate governance modes and target theories,clarifies that major shareholder deprivation is a basic phenomenon existing in state-owned enterprises in China,and the corporate governance theory is experiencing a transformation from administrative governance to economic governance,and from shareholder supremacy to stakeholder doctrine.This chapter also introduces the evaluation index system of corporate governance of Listed Companies in China,and extracts some of the main issues as the standards for the following analysis.Also,the development of China's mixed ownership reform theory is briefly combed.Secondly,combined with the current situation of corporate governance of state-owned enterprises in China,the main problems at this stage are summarized as the dominance of state-owned shares,imperfect independent director system,lack of effective incentive mechanism for managers and insufficient participation of stakeholders in governance.On this basis,this paper analyses the relationship between mixed ownership reform and corporate governance,and puts forward a framework for state-owned enterprises to solve corporate governance problems and improve corporate governance system in mixed ownership reform.In the case analysis part,this paper makes a detailed analysis and evaluation of the governance structure arrangement and the establishment process of governance mechanism during the reform in NavInfo Technologies Co.,Ltd.,and finds out that the company has basically established the modern enterprise system with a more reasonable ownership structure and relationship between government and enterprise functions.The restraint and incentive mechanism have been improved as well.But some problems still exist,such as the participation of stakeholders in corporate governance is not enough.Finally,combined with the main conclusions,this paper gets some enlightenment on the development of corporate governance theory and practice of state-owned enterprises.It mainly includes: introducing strategic investors to optimize the ownership structure;strengthening the construction of the board of directors and board of supervisors system;strengthening the protection of small and medium-sized investors,creditors and other stakeholders;improving the incentive mechanism of the company;improving the corporate governance evaluation system,etc.