Research On The Protection Of The Rights And Interests Of Non-state-owned Shareholders In The Process Of Mixed Reform Of Monopoly State-owned Enterprises

As the implementer of national major development strategy and the coordinator of regional development,state-owned enterprises have been playing an important role in China's national economy.However,its "government and enterprise are not separated","low operating efficiency" and other phenomena have increasingly become unavoidable problems.In order to improve the efficiency of state-owned assets and release their capital vitality,the reform of state-owned enterprises has never stopped.From the return of enterprises' independent management rights to the improvement of the enterprise legal person system,the reform of state-owned enterprises is also improving and developing.The new round of mixed ownership reform also aims at improving the efficiency of state-owned capital.It tries to change the governance mechanism of state-owned enterprises by introducing non-state capital into state-owned enterprises,so as to realize the mutual learning and cooperation of different capital components,and fundamentally solve the low efficiency of state-owned enterprises.Due to the special significance of telecommunications,military industry and other industries for national security and social stability,the previous mixed reform mostly developed in competitive enterprises.However,this hybrid reform not only set the first batch of pilot projects on monopolistic enterprises,but also broke the red line that the introduction of foreign capital by China unicom is less than 50% for the first time,indicating the country's boldness in carrying out the reform.Firstly,this paper analyzes the causes,paths and effects of the previous mixed reform,and briefly introduces the characteristics of the mixed reform of state-owned enterprises in China and the key factors influencing the success.Secondly,in the case study part from the perspective of non-state-owned shareholders.With the participation of external strategic investors and restricted equity incentive as the mixed reform path,the shareholding structure of China unicom has changed,thus affecting the external development coordination and internal governance mechanism of the enterprise.Among them,the hybrid reform of China unicom starts from the change of equity structure and develops to the governance structure,governance mechanism and protection of fixed income,which protects the rights and interests of non-state-owned shareholders.And among them,how to give play to the enthusiasm that civilian battalion capital participates in management,it is this mix the priority among priorities of reform.The change from shareholding structure to board structure is the key to change governance.The state-owned major shareholders of China unicom granted decision-making rights to the private capital by allowing the private capital to over-appoint the board of directors,ensuring the unity of rights,responsibilities and interests in the real sense of all parties' capital,which is the basis for the private capital to actively participate in the governance.At the same time,the perfection of the supervision mechanism and the establishment of other special committees also make state-owned shareholders and non-state-owned shareholders form a balance force in the decision-making,fully guarantee the scientific and reasonable decision-making,and protect the non-state-owned shareholders in the status of small and medium-sized shareholders.At the end of this paper,relevant Suggestions are given from three aspects: the reasonable exit system of non-state-owned shareholders,the independence of independent directors and the information disclosure system,so as to achieve a better effect of protecting the rights and interests of non-state-owned shareholders.