Research On Legal Risk Of State-owned Enterprise Equity Investment

In order to meet the needs of the development of a market economy,state-owned enterprises have begun to implement corporatization reforms.With the continuous deepening of state-owned enterprise reform,state-owned equity has gradually become the expression form of state-owned capital in state-owned enterprises,and it is playing an increasingly important role in actual operation.Whether state-owned equity can be actively and effectively exercised is related to whether the state-owned enterprise can successfully complete the goal of corporate reform.For the exercise of state-owned equity,state-owned enterprise equity investment is particularly important.Nowadays,the development trend of the full circulation of the stock market and the diversification of equity has become more and more intense in the development of state-owned enterprise investment.Therefore,how to ensure that state-owned enterprise shareholders and their representatives effectively exercise equity investment is of great significance to the state-owned enterprise’s asset operation efficiency and state-owned enterprise reform.Therefore,at the critical stage of the development of the state-owned equity system,it is necessary to study how the state-owned equity investment is effectively exercised and how to effectively exert its due effect.However,domestic scholars mostly focus on the research of state-owned asset management,and there are few special studies on state-owned equity investment.There are still a lot of legal risks in the equity investment of state-owned enterprises,and China’s "Company Law" only stipulates the basic content of general equity exercise,and does not specifically regulate the relevant content of state-owned equity exercise.One thing that cannot be ignored is that state-owned shares differ greatly from general shares after all,so the principle provisions of the Company Law on general shares do not necessarily apply to state-owned shares.In this context,it is of practical and theoretical significance to study the legal issues of state-owned equity investment.In this article,based on relevant theories and specific practical activities,starting from the perspective of legal research,the basic overview of state-owned equity investment is described,including the relevant overview of state-owned enterprise equity investment,historical evolution,legislation and supervision,etc..The deficiencies in legislation and rules are discussed to analyze the legal risks and causes of state-owned equity investment.The main analysis is the existing legislative deficiencies of the State-owned Assets Law of the Enterprise,the legal risks of state-owned equity investment,and their causes.First,Through the analysis of the state-owned assets law and investment rules of enterprises,analyze its shortcomings and deficiencies.Then,through the study and investigation of the legal risks of state-owned equity,in-depth analysis of its development reasons,from the state-owned enterprise management managers’ own reasons,mechanism deficiencies,and loopholes in audit procedures,etc.In terms of investigating the path of risk generation,after exploring the legal risks and causes,the international experience of equity investment management of foreign-owned enterprises in the region is explored.By comparing and drawing on the overview of foreign equity investment legislation,it is concluded that the extraterritorial experience includes government-owned financial assets.Main purpose It is to maintain financial stability and state-owned financial asset investors such as clear rules;for state-owned shares to carry out relevant content discussed in-depth.Aiming at the above problems,the author puts forward measures to prevent legal risks of equity investment from the aspects of establishing and perfecting the legal risk management system of equity investment,improving the governance and structure of state-owned enterprises,and improving the current state-owned equity exercise supervision mechanism,with emphasis on improving the content of equity investment supervision through legislation To carry out regulatory prevention,put forward specific measures such as establishing a market access system,improving the information disclosure system,introducing a credit rating system,establishing a third-party fund custody system,and establishing a sound exit mechanism.