Research On The Corporate Governance Structure Of State-owned Enterprises Under The Mixed-ownership Reform

In China,the mixed-ownership reform of state-owned enterprises started in August2015,when the Opinions on Deepening the Reform of State-owned Enterprises was issued which affirmed the achievements of the reform of state-owned enterprises and pointed out that the main problems in the process of reform are imperfect modern enterprise system and chaotic enterprise management.And these contradictions directly led to the operation efficiency of state-owned enterprises and loss of state-owned assets,etc.Therefore,six tasks are put forward,one of which is to improve the modern enterprise system,promote the reform of company system and stock system,improve the corporate governance structure,establish a system of classified and hierarchical management of leaders,implement an enterprise compensation distribution system compatible with the socialist market economy,and deepen the reform of the internal employment system of enterprises.This has become one of the hottest issues in the field of law research,like,modern enterprise system design in the reform of mixed ownership of state-owned enterprises,equity structure,internal system reform of enterprises,construction of supervision and management system of state-owned assets,design of legal norms,research on accountability for violations,etc.Through the former analysis of the reform of state-owned enterprises,the starting point is to improve the efficiency and competitiveness of enterprises,but the results are often unsatisfactory,the main problem is always the low efficiency of investment of state-owned enterprises.The fundamental cause of this phenomenon is paying too much attention to the improvement of short-term efficiency of the reform and not reaching the profound level of corporate governance structure.The best solution is to establish a modern enterprise management system,which is based on the corporate governance structure.At present,the main problems faced by the corporate governance structure in the process of the mixed-ownership reform of state-owned enterprises come from two aspects: one is the ownership structure,which is that the proportion of non-state-owned capital introduced in the mixed ownership reform of state-owned enterprises is often too small and there are problems such as imperfect operation;the other one is that the corporate governance structure is not perfect,which is there are problems such as "insider control" and "tunnel excavation",etc,the division of labor among the board of shareholders,the board of directors and the board of supervisors,the management and the Party committee is not clear,and the deficient supervision mechanism.Although in the process of mixed-ownership reform of state-owned enterprises,there are specific types such as state-owned sole proprietorship,state-owned absolute holding,state-owned relative holding,etc.,but throughout on the whole,there is no essential change in the corporate governance structure,most of the enterprises continue adopting the previous governance mode,and have not achieved the purpose of improving the vitality of private capital and increasing the operation efficiency of state-owned capital.The reform of mixed ownership does not simply mix the state-owned capital with other state-owned capital and non-state-owned capital.Because different types of capital have different demands and different interests,the first and most important thing about the corporate governance structure is to balance the special demands of relevant stakeholders.A well-functioning corporate governance structure is not only conducive to the maintenance and appreciation of state-owned capital,but also to the protect the relevant interests of non-state-owned capital,improve the efficiency of enterprise operation,and reduce the risks of "insider control" and "tunneling".Therefore,to ensure the effective implementation of the reform of mixed ownership of state-owned enterprises,the key lies in the establishment of a set of targeted corporate governance structure,so as to realize the purpose and mutual promotion of different ownership of capital.The author attempts to start from the corporate governance structure of state-owned enterprises,on the perspectives of "special requirements of state-owned capital" and "special requirements of non-state-owned capital" respectively,and combine with practical cases,then put forward some simple views on "how to improve the corporate governance structure in the background of mixed-ownership reform" for further.In the structure of the thesis,there are five parts except the introduction and conclusion.The first and second parts summarize the historical development process of the mixed-ownership reform and the problems existing in the corporate governance structure.The third and fourth parts analyze the special requirements from the perspectives of state-owned capital and non-state-owned capital respectively.The fifth part expounds the specific institutional arrangement of the corporate governance structure in reform.