Research On The Construction Of Modern State-owned Enterprise System With Chinese Characteristics

State-owned enterprises are an important pillar of China’s national economy and an important force in promoting national modernization,promoting the upgrading of the industrial chain and protecting the common interests of the people.The system is an important guarantee for the development of enterprises.Establishing and improving the modern state-owned enterprise system with Chinese characteristics and promoting the modernization of the governance structure of state-owned enterprises are conducive to making state-owned capital and state-owned enterprises stronger and better,to enhancing the competitiveness,innovation,control,influence and anti-risk ability of the state-owned economy,and to maintaining the security of China’s industrial chain and the rapid and stable development of the economy.Since the beginning of reform and opening up,China has been exploring the establishment of a modern state-owned enterprise system suitable for China.After a series of practical explorations such as "decentralization and concession of profits," "separation of government and enterprises," and "separation of two powers," the Third Plenary Session of the Fourteenth Central Committee of the Communist Party of China in 1993 finally set the goal of the reform of the system of state-owned enterprises,established a modern enterprise system with "clear property rights,clear powers and responsibilities,separation of government and enterprises,and scientific management," implemented corporatization reform,and promulgated the Company Law in the same year,which became a milestone in the modernization and reform of China’s state-owned enterprise system.After 20 years of reform,by the time of the Eighteenth National Congress of the Communist Party of China in 2012,the vast majority of state-owned enterprises in China had achieved corporatization and restructuring,and a corporate governance structure of "three meetings and one layer" had been generally established,realizing the modernization and transformation of state-owned enterprises.However,the modern enterprise system and corporate governance model originating from the West cannot fully meet the needs of the development of China’s state-owned enterprises in terms of enterprise value concepts and service socialist modernization,and in the governance structure of the "three associations and one layer",there are problems such as weakening of the party’s leadership,lack of democratic management,imperfect enterprise management structure,insufficient internal incentives,and inadequate supervision of state-owned assets.At the Eighteenth National Congress of the Communist Party of China,especially the Third Plenary Session of the Eighteenth Central Committee of the Communist Party of China,China has opened a new round of state-owned enterprise reform.In October 2016,General Secretary Xi Jinping clearly put forward the requirements and instructions for building a modern state-owned enterprise system with Chinese characteristics at the National Work Conference on Party Building in State-Owned Enterprises,which laid the tone and pointed out the direction for China to further deepen the reform of state-owned enterprises and improve the construction of the state-owned enterprise system.Among them,embedding the party’s leadership in all aspects of the governance of state-owned enterprises to achieve "two-way entry and cross-appointment" is the institutional arrangement with the most Chinese characteristics,the distinctive feature of China’s modern state-owned enterprises,and the biggest advantage of China’s modern state-owned enterprises.This kind of institutional arrangement realizes the effective compatibility between the political advantages of enterprise party organizations and the advantages of the modern enterprise system,and has important theoretical and practical value for overcoming the governance failures of state-owned enterprises,reducing transaction costs,improving enterprise competitiveness and industrial driving force,enhancing enterprise efficiency and democratic management capabilities,and at the same time providing Chinese wisdom and solutions for enterprises around the world to adapt to the development trend of modernization,socialization and internationalization,and improve corporate governance capabilities and social benefits.