A Study On Governance Mechanism Of Company-system State-owned Enterprises In China

The issue of corporate governance has long been the focus in the domestic and international academic world. The company-system state-owned enterprises (SOEs) in China still are still faced with many unsolved problems and the governance mechanism of company-system SOEs are also confronted with theoretical controversies and practical puzzles. In view of the Chinese and western scholars' current theoretical achievements and deficiencies on the research of corporate governance, corporate governance mechanism and governance mechanism of company-system SOEs, Based on the realities of the contemporary economic development and reform of political systems in China, we try to carry out a tentative study on organism model of governance mechanism of company-system SOEs. The thesis mainly includes the following four parts:(1) The first part gives a standardized definition of company-system SOEs in China. Regarding the situation that the existing theories studies have not offered a standardized definition of company-system SOEs, the thesis, on the basis of relevant principles and norms of the Company Law of the People's Republic of China, attempts to give a standardized definition for the connotation and denotation of "company-system SOEs", which lays a conceptual basis for the targeted study on "governance mechanism of company-system SOEs" and also establishes definite objects and application range for the study of "corporate governance mechanism".(2) The second part initiates a design of organism model for company-system SOEs in China. Considering the fact that current theoretical studies have not aimed at the design of governance mechanism of company-system SOEs, the thesis proposes the establishment of organism model of corporate governance mechanism of company-system SOEs and the design of relevant coordinated reforms by analyzing the formation of traditional corporate governance mechanism, main content, theoretical basis, limitations of study and international development trends as well as undergoing the historical review of corporate governance in China and its comparison with international models.(3) The third part tables reconstruction of "old three committees" and "new three committees" in company-system SOEs in China. Regarding the shortage of current theoretical studies on function of "old three committees" and "new three committees" under governance mechanism of company-system SOEs, the thesis discusses the main problems in the internal systems of company-system SOEs, on the basis of which it puts forward the measure of reconstruction of "old three committees" and "new three committees" under internal governance mechanism of company-system SOEs in China. The measure includes the reform and reconstruction of meetings of shareholders, the reform of boards of directors and supervisors, the system of managers' selections, incentives and restraints and the system of merge and compatibility of "old three committees" and "new three committees".(4) The fourth part provides the construction and reform of external governance mechanism of company-system SOEs in China. Seeing the shortage of current theoretical studies on external governance mechanism of company-system SOEs, the thesis gives a comprehensive study on the problems of company-system SOEs of China in the following aspects: market for corporate control, government regulation, information disclosure, managerial market, institutional investment, intermediary organizations, etc. It also proposes concrete reform measures of external governance mechanism, which includes the establishment of open market mechanism of control, the establishment of creditor governance mechanism, the improvement of managerial market system, the improvement of governance mechanism of intermediary organizations, etc.