Research On Contract Issues For State-Owned Enterprises To Develop The Mixed Ownership In China

The new reform direction of state-owned enterprises to develop the mixed ownership in China was put forward in the 3rd Plenary Session of the 18 th Central Committee of CPC.Looking back to the process of state-owned enterprises in China to develop the mixed ownership,it can be divided into three development stages including budding stage(1980-1993),practical exploration stage(1993-2013)and deepening development stage(2013-present).It can be shown from the process that the reform on t he mixed ownership of state-owned enterprises in China has made phased achievements while there still exists with some objective problems restricting and affecting the contract relationship development of the mixed ownership,therefore,it is necessary to conduct research on the contract issues for state-owned enterprises to develop the mixed ownership in China to promote the deepening development of the mixed ownership of state-owned enterprises in China.This paper,from the perspective of the contractual relationship evolution of state-owned enterprises to develop the mixed ownership in China,puts forwards the contractual relationship development problems existed such as worries on mix,adverse selection,goal conflict on mix,insufficient input,“free-riding” and hold-up on assets specificity,fighting on c ontrol right and low-efficiency route reliance of single ownership in the development process including the contractual relationship concluding,contract renegotiation and contract performing of mixed ownership,conducts theoretical analysis on the contract issues for state-owned enterprises to develop the mixed ownership by comprehensively applying the complete contract theory,incomplete contract theory and relational contract theory,and finally provides the policies and suggestions on perfecting and developing the contractual relationship of mixed ownership from five aspects including the mixed environment for contractual relationship development of mixed ownership,market resource allocation for contractual relationship concluding of mixed ownership,governance system for contractual relationship performing of mixed ownership,system building for contractual relationship development of mixed ownership and governmental supervision system.This paper researches on the contract issues for state-owned enterprises to develop the mixed ownership in China and includes eight chapters in total:Chapter I is introduction.Firstly,expound the research significance and background;secondly,make literature summary and review on the existing researches on the state-owned enterprises to develop the mixed ownership and the contract issues for mixed ownership;thirdly,make introduction to the research idea,research methods,main contents and framework of research;finally,point out the innovation and deficiencies of this paper.Chapter II is the process and contract issues of state-owned enterprises to develop the mixed ownership.Firstly,divide the process of state-owned enterprises to develop the mixed ownership into three development stages: budding stage(1980-1993),practical exploration stage(1993-2013)and deepening development stage(2013-present),summarize the situations and features of state-owned enterprises to develop the mixed ownership in each stage.Secondly,based on t he process of state-owned enterprises to develop the mixed ownership,put forward the contract concluding problems of worries,barriers,adverse selection and goal conflict on mix,as well as the contract performing problems of insufficient input and hold-up on assets specificity,fighting on control right and system route reliance of mixed ownership.Chapter III is the theoretical research basis for contract issues of mixed ownership.Firstly,make brief introduction to the applied economic theory in the research,mainly including complete contract theory,incomplete contract theory and relational contract theory.Secondly,aiming at the contract issues existed in the process of state-owned enterprises to develop the mixed ownership,put forward the analysis perspective and assumption on the contract theories in the contract issues for state-owned enterprises to develop the mixed ownership.Chapter IV is the analysis on contract concluding for state-owned enterprises to develop the mixed ownership.Firstly,based on e xpounding the comparative advantage between the state-owned enterprises and private-owned enterprises,get the Pareto improvement for mixed ownership which is the basic premise of state-owned enterprises to develop the mixed ownership and the basis for contractual relationship concluding of mixed ownership as well as the important theory support for getting rid of worries and barriers on mix.Secondly,aiming at the adverse selection problem in the contract concluding of mixed ownership and based on e stablishing the game model through mixed information searching,analyze and expound the mixed information searching strategy and the decisions on the optimum mixed objects searching for state-owned enterprises to develop the mixed ownership.Finally,aiming at the goal conflict problems on mix in the contract concluding of mixed ownership,analyze the multiple principal-agent relations and multi-task goal for state-owned enterprises to develop the mixed ownership,get the equity allocation and incentive contract design of mixed ownership to achieve the development goal of mixed ownership for state-owned and private-owned enterprises based on establishing the dual tasks and dual principal-agent model of mixed ownership.Chapter V is the analysis on the contract renegotiation for state-owned enterprises to develop the mixed ownership.Firstly,analyze the incompleteness of initial incentive contract for state-owned enterprises to develop the mixed ownership and the problems existed including quasi-rent and occupation of asset specificity,hold-up and insufficient input on a sset specificity of mixed ownership.Secondly,owing to the incompleteness of initial incentive contract of mixed ownership,the state-owned enterprises to develop the mixed ownership enters into the contract renegotiation stage based on governance structure adjustment and residual right allocation of mixed ownership;this chapter analyzes and concludes the reasonable scope of governance structure adjustment and residual right allocation of mixed ownership for the contract renegotiation of mixed ownership through establishing asset specificity input and governance structure model,and residual right allocation model of mixed ownership.Chapter VI is the analysis on contract performing for state-owned enterprises to develop the mixed ownership.Firstly,analyze the system route reliance of single ownership and generated contract performing efficiency loss problems of mixed ownership.Under the situation of one-off game,the contract performing efficiency loss is unavoidable,therefore,the relational contract governance of mixed ownership based on dual game is necessary.Secondly,expound the mechanism of production for relational contract of mixed ownership,the realization situation for relational contract governance of mixed ownership and selection of relational contract governance structure.Finally,expound the automatic contract performing mechanism based on the contract performing of mixed ownership guaranteed by the reputation mechanism incentive and credibility mechanism.Chapter VII is the policies and suggestions on perfecting and developing the contractual relationship of mixed ownership.Mainly on the basis of the theoretical analysis on t he contract issues existed and the contract concluding,contract renegotiation and contract performing in the process of state-owned enterprises to develop the mixed ownership,put forward the policies and suggestions on perfecting and developing the contractual relationship of mixed ownership from five aspects including the mixed environment for contractual relationship development of mixed ownership,market resource allocation for contractual relationship concluding of mixed ownership,governance system for contractual relationship performing of mixed ownership,system building for contractual relationship development of mixed ownership and governmental supervision system.Chapter VIII is the conclusion on research and the prospect.Mainly summarize the research and make a prospect on further research on the contract issues for state-owned enterprises to develop the mixed ownership.