Research On The Property Rights' Structure And Governance Structure Of The State-owned Enterprises

With the gradually deepening of the reform of the economic system in China these years, the restructuring of the state-owned enterprises has achieved too much. When it is evaluated from the goal of the establishing the socialistic market economy, the work of the restructuring of the state-owned enterprises is still incomplete, especially the core problem of Corporate Governance is still unsettled because the problem of the property rights is not resolved completely. The restructuring of the state-owned enterprises in China faces the impact and ordeal from the other countries after entering WTO. This requires us to accelerate the reform of the state-owned enterprises and to find the proper road and mode for the reform of the state-owned enterprises. This paper mainly focuses on the positive analysis of the property rights' structure and the managing structure in Xuji Group. From the analysis, the existed problems of the state-owned enterprises are found and are analyzed the reasons form their basic root. Hence, the paper points out the restructuring of the state-owned enterprises requires a long time because the maintenance and appreciation of the state-owned assets value and the development of the state economy is a hard task. The mode of the western countries can not be used in China, so the appropriate mode of the property rights' structure and the managing structure suited to China should be explored by connecting the Chinese practice. Therefore, carrying out the diversification of the stock rights' structure is a general tendency, but it should be in different forms in different enterprises during the course of the restructuring. It is easy to generate the phenomenon of 'the inner control' in the stock rights highly centralized enterprises, but the stock rights highly centralized enterprises with weak owner and strong manager also can be succeeded because one of the important elements is having a good entrepreneur. The market environments (including the product market, the capital market, etc.) to the existence of the enterprises are successful to stimulate the activities of the manager and to improve the achievement of the enterprises. So the restructuring of the state-owned enterprises should and can take the following mode: the state-owned stock can be dominative, and can lay a sound base for the future diversification of the stock rights, and then gradually transition to the diversification and decentralization of the stock rights. And for the solution of the existed problems, and the post dynamic stock can be taken and it may be the modest way to impel and restrict during the transitional time.