The Governance Structure Of Chinese State-owned Enterprises

Abstract Corporate is a chief form that the reform of Chinese state- owned enterprises has been adopting. So the study of corporate goverance has become an important issue of state-owned enter- prises reform. In the forth plenary session of the 14th CPC Cen- tral Committee Secretary-general Jiang Zemin put foward 揗ak- ing the legal entity goverance perfect is a core of establishing mod- ern enterprise system. ?and also emphasized in the Fifth plenary session: 揑mproving corporate goverance is an important duty in furthering the reform of the state-owned enterprises. ?All these show: The reform of state-owned enterprises will take a new step after being free from the poor condition. Because the weakness of the traditional state-owned enter- prises and 揳dministration-like?goverance results in the defficien- r; of the enterprises operation. Chinese state-owned enterprises have been reformed since 1978 and live through four stages? ,, 憫 揹elegating power and endowing profit , contract operation sys- tem ?transforming operation mecharnism ?, and ?establishing mordern enteprise system? The state-owned enterprises have es- tablished legally the corporate goverance constructure, but the corporate goverance mechanism, which should be accorded to the market mechamism, still need to be improved. The West enterprise theory, which focused on the origin of the enterprise and the arrangement of the corporate power, and the experience and corporcate goverance pattern of foreign state .5. enterprises are instructive to the reform of Chinese state-owned enterprises. Inner-supervised corporate goverance pat tern, outer- supervised corporate pattern and household-supervised go~抏rance pattern are chief three kind of corporate goverance patterns in the modern world. Establishment of these patterns have close rela? tionship to their respective deep-rooted society, economy, culture environment. With developing of network technique and world e- conomy integration, the three kind of corporate goverance have a trend to become identical. Because of the special environment of (ihina, there aren?t expected effect during applying foreign sue- cussfui experience to Chinese state-owned enterprises. In whole. an array of questions. such as imperfect capital market. unsound law system, lacking in public investment, single stock-hold organization, concenstration of stock power, back- ward entrepreneur market, are determined that Chinese state- owned enterprises can?t adopt the otiter-supervized corporate gov- erance pattern. Because of the character of chinese traditional cul- ture. such as 搕reasuring feeling and slighting profit .摀valuing concord among people. 揷entralization and seeking congruity? 搇acking in pulbic supervision conciousness.?and thought of the state controlling economy which results from the traditional plan economy. chinese corporates also have some social culture difficult in adopting the inner-supervised corporate goverance pattern. In viwe of the special society, economy and culture enviornmeiit in China. Chinese corporates had better adopt the govcrance pattern which characterized inner-...