The Equity Structure Of State-owned Enterprises To Optimize The Institutional Arrangements And The Pricing Mechanism

Ownership structure is an important and complex issue in finance theory. A series of positive research show that ownership structure influence the enterprise's performance by way of its governance effect. Analyzing the governance impact of ownership structure should be realizing by means of the characteristics of shareholder and intensive degree of ownership, namely the quality and quantity of ownership structure.The main defect of our state-owned enterprise (SOE) is that shareholders are indefinitive, which restrict the governance effect. Thus, it is necessary to improve ownership structure of SOE from the aspects of quality and quantity. Chapter I holds that ownership structure of the SOE should be optimized by institutional arrangement of the reform of national capital management system and state-owned share reduction.The chapter II discusses the purport of optimizing ownership structure of SOE from theory and practice by analyzing the actuality of ownership structure of the state-owned enterprises.Chapter III discusses how the new national capital management system optimizes ownership structure of SOE from the aspect of quality. The 16th Congress of the Communist Party of China put forward the deepening of the reform of national capital management system. The newly established State Asset Management Commission meets this need. The State Asset Management Commission, acting as the pointed department of national capital administration, becomes the owner's representative. It entrusts the state share to capital performing organs through signing agreement, making the later the real owner of state-owned share, so as to optimizing ownership structure of the SOE from the aspect of quality. At the same time, the State Asset Management Commission, acting as the administrative organization of reducing state-owned share, will do good to the carrying out of reducing state-owned share smoothly and orderly. So new national capital management system set forth the solid institutional base of optimizing ownership structure.Reducing state-owned share is helpful to reduce the degree of ownership concentricity. There are many methods to reduce state-owned share, but none of them issuccessful. Therefore Chapter IV put forward two designs of state-owned share reduction. One is internal type of state-owned share reduction; the other is external type of state-owned share reduction.The pricing issue is the nodus of reducing state-owned share, Chapter V design a pricing plan of state-owned share reduction on the base of financial appraisal theory andmethod, and put it into practice by the simulation subject of listed company--HuabeiExpresswy CO..LTP. This pricing plan considers the value of both circulative share and state-owned share, so it protects interests of both sides. It gains advantage over other pricing plans that have been implemented, thus it can be one of the bases of the pricing of state-owned share reduction.