The Choice Of Governance Structure Of State-owned Enterprises

In recent years our country state-owned enterprises conducted a series of reform and reorganization,certain achievement has been obtained.But there are some problems in quite a few state-owned enterprises,such as the dominant state-owned shares and insider control etc.al,ambiguous property rights of state-owned makes state-owned assets entrusted goal cannot be achieved because of the multiple main body segmentation.According to each enterprise’s first-half results,the net profit which belongs to shareholders overall in state-owned enterprises fell by 15.46%,the profit of the state and local state-owned enterprises declined by 19.64%and 4.48%separately.Different from the weakness of the state-owned enterprises,private companies rose sharply as high as 30.59%.State-owned enterprises have a big advantage in the traditional resource-based industry,net profit of the power industry and petrochemical industry is 26.65 billion Yuan and 23.39 billion Yuan.As for chemical industry,corporation performance differs between state-owned enterprises and private enterprises.The loss of 12 state-owned enterprises in the chemical industry is 2.477 billion Yuan;private enterprises have realized the profit of 8.461 billion Yuan.About the cause of the inefficient state-owned enterprises,some scholars think that because the system of state-owned enterprises factors contributed to the low efficiency of state-owned enterprises,some scholars think that is the attribute of property rights of state-owned enterprises has led to low efficiency,and scholars believe that the cause of the inefficient state-owned enterprises is a rent-seeking.In my opinion,the corporate governance structure of state-owned enterprises is the root cause of the inefficiency of state-owned enterprises;the existing mixed ownership reform can’t solve the problem of low efficiency of state-owned enterprises fundamentally.This article put forward that only by changing the corporate governance structure can the efficiency of the state-owned enterprises improve.Through theoretical analysis,the core,basis and conditions of corporate governance structure is obtained,we analyses the governance structure of state-owned enterprises and the existing mixed ownership reform from these three aspects,then the conclusion is that state-owned enterprise governance structure is imperfect,the existing mixed ownership reform can’t solve the problems existing in the state-owned enterprises.Based on this,adopting virtual stock to solve the problem of state-owned enterprises may be appropriate.The first part of the body is the core,basis and conditions of corporate governance from theory,then we took An Gang for an example;The second part analyzes the reform course of state-owned enterprises,and put forward that the change of corporate governance structure can improve the efficiency of the state-owned enterprises;The third part,the conclusion of the second part is used to get the core,basis and condition of corporate governance and we analyses the existing mixed ownership reform;The fourth part put forward using virtual stock changed the governance structure of state-owned enterprises and made a simple description of the effectiveness of the virtual stock;The research conclusion and prospect.is given in the last part.