Research On Information Disclosure Of Public Welfare State-owned Enterprises

In August 2015,the CPC Central Committee and the State Council issued “the guidance on deepening the reform of state-owned enterprises” in which the state-owned enterprises will be divided into two categories: commercial and public welfare,according to their different development needs and functions.State-owned Enterprise is an important part of China's socialist market economy.It plays an important role in promoting the development of national economy and in maintaining social harmony and stability.Chinese SOE has made great achievements after decades of property rights reform.But in the meantime,the current state-owned enterprise reform is going through a very tough phase because of the special historical background and the complex reality.Before the concept“classified State-owned Enterprises reform” was put forward,China has been pursuing a“one-size-fits-all " model in managing SOE which has led to problems of unclear positioning of state-owned enterprises,inefficient operation,capital loss,overcapacity and lack of vitality."Guidance" pointed out that welfare state-owned enterprises should aim at providing public products and services to protecting people's livelihood.The quality of public goods and services will be inevitably affected with a inadequate information disclosure and weak social supervision of SOE.A formulation of a targeted,scientific and rational information disclosure system only for the public welfare state-owned enterprises is conductive to curb financial behavior and prevent the potential risks so as to improve its operational efficiency,establish a good reputation and maintain the credibility of the government.Based on the principal-agent theory,stakeholder theory,public goods theory and game theory,this paper makes use of modern enterprise financial management,new political economics and relevant conclusions of operations research to summarize the concept,characteristics,industry scope,proportion and development status of public welfare state-owned enterprises by means of documentation,statistical analysis and other normative research methods.At the same time,this paper takes the eight public service central enterprises' official websites as the research window to compare and analyze the logic and current situation of their information disclosure from the perspective of social supervision.The study found that although the content and form of their information disclosure are abundant,the level of information transparency is still low.Specific performance as follows: less financial reports and key financial data disclosure,lack of sensitive information disclosure such as executive compensation,the establishment anddisclosure of public service indicators are imperfect,disclosure lags behind and disclosure behavior is not standardized.To solve such problems,this paper puts forward the following countermeasures based on the experience of information disclosure of domestic and foreign enterprises and listed companies: first,establish and improve the information disclosure system specifically for the institutional arrangement in the disclosure subjects,methods of disclosure,channels and contents of disclosure for this kind of SOE Second,propose safeguards for information disclosure of public welfare state-owned enterprises especially in making full use of the supervision and management rights of each supervision entity,paying attention to the external governance effect of media opinions on enterprises and strengthening the oversight of SASAC to promote the relevant systems to play its due role.