Research on reform of stateowned enterprise in china---Mainly on its ownership and grouping, corporate-Governance---

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We obtained the following understandings:1.The object of the reform of China's state-owned enterprises(SOEs) is to transform the system of enterprise from the simple firm to the corporate body of the stock company. Today's stage of the reform has reached to promote three subjects, which are system transformation and reorganization, adjustment of SOEs, simultaneously and harmoniously. Because the subject of the reform contains the contents of the highest stage of market system.2.The key of SOEs reform is whether it can restrain the rent-seeking actions. So before we reform the ownership of SOEs, we should build a management mechanism of incentive compatibility, and the transferring of ownership must be under the marketable rules, for the same time, it should be supervised strictly.3.Shanghai has established State-owned Assets Administration Commission and State-owned Assets Operation Corporation, and authorized the enterprises to operate the stated-owned assets. This three-tier operatio … More n system in Shanghai has greatly benefited the continuous growth of Shanghai s economy an it will deepen the reform of SOEs and State-owned assets management.4.The main problem of the State-owned Assets Supervision and Administration Commission (SASAC) is how to supervise its mammoth scale.5. The trade of assets in' the markets are important to build business groups. However, this kind of assets market has been under establishment in China. Therefore, the most part of new or renewal building business groups were formed by the way and the means of administrative bureaus.6.Chinese SOE's reform is distorted considerably and SOE's inefficient problem is not yet solved almost at all by the delay of reform of the financial system. In order to solve these problems, China must accelerate reform of the financial system.7.The reform of the electric power firm, as well as the reform of electric power management supervision system, are well expressing the converse ion of the SOEs reform's policy of central government. Especially in recent years, the reform is going beyond breaking monopoly and getting more market orientation.8.Chinese textile industry started to retrieve from recession, and the prosperity state-owned textile enterprises were also good for the chance of their privatization. However, for the sluggish local state-owned textile enterprises could not pay for privatization cost as same as ever.9.It is rational of being moderately incomplete in the manager's interest rights of human capital in SOEs, since they are not real "entrepreneurs". The manager's irrational pursuit of their interest rights inevitably damages the interests of both the state and society. With the market-oriented transformation of use right realization of human capital, it is necessary to gradually complete the manager's interest rights of human capital in the SOE and the "completing" principles includes contribution-based distribution, efficient motivation and bounded rationality.1O.Worker's interest rights of human capital in SOE are characterized by being historically "incomplete". In their transformation of operational mechanism, it is necessary to protect the worker's legal rights and interests. The present policies have played active role in ensuring the interest rights of "laid-off workers", but various kinds of problems still exist. Six measures are suggested to take. Less