Research on Mixed Ownership Reform of State-Owned Enterprises from the Perspective of Marxist Political Economy

Under China’s socialist system,state-owned enterprises are key forces driving the economic trajectory and providing strong momentum.These enterprises not only bear the crucial responsibility of advancing the process of national modernization but also serve as the core of the national economic lifeline through their irreplaceable status and function amidst changing times.In the new era,with the advent of the technological revolution and the wave of globalization,state-owned enterprises face unprecedented opportunities and challenges.As a significant aspect of state-owned enterprise reform,the mixed ownership reform is not only a transformation in the structure of enterprise ownership but also a reflection of China’s broader,comprehensive reform efforts.By deeply advancing this reform,it will help optimize the allocation of state-owned assets and significantly boost technological and management innovation within state-owned enterprises,ensuring their competitiveness in the intense market environment.Therefore,this paper will conduct an in-depth analysis of the mixed ownership reform of state-owned enterprises from the perspective of Marxist political economy.

State-Owned Capital Participation in Private Enterprises:A Perspective of Debt Financing

This study takes debt financing as the entry point and explores the impact of state-owned capital participation in private enterprises from the perspectives of“unarticulated rules”and“articulated rules”.The study finds that state-owned capital participation significantly reduces the debt financing costs of private enterprises and expands the scale of their debt financing.This conclusion remains valid after a series of endogeneity and robustness tests.Further analysis of the mechanism reveals that state-owned capital participation improves the debt financing of private enterprises through multiple channels:Enhancing their social reputation,mitigating the“statistical bias”they face,optimizing their information quality,and reducing the“shareholder-creditor”agency problems.This paper conceptualizes these benefits as the“complementary advantages of heterogeneous shareholders”.This not only constructs a theoretical framework for“reverse mixed-ownership reform”but also better narrates the Chinese story of“mixed-ownership reform”by adopting a more universally applicable theory of equity structure.Additionally,the paper supplements existing research on the macro-and meso-level relationship between the government and the market by exploring the government’s positive role at the micro-level.

Research on Financial Performance of State-owned Enterprise Mixed Ownership Reform

Mixed ownership is an important form of realization of China＇s economic system reform and development, and it is also the main direction of state-owned enterprise reform. In order to further promote the deepening of the reform of mixed ownership, this paper randomly selects 200 listed state-owned enterprises as research objects, and studies the trends of the financial performance of these enterprises from the mixed state-owned enterprises and non-mixed-modification enterprises in the five years from 2013 to 2017, and compares their various trends. Financial indicators, a comprehensive evaluation of the problems and causes in the reform of the mixed ownership system, and then propose countermeasures to further deepen the reform of mixed ownership based on the research conclusions.

Exploring New Ways to Deepen the Reform of State-owned Foreign Economic and Trade Enterprises

By the end of the century, the reform and development of China’s state-owned enterprises will create new prospects. The reform of state-owned foreign economic and trade enterprises should also see further breakthroughs. At present, the following aspects are important: 1. Implement a Holdings System in the Reform of State-owned Foreign Economic and Trade Enterprises. The holdings system plays a major role in transferring the management mechanism of state-owned foreign economic and

30 years of reform of China's state-owned asset management system

Reform of China’s state-owned asset management system is an important component of China’s economic system reform,but also a key factor in rejuvenating the national economy.In this article,the authors analyzed the background of the reform,summarized the reform process and discussed related question on how to deepen the reform.

Discussion on the relationship between Construction of Forest Towns and Reform & Development of State-owned Forest Farms

In recent years, China's social economy has continued to develop. While paying attention to the pursuit of the economy, people are paying more and more attention to the pursuit of quality of life. China has vast territory and abundant resources, forest resources are particularly rich, in order to make full use of forest resources and regulate the use and protection of forests, China has promoted the development of forestry by deepening the construction and reform of state-owned forest farms, and using forest resources to obtain benefits to meet people's living needs. This paper explores the necessity and advantages of building a forest town by analyzing the reform and development situation of state-owned forest farms.

The Implementation Mechanism of SocialResponsibility in Chinese State-ownedCompanies

The concept of corporate social responsibility was origined in the United States in the early 1990 s. This theory is put forward,and quickly caused the widespread attention of various disciplines. With the transition of the planned economy to marketeconomy in our country, most of the enterprises in China will still refuse to take care of the social responsibility and a series ofproblems become the biggest contradiction in China＇s economic development and social development. So it is necessary forChina to slove these problems.

State-Owned Enterprises Continue to Reform

ALTHOUGHeconomicreformsinChinabegan20yearsago,staterownedenterprisereformstillremainsawidelydiscussedtopic.State-ownedenterpriseshavebeenthepillarsofChina'snationaleconomy.Duringthetimeoftheplannedeconomy,thestateprovidedallenterpriseswithproductionf...

New Policy on Reforming State-owned Enterprises

Inthereformofstate-ownedenterprisesinChina,whatmeasureswillbeadoptedbytheChinaStateEconomicandTradeCommission?Inanswertothisquestion,Mr.HouYunchun,spokesmanfortheChinaStateEconomicandTradeCommission,saidasfollows:Someneedtobeorganizedintolargergroups...

Reform of State-Owned Enterprises in Full Swing

Afterbewilderment,discussionandexperimentforyears,theSOEreforminChinawasfullyconductedin1999.Itwasunimaginablethatthemeasurestakenwerenumerousandthestrengthwereenormous.The4thPlenummadeabreakthroughintheoryThe4thPlenarySessionofthe15thCPCCentralCommi...

Private Placement,Employee Ownership Plan and Mixed Ownership Reform--A Case Study of Wuliangye Listed Company

The reform core of state-owned enterprises is to develop mixed-ownership’s economy effectively,therefore there are so many large-and medium-sized state-owned enterprises using a variety of resources,adopting various ways to realize mixed-ownership reforms,enriching the theories of mixed-ownership reform,and creating a large number of practical samples.Wuliangye Company,as a very famous making liquor company in China,has issued a large of new stocks to excellent dealers,administrative staffs,and outstanding employees,so that the company can draw into massive private capital in 2016,so Wuliangye Company have made the first step about mixed-ownership reform among Chinese state-owned enterprises.Through comparing the quantity of monetary capital and asset-liability ratio of Wuliangye Company before and after directional issuing new stocks,the distrust about only adding money and welfare tool for relative benefit people can be eliminated.Moreover,the affection of directional issuing new stocks can promote Wuliangye Company dealers and employees to hold shareholdings,and optimize ownership structure.Wuliangye Company has got the exploration for optimizing equity structure to solid foundation for speeding up stated-owned enterprises reform paces,also providing some useful experiences of other mixed-ownership reform,and the ways and patterns are worthy of learning and studying.

The Fundamental Need of Reform in Company Law in England: Parent Company’s Liability for Debt of Insolvent Subsidiary

Based on the fact that the parent company has actual control over the subsidiary company,this paper analyzes the possibility of the parent company using the subsidiary company to seek benefits and damage the interests of creditors.Moreover,under the intangible protection of the current limited liability system and the independent personality of the company,it can“retreat”.This is undoubtedly against the original intention of the establishment of enterprise groups and has great potential harm to creditors.In addition,on the basis of the relief measures for the rights and interests of the parent company caused by the bad behavior of the subsidiary,the legal defects that should be carefully considered are determined.Considering whether there are other remedies that may have the same effect as disclosure,some are more moderate than disclosure.With Britain’s strong caution about lifting the veil,a more moderate direction could be considered.

A Study on the Capital System Reform Tendency of Chinese company

This paper will analyze the history and evolvements of capital system in order to grasp the tendency of capital system reform. Managers should give more attention to the establishing of reform institution and the supervising of company capital system＇ s operation in the process of reform. Managers should also attach great importance to the third party and creditors when they value the interests of shareholders. It is imperfect to only emphasis or value the interests of the shareholders or the third party and creditors. In addition, creditor＇ s self-protection of civil action should obtain much more approaches in the process of reform.

国有资产改革对自然资源资产“两权”分离的启示与借鉴

我国国有资产管理体制经过了从统一到分散再到统一的改革历程。在此过程中,国务院设立国有资产监督管理委员会,并逐步推动国有资产管理方式从以管企业为主向以管资本为主转变,探索了国有资产所有权与监管权“两权”分离的路径。鉴于自然资源资产管理与国有资产管理存在较强相似性,国有资产投资运营公司在促进国有资产“两权”分离中的关键作用,为自然资源资产所有权与监管权的分离提供了重要启示和借鉴。自然资源资产管理在完成委托代理机制试点后,建议管理方式由“资源管理”逐步转向“资产管理”,授权设立自然资源投资运营公司,以实现自然资源资产“两权”的有效分离,从“自然资源部门—自然资源资产”的二级管理体制转变为“自然资源部门—自然资源投资运营公司—自然资源资产”的三级管理体制,以期为推进自然资源资产的有效监管和资产增值提供改革思路与参考。

Mixed oligopoly,state-owned banks’shareholding reform and foreign capital penetration

This paper examines the impact of the policy on eliminating the ratio of foreign shareholding in banks in a mixed oligopoly model.Its analytic results show that state-owned banks should encourage privatisation along with an increasing proportion of the domestic share in multinational banks.Furthermore,we argue that the increase in domestic stockholding of multinational banks raises domestic private firms’profits but decreases their social welfare in the deposit market.The results of numerical simulation show that when the quantity of private banks is fixed,foreign banks tend to enlarge their stake and strengthen their controlling power.

GLOBALIZATION AND RESPONSE OF LARGE STATED-OWNED ENTERPRISES IN AGRICULTURAL RELATED INDUS-TRIES: COMPANY CASE STUDIES FROM CENTRAL CHINA

By using interview data from three large state-owned enterprises (SOEs) in agriculture related industries, this paper reveals that SOEs in inland area are much slow in response to globalization. Although they pursued some strategies to adjust themselves, they are far behind the position to utilize the opportunities generated by economic globalization. Most of them are still out of the networks of transnational corporations. The strategies they adopted are quite different from SOEs in the coastal area. They overlook the importance of information infrastructure, well-educated personnel, and collaboration with the competitive leaders in their industries. The lagging situation is related to isolated location, traditional culture, and slow progress in enterprise reform. International comparison shows that the case companies did follow the general patterns that globalization promotes extension of company′s networks of linkages but in a rather slow phase. The decision makers should encourage intra-regional linkages between SOEs, between SOEs and private, foreign owned companies, as well as inter-regional linkages among them. The latter appears particularly important given the enlarging gaps between coastal and inland areas.

Problems and Countermeasures of Taihu Port Farm in Jingzhou City after Function Reform of Running the Society

Deepening function reform of running the society of state-owned farm is an important strategic plan made by the Party Central Committee and the State Council,and is also ' hard bone' bitten by fully implementing the strategy of rural revitalization and promoting the modernization of agriculture and countryside. In this paper,the problems of Taihu Port Farm in Jingzhou City after function reform of running the society are systematically and comprehensively analyzed via field research,and corresponding countermeasures are proposed. The research could provide beneficial reference and experience reference for deepening function reform of running the society of current state-owned farm.

Chinese Oil Companies＇ Overseas Cooperation in 2016

The paper analyzed the development and features of China's oil companies' overseas business in 2016.Despite the plummeting crude price and a weak global economy,these companies managed to do well in foreign countries.They steadily increased their shares of oil and gas in overseas oil and gas projects with their distinctive and unique ways:the three state-owned oil companies had focused on the countries involved in the One-BeltOne-Road Initiative,and others had been stressed more on international cooperation in a broader sense and areas.The small-and middle-scale companies had been matured and grew during the process.The central and local governments also played indispensable roles by providing need support for the cooperations.

注册制改革对金融市场质量的影响及政策启示

论文从IPO定价效率、二级市场交易定价效率、交易流动性三个方面,研究了注册制改革对金融市场质量的影响。研究发现:第一,相比核准制股票,以注册制方式上市的股票在IPO阶段和二级市场交易阶段的定价效率更高,但二级市场股票流动性偏低。第二,异质性检验发现,注册制改革对新股发行定价效率和交易定价效率的提升效应分别在炒新效应严重、信息不对称程度高的股票中表现更强,而对股票流动性的降低效应在股价风险低的股票中表现较弱。此外,进一步研究了注册制改革对上市公司经营绩效的影响,发现注册制公司上市后在研发投入和经营能力方面有更快的增长,且这种促进作用在融资约束程度高的公司中表现更明显。论文为注册制改革的影响提供了更为全面的实证证据,对持续推进注册制改革有一定的政策启示。