Corporate Governance during the Property-right Circulation of State-owned Assets in the Construction and Real Estate Industry

摘要

Corporate governance is currently receiving worldwide concerns both in theory and in practice. The construction of good corporate governance structures and mechanisms for Chinese SOEs during their restructuring processes is becoming an important issue for China in transition. This paper, through a case study on the restructuring of HJ group, illustrates the status quo of corporate governance during the circulation of state-owned assets and the adjustment of state-owned property rights institution in the construction and real estate industry. Based on a detailed analysis of the reform progress, the paper discusses the problems of governance structure and mechanism in HJ group, followed by a probe into the causes resulting in such problems. It finally proposes some measures for HJ, such as curbing the insider control and introducing the "internal market entry system", from both theoretical and practical perspectives to improve the corporate governance levels during the state-owned assets circulation in the construction and real estate industry.