Changes in Corporate Governance Model of Chinese State-owned Enterprises--From Administrative Governance to Economic Governance

摘要

Corporate governance of Chinese state-owned enterprises in general has undergone seven stages since the beginning of its establishment including the formation of state-owned enterprises, the highly centralized planned management, the expansion of enterprises autonomy, the separation of management from ownership, the establishment of modern corporate governance, the norm of modern corporate governance, the perfection of modern corporate governance. Considering the establishment of modern enterprise system as a dividing line, the first four stages is the traditional corporate governance period, the last three stages is the modern corporate governance period. Considering the separation of social functions from enterprises as a dividing line, the first five stages is the administrative governance model, the last two stages is the economic governance model. This article holds that the corporate governance of state-owned enterprises in China has changed from administrative governance to economic governance. Under the current model of economic governance, corporate governance is inadequate in many aspects, it needs to improve from the equity structure, the independent director system, the manager market, the legal system and so on.