By Qi Changdong & Chen Xiaohong, Research Team on “Study on Prominent Conflicts in Deepening State-owned Enterprise Reform and Countermeasures”, Enterprise Research Institute, DRC

Research Report No 195, 2015 (Total NO 4880) 2015-12-28

Abstract:

Overall listing is a crucial measure for deepening state-owned enterprises’ (SOEs) reform, which will help promote the corporate governance reform of SOEs, resolve fundamentally the problem of reversed shareholding structure and formulate a driver mechanism for continuously advancing reform. Shanghai made an early start in clarifying the reform approach to SOEs’ overall listing with numerous forms for going public. Shanghai has given priority to appropriate combination of overall listing with asset optimization and regrouping and shareholding stimulus and made pilot practice to solve management problems of a small number of unlisted assets through trusteeship. The problems that require to be further explored and resolved for enterprises in Shanghai include whether qualified non-profit SOEs can conduct “mixed-ownership reform” and go public, how to improve the model of “one change in shareholding and no change in management and supervision” for state-asset platform companies, and how to deal with the “shell” of corporate groups with corresponding policies. In order to further promote overall listing of SOEs, we need to make holistic planning, formulate differentiated policies for different companies, clarify responsibilities, properly manage the relations between overall listing and corporate development strategy, as well as connections relating to staff shareholding, monopolized industrial reform, capital market, etc., improve related polices for land and taxation and resolve long-overdue issues.

Key words: state-owned enterprises, overall listing, suggestions