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

机译：中国国有企业公司治理模式的变迁 - 从行政治理到经济治理

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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.
机译：中国国有企业的公司治理一般经历了七个阶段，自成立以来，包括形成国有企业，高度集中的计划管理，扩大企业自治，从所有权分离管理，建立现代企业治理，现代企业治理规范，现代企业治理的完善。考虑到现代企业体系作为分界线，前四个阶段是传统的公司治理期，最后三个阶段是现代公司治理期。考虑到企业社会功能的分离作为分界线，前五个阶段是行政管理模型，最后两个阶段是经济治理模式。本文认为，中国国有企业的公司治理从行政治理转变为经济治理。在目前的经济治理模式下，公司治理在许多方面不足，它需要从股权结构，独立董事系统，经理市场，法律制度等方面改进。

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