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Modern Corporate Governance Reform and Institutional Innovation of the SOEs

Yu Jing

Abstract: Although the modern corporate governance is regarded as extremely important, there is not a universally applicable principle of practice. In the world, the practice of corporate governance shows the trend of institutional convergence and differentiation at the same time, which makes it difficult for people to make a definite trade-off choice between the advantages and disadvantages of different governance arrangements. The SOEs make setting up and improving corporate governance the direction of practice, but their governance problem is more complex than the problem of private companies. China needs a corporate governance mode suited to its national conditions. The SOEs should take a correct view of their own nature as well as the nature of other companies as the economic organization system, actively explore the multi-type and multi-level system of SOEs, work hard to build a clearly defined government-enterprise relationship with the operation cost controllable, and energetically explore and innovate the modern enterprise system suitable for its national conditions.

Keywords: corporate governance, SOEs, institutional innovation, government-enterprise relationship, reform of SOEs