Abstract

State-Owned enterprise（SOE）reform has always been playing a pivotal role in China's economic reform. The preliminarily established modern SOE system with Chinese characteristics indicates that SOE reform has achieved great success. The modern SOE system with Chinese characteristics is an essential part of the socialism system with Chinese characteristics and of the socialist economic system with Chinese characteristics. The research of modern SOE system with Chinese characteristics and its innovation is significant for deeply understanding the socialism system with Chinese characteristics and its core “Chinese model”. Moreover, this research has great meaning in strengthening the“four confidences”in socialism road, in socialism theory, in socialism system, and in socialism culture with Chinese characteristics.

Focusing on the research on the innovation of modern SOE system with Chinese characteristics, this thesis conducts systematic research on three aspects regarding the theory of modern SOE system with Chinese characteristics:formation of the theory, major connotations of the theory, and development and improvement of the theory. The research is based on the following resources: analysis of documents collected from China and abroad, western SOEs' experiences in development and operation, and the author's cognition obtained from practical experience at central SOE. By following the Party Central Committee led by President Xi Jinping, the thesis suggests series of new ideas and concepts based on “the Four Comprehensives”strategy which applied in establishing a well-to-do society, deepening reform, ruling the country by laws, and strictly managing the Party. To support the ideas and concepts, the thesis specifically elaborates on how to maintain and develop the modern SOE system with Chinese characteristics in the chapters from five systematical angles that include the Party's leadership over modern SOE with Chinese characteristics, SOE asset

By studying the development laws of world's top sustained businesses, the thesis additionally determines the development goals of modern SOE with Chinese characteristics: becoming excellent and influential world class business via system innovation. Aiming at the goals, the thesis promotes a theory frame in the end for modern SOE with Chinese characteristics to achieve high efficiency and sustainability through the combined innovation of five major systems. And, it is indicated that modern SOEs with Chinese characteristics are able to achieve the five systems'combination by following the theory frame（SOE model）discussed in this thesis.

Introduction of the chapters：

Chapter 1 is the Introduction part, briefly presents the background of choosing topics, research meanings, research techniques and methods, innovative concepts, as well as shortcomings. Based on relevant research results and documents, this part generally describes the formation of the theory of modern SOE system with Chinese characteristics, the theory's major connotations, and its development and improvement.

Chapter 2 reviews four original thoughts and four theory bases of modern SOE system with Chinese characteristics. Four original thoughts refer to Karl Max and Friedrich Engels' theory of socialist public ownership, Lenin and Stalin's theory of socialist public ownership and SOE, China's traditional concepts of state owned economy and business administration, and western's mainstream concepts of modern enterprises and management theories. These cognition sources in above determined that modern SOE system with Chinese characteristics was a multi-combination of the qualities of socialism, Chinese style and market economy. In this chapter, the author also expounds the Four Theories which are Maoism, three stages of Chinese characteristic socialism theory system, Deng Xiaoping Theory, and the Thought of Three Representatives and Scientific Outlook on Development. Furthermore, the author points the process of exploration, establishment, formation and development of modern SOE sys tem with Chinese characteristics that based on and instructed by the Four Theories.

Chapter 3 gives a thorough discussion on connotations, innovative experiences and guidelines of modern SOE system with Chinese characteristics. It first raises the five components of China's modern SOE system, including Party's leadership, asset supervision and administration system, SOE's property rights system, corporate governance system and management system and briefly discusses the history and connotations of each. On the basis of analyzing the development, supervision and administration of western modern SOEs, it then presents the western experiences on innovation and development of modern SOE system with Chinese characteristics. The final part of this chapter shows requirements for innovation that accord with “Four Comprehensives”strategy raised by the Party Central Committee led by Mr. Xi Jinping.

Chapter 4 displays a complete analysis on maintaining and developing Party's leadership over modern SOE with Chinese characteristics. The analysis consists of three aspects: legitimacy and scientific positioning of maintaining and developing Party's leadership over SOE; basic and detailed methods of realizing “five combinations+five mechanisms”regarding Party's leadership; innovation on SOE's Party organization work.

Chapter 5 gives a complete analysis on maintaining and developing SOE asset supervision and administration with Chinese characteristics. The analysis consists of four aspects: overall structure and principles; state capital restructuring and optimization; SOE reform classification; state capital operation system improvement.

Chapter 6 gives a complete analysis on maintaining and developing property rights of modern SOE with Chinese characteristics. The analysis consists of three aspects: deepening SOE corporation and stockholding reform; prompting diversified ownership with state-controlled interests; promoting employee stock ownership under diversified ownership.

Chapter 7 deeply analyzes maintaining and developing corporate governance of modern SOE with Chinese characteristics. The analysis consists of three aspects: basic structure and scientific positioning; advanced economies' modern corporate governance experience; standardized construction of board of directors of central SOE.

Chapter 8 gives an innovative analysis on maintaining and developing modern SOE management with Chinese characters. The analysis consists of two aspects: maintaining and developing stimulation and constraint mechanism of modern SOE with Chinese characteristics; SOE track record assessment system.

Analyzing the codes of world's top sustained businesses, Chapter 9 indicates five integrated system innovations that transform SOEs into excellent and influential world class businesses. The chapter also raises the key concept of “SOE model”.

The last part of the thesis, the Conclusion and Outlook, briefly summarizes all the above analyses and discusses the future research of the field.

Keywords: Chinese Characteristics; Modern SOE; Party's Leadership System; Asset Supervision and Administration System; Property Rights System；Corporate Governance System; Management System; System Innovation.