国有上市公司国资监管与证券监管的制度协调研究OA北大核心CHSSCDCSTPCD

State-owned listed companies have both the characteristics of listed companies and state-owned companies,requiring them to adhere to the dual rules of securities regulation and state-owned assets regulation at the same time.Conflicts may arise between these two sets of rules,posing risks of governance violations in state-owned listed companies.This conflict of rules stems from differences in the values and objectives of each regulation rule,where the securities regulation focuses on the independence of listed companies based on the protection of minority shareholders while the state-owned assets regulation emphasizes the control by state-owned investors based on the characteristics of safeguarding the function of the state-owned economy and maintaining the security of state-owned capital operations.For state-owned listed companies under cross-regulation,the fundamental path to resolving the conflict lies in making institutional adjustments and coordination from the perspectives of state-owned assets regulation and securities regulation,respectively.In terms of state-owned assets regulation,it is essential to achieve a shift from"asset management"to"equity management"at the institutional level.In terms of securities regulation,it should acknowledge the legitimate needs of state-owned assets regulation,adhere to the principle of moderate regulation,and establish the concept of result-oriented regulation.The rules of state-owned asset regulation should be appropriately recognized without substantially harming the interests of minority shareholders in the capital market.