Since reforms of corporation system in state-owned enterprises have been carried out for years, many enterprises have performed system reforms and have got listed on oversea stock market. However, there are still some problems. For example, the reform is not standardized and the effect has not appeared. Therefore, in 2002 the focus of modern enterprise system is to standardize the reform of system, and 3 aspects should be well performed:
The first one is to standardize enterprises' reorganization. Most state-owned enterprises have much bad assets and social burdens. Without thorough reorganization, they cannot meet the requirements of getting listed on the stock market. The principle of reorganizing and then getting listed is definite, and it is important to ensure the quality of reorganization as well as mechanism transformation in the process of reform. Since enterprises' reorganization is beneficial for better development of newly established stock companies, it is necessary to invest profitable capital of high quality and business with a bright future into reorganized stock company. While agencies of social functions and backward productivity expressly abandoned by the state are not permitted to enter the companies. In the process of reorganization, newly established stock companies should set up perfect systems at the beginning, such as personnel system of managing persons' competing to take positions, the labor system of selecting and flexibly using excellent workers, as well as the distribution system of fluctuating wages and effective encouragement. Thus stock companies are of new mechanisms. The original company and its successor should not carry out internal competition, and connected transaction should be restricted and standardized so as to fulfill "four-separation" of assets, finance, personnel and agencies.
The second one is to establish standardized corporate governance structure. If it is difficult for stock companies to settle the problem that state-owned corporate shares are too big, then as majority stockholder, the original company should respect and protect legal rights of other stockholders, and issue its rights through legal procedures, instead of managing the stock company as its subordinate. It is necessary to perform the function of board of directors, so that the board could make its objective judgment on decisive matters free from management level. Half of directors nominated by the original state-owned enterprises could not hold posts in the company, and the board chairman could not be the general manager as well. It is necessary to establish the system of independent directors step by step, to set up special committees such as committee of salary and examination, nominating committee, advisory committee under board of directors, to carry out selection managers into the board and market deployment, as well as to set up mechanisms of encouragement and restriction. 
The third one is to speed up the process of reforms and reorganization of successive companies. After stock company is established, the successive one should pick up speed to abolish social functions and to distribute surplus personnel.  If the labor relation between the successive company and labors is broken, the company can compensate for the workers by liquidating state-owned assets with the help of dividends of state-owned shares. Small and medium-sized enterprises that carry out minor operations in successive companies could apply such forms as leasing, contractual management, shareholding system and sale. While successive companies of assets not paying for debts, being in debts for long must go bankrupt.

Links

 Problems Faced by State-owned Enterprises Reform

 Enterprise Reform Measures、　Enterprises Reform Measures II