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"The Theory and Practice of New State-owned Enterprises" Column

State-owned Entrepreneurship in the New Era Based on the Evo⁃ lution of Governance Structure 

Tang Zhihong, Zhou Xianyong, Chen Guang 

 (School of Public Administration, Southwest Jiaotong University, Chengdu 610031, China)

Abstract: The basic elements and inherent spiritual values of state-owned entrepreneurs not  only reflect the general laws and requirements of market entities achieving commercial glory, but  also possess the solid historical logic of Chinese culture and the characteristics of the times in  the evolution of the socialist system with Chinese characteristics. However, existing researches  mainly analyze the spirit of state-owned entrepreneurs from the perspective of entrepreneurial at⁃ tributes, lacking the relevant exploration from the historical evolution perspective of phased re⁃ form of state-owned enterprise governance structure. This article proposes an onion model of  state-owned entrepreneurial spirit which based on the three-dimensional analysis framework of  "economic system""corporate governance" and "entrepreneurial behavior" and analyzes the con⁃ stituent elements of state-owned entrepreneurial spirit and behavior. From the perspective of the  governance structure of state-owned enterprises, this paper analyzes and sorts out the character⁃istics of the evolution of the governance structure of state-owned enterprises in the four histori⁃ cal since the founding of the CPC, and finds the influence of ideology and the institutional con⁃ struction collectively constitute the political root of the transition of the governance structure of  state-owned enterprises in China. State owned entrepreneurs have played crucial and missionrich roles in different stages of historical development. Based on the "Four Meetings" governance  structure of state-owned enterprises in the new era, this paper analyzes the differences between  state-owned enterprise managers and state-owned entrepreneurs, defines the spiritual connota⁃ tion of state-owned entrepreneurs, and explores the significant differences between state-owned  enterprise managers and state-owned entrepreneurs from 10 aspects, such as selection methods, strategic guidance, management incentives, responsibility and value proposition. The essential  connotation of the spirit of state-owned entrepreneurs in the new era is defined from five aspects  which are loyalty to the Party's cause, continuous pursuit of excellence strengthening integrity  and innovation, market efficiency orientation, and proactive compliance with laws and regula⁃ tions, and accrodingly proposes the development staregies, there are coordination between the  decisions of the Party committee and those of entrepreneurs, unity of spiritual motivation, mate⁃ rial motivation, and fault-tolerant mechanism motivation, and the implementation of business  decision-making leadership and the optimization of corporate governance structure. 

Key words: evolution of governance structure; state-owned entrepreneur; entrepreneurship