国有股表决权证券化构建新型政企关系

Establishing New Relationship Between Government and Enterprise by Securitization of Right to Vote on State-owned Stocks of Listed Company

当前解决我国国民经济与证券市场的深层次矛盾的关键是,将上市公司的国有股表决权证券化,类似于股票的国有股表决权证,并在沪深股市竞价发行后上市流通交易,与原有流通股一起共同构成统一的公司控制权市场。改进国家对公司的控制模式,制定《国有股被动表决权行使法》,构建新型政企关系,以找到公有制在市场经济中的微观实现形式。

This paper discusses the measure of separation between ownership and control over the background of special institution in china.To improve the operation of corporate controlling right market in China, we should do securitization of right to vote on state-owned stocks. Control right transference will find efficient corporate governance structure, and government should control corporate behavior by veto power. This will motivate the managers to make maximization the value of corporate.