论企业股份制的改革目标与股权结构

On Reform Object of Enterprise share System and the Structure of Share Right

我国企业改革的进程在时间上表现为利益调整、机制转换和产权变革三个阶段,而搞活企业的逻辑顺序应该是通过产权关系的变革,达到经营机制转换的目标,进而实现利益关系的调整,所以时间顺序和逻辑顺序是互逆的。股份制企业筹集资金可以通过直接筹资和间接筹资两种渠道,但应以间接筹资为主,对通过发行股票集资应该有新的认识。以国家股为主的股份制存在着诸多障碍,塑造以企业法人为主体的股权结构则应作为股份制的改革取向。近一段时间出现的“泡沫经济”现象与股份制的盲目发展不无关系,对此只能通过深化改革逐步解决。

The process of enterprise reform may be timely divided into three stages of benefit readjustment,change of mechanism and conversion of proprietorship. They are reversivein logic and order to revitalize enterprises' activities through the change ofproprietorship relations, then operational mechanism, and them realizing tkereadjustment of beneficial relations. Direct funding and indirect funding may beadopted by the enterprises while indirect funding is the main means. Therefore thefunding through issuance of shares must be looked at with a new viewpoint. There aremany obstacles in share system chiefly with state share,and the reform of share systemshould be orientated with the model of enterprise legal person as the mainbody of sharesystem. The 'foam economy'phenomenon which emerges recently is somewhat relatedwith blindly development of share system which is to be solved gradually throughdeepening reform.