国有股表决权证券化构建新型政企关系

Exploration of Establishing New Relationship between Government and Enterprises

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为类似于股票的国有股表决权证 ,并在沪深股市竟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 ,分离主动表决权与被动表决权 ,制定《国有股被动表决权行使法》 ,政府只以被动表决权———即否决权行使方式行使有关政治、产业政策方面的保留权利 ;而将有关资源配置方面的权利售予流通股公众 ,由流通股股东控制公司经营权 ,调动流通股东促进资源配置的积极性 ,形成国家依法监管与企业自主经营相结合的新型政企关系 ,找到公有制在市场经济中的微观实现形式。

This paper discusses that the key to relieve the deep interdependent and mutually repelling relationship between national economy and stock market in China is to improve the operation of corporate controlling right in the stock market. Securitization of right to vote in state-owned stocks should be considered thoroughly. Controlling of right transference will find efficient corporate governance structure, and government should control corporate behavior by veto power, which may also motivate the managers to make maximization the value of corporate.