大型国有企业产权结构对经营决策影响的机理分析

Analysis on Effect of Property Right Structure to Decision Making of Large State-owned Enterprises

大型国有企业的产权结构特征体现为较高的股权集中度,所有权和控制权相关联以及产权性质国有。上述特征对于设定合理现实的企业经营目标,提高企业的决策能力方面均有一定程度的影响。通过数理模型分析可以证明,适度的多元化对于抵消上述影响具有积极的作用,调整国有股权的比例,能够改善大型国有企业的治理及绩效。同时,结合机理分析过程,为企业多元化策略的实施提出一些建议。

The property right structure of large state-owned enterprises （LSE） is characterized by highly concentrated shareholding, ownership correlated to control and state-owned property right. All those characteristics bring some negative impacts on the rational decision-making and goal-setting. Our analysis concludes that a proper degree of decentralization of ownership can improve the corporate governance and performance of LSE. And, based on the matching analysis of model and practice, a proper route to decentralization is proposed.