全民所有制与全民股份制的比较研究

The Comparative Study of Ownership by the Whole People and Shareholding System for the Whole People

"全民股份制"是社会主义市场经济深入发展的结果,是从计划经济体制下"全民所有制"基础上经过重大转型而形成的。全民所有制产权有两个鲜明的性质,就是"不可分性"与"外部性",而"全民股份制"具有"可分性"与"明晰性"。全民所有制的产权特征表现为"所有者虚位"、按政治程序及行政体制运作和政企不分,而"全民股份制"的产权特征表现为所有者或出资者内在化、按公司治理机制及经营管理制度运作和政企分开。全民所有制的经济效果体现为目标的多样化、高昂的代理成本和低效的决策体系,而"全民股份制"的经济效果体现为目标的单纯性、代理成本的降低和决策体系的改进。

There are essential differences between ownership by the whole people and shareholding system for the whole people. Shareholding system for the whole people is the result of the deep development of socialist market economy, and formed after the great transition of ownership by the whole people in the planned economy. The property right of ownership by the whole people has the characteristics of inseparability and externality, while the property right of shareholding system for the whole people separability and clarity; the property right of ownership by the whole people shows the features of owners＇absence, system operation according to political procedure and administration and the inseparability of government function and enterprise management, while the property right of shareholding system for the whole people the internalization of owners and investors, system operation according to enterprise management and separability of government function and enterprise management; the economic effects of ownership by the whole people are diversified goals, expensive agency cost and inefficient decision system, while the economic effects of shareholding system for the whole people simplicity of goals, lower agency costs and improved decision system.