股份制改革思路的再思考

Re-thinking on Train of Thought in Reform of Stock System

股份制是国有企业改革的方向，但由于股份制所要求的外部约束机制的缺乏，在这种情况下盲目推进股份制改造，可能会使国有企业从一种低效率走向另一种低效率；同时，由于“马太效应”的存在，旨在通过其他产权主体的加入来提高国有企业效益的改革思路有必要进一步探讨。对国有控股企业来说，由于缺乏竞争性环境，国家不得不负担低效率企业的全部监督成本，其他产权主体搭国家的便车，国有资本的收益可能更低。鉴于此，国企改革应该是产权改革。环境改革和管理改革三位一体，同步推进。

Stock system is the direction of reform of state-owned enterprises. But blind transformation of stock system without external restraint mechanism required by stock system might lead state-owned enterprises from one kind of inefficiency to another kind; meanwhile, because of the existence of 'Mattei Effect', it is necessary to further explore the train of thought in reform which aims at increasing the benefit Of state-owned enterprises through accession of other main bodies of properly right. To state-holding enterprises, due to a lack of competitive environment, the state has to bear all the supervision cost. The accession of other main bodies of property right might reduce the benefit of state-owned capital. Therefore, the reform of state-owned enterprises should be the reform of property right, of environment and of management as an organic whole.