所有制混合的制度瓶颈与改革前瞻

Difficulties with Mixed Ownership: Institutional Bottleneck and Reform Prospects

实施混合所有制是党在新形势下深化国有企业改革的重大举措。然而,在实施过程中遇到了来自行业、融资、治理结构以及思想观念和企业文化等多方面的障碍,这些障碍已经影响到混合所有制实施的进程。为此,可采取以下途径:在国企分类的基础上,重点推进中间型和竞争型国有企业的混合所有制;通过消除行政性和制度性垄断壁垒而为民营资本的进入创造条件;通过修正银行和证券管理部门在信贷和上市方面的偏好,为民营资本进入国企产权关系缔造内生条件;通过优化国企治理结构,加大吸引民营资本进入国企的力度。

Implementing mixed ownership is a major measure of the Party in order to deepen the refi）rm of state-owned enterprises （SOEs） in the new situation. However, various difficulties in ind^astry financing, governance structure and concepts, corporate culture and other areas were encountered in the implementation process, and these difficulties have affected the process of implementingnfixed ownership. In response to this, we can take the tbllowing specilic implementation approaches： on the basis of the categories of SOEs, we should focus on promoting mixed ownership in the intermediate and competitive SOEs; create conditions for private capital to enter the protected market through the elimination of administrative and institutional barriers; create endogenous conditions for private capital to engage in property rights of SOEs by amending the preferences of the banking and securities regulators in credit policy and IPO approval respectively; and intensify efforts to attract private capital into SOEs by optimizing the governance structure of SOEs.