多边共同治理:国有企业治理结构的现实抉择

Multilateral Joint Governance:Practical Decision for State-owned Enterprises

企业治理结构研究的是企业制度安排问题 ,这种制度安排决定企业为谁服务、由谁控制、风险与利益如何在各利益相关者之间分配等一系列问题 ,是企业绩效最重要的决定因素。本文针对过渡时期国有企业治理结构存在的诸多问题进行了分析 ,以“资本雇佣逻辑”和“市场竞争逻辑”缺憾的研究为基础 ,提出“多边共同治理逻辑”是解决国企治理结构问题的现实抉择的命题。

Corporate governance is indeed the arrangement of corporation's institution. This institution arrangement determines whom it serves, who will control, and how to allocate the profits and risks among interest groups. Thus, it is essential to the performance of the enterprises. This article analyzes the existing problems in the corporate governance of state-owned enterprises in the transition period. Based upon the analysis of'Capital Employment Logic'and'Market Competition Logic', the author concludes that multilateral joint governance is the practical decision for state-owned enterprises.