国有企业混合所有制改革中的公司内部治理

Corporate Internal Governance in the Mixed Ownership Reform of State-owned Enterprise

中国共产党的十八届三中全会提出要积极发展混合所有制经济,对国有企业进行混合所有制改革,一些国有企业也开始了混合所有制改革试点工作,但股权结构、委托代理关系、董事会构成及运行机制等公司内部治理问题是困扰目前国有企业混合所有制改革的关键问题。本研究首先从理论上界定了国有企业混合所有制改革中公司内部治理的基本概念,对混合所有制改革中的委托代理关系进行了梳理和探讨,并在"股东-董事会-经理人"三者间构建了一个双重委托代理关系。其次从董事会治理模式、董事会构成以及董事会信息共享机制、权力制衡机制和决策机制等方面对国有企业混合所有制改革中的企业内部治理进行了探讨,力图为国有企业解决混合所有制改革中遇到的问题提供借鉴和参考。

The third plenary session of the eighteenth central committee puts forward to reform state-owned enterprises （SOEs）. Some SOEs has started the work of mixed ownership reform, but the key problems of mixed ownership reform are distribution of equity, governance structure, the composition of board and principal-agent relationship. This study determined the basic concept of corporate internal corporate governance in the mixed ownership reform of state-owned enterprises theoretically and discussed the principal-agent relationship and built a dual principal-agent relationship between shareholders, directors and managers. Finally, this paper discussed the internal governing mechanisms and composition of board, and aimed at providing some reference for solving the problems in the mixed ownership reform of SOEs.