全民股东权利与国企治理现代化

On Shareholder's Rights of the National People and the Modernization of the Corporate Governance of State-owned Enterprises

为推动国有企业完善现代企业制度,推进公司治理体系和治理能力现代化,必须夯实全民股东权利。全民股东缺位是国企治理不彰的主要根源。建议夯实"国有企业即全民所有企业"的深刻内涵,明确全民股东的法律地位。建议创新国企利润分配制度,推行面向全民的积极分红政策,充分体现社会主义制度优越性。建议借鉴上市公司信息披露制度,建立涵盖每家国企,包括非上市国企(含未上市国有企业集团公司)的信息披露制度,赋予全民股东知情权,把国企治理的监督权交给全社会,实现国企的社会协同共治。建议将竞争性领域的全民股权界定为无表决权优先股,以降低股权行使成本。国企治理必须遵守各类公司治理的核心价值体系,坚决反对"白马非马论"。全民股权的行使应当遵循股权行使的一般法律规则。"管人管事管资产"的说法不符合股权的基本原理。全民股权能否保值增值,取决于股权的行使与保护工作。

To facilitate the establishment of modern enterprise system in State-owned Enterprises, and to promote the modernization of the governance system and competence in State-owned Enterprises （SOEs）, it＇s necessary to solidify the shareholder＇s rights of the national people. The absence of the status of shareholder of the national people is one of major causes of corporate governance problems in SOEs. It＇s advised that the rich implication of ＂ SOEs owned by the national people＂ should be implemented, and that the status of shareholder of the national people should be recognized. The SOEs should declare the dividends to Chinese citizens. The SOEs should be subject to transparency and disclosure requirements, which are applicable to the listed corporations. Excessive corporate groups controlled by the SOEs should be under restriction. As a general, the State controlling shares should be defined as the non-voting preference shares. The corporate governance of SOEs should comply with the universal principles of corporate governance applicable to ordinary business corporations. The execution of the shareholder＇s rights of the national people should follow the general legal rules of applicable to ordinary shareholders. The author criticized the argument that the State controlling shareholding agency has the right to control all of corporate human resources, financial resources and decisions. The appreciation of the value of the shareholder＇s rights of the national people depends on the performance of the execution and protection of the shareholder＇s rights.