中国国有企业股权结构的混合所有制改革

The Diversified Ownership Reform of Stock Structure in State-Owned Enterprises of China

新一轮国有企业市场化改革应着重发展混合所有制经济,以撼动国有普通股高度集中的股权结构常态。两条主流的革新思路为运用优先股或金股,前者重在实现国有资产的保值增值,可进一步细分为将国有普通股转化为优先股及由公众持有优先股两类;后者意在增强国家对经济命脉的控制力。实现国有股在资本市场的逐步减持,在提升国有企业竞争力的同时实现国有资本的保值增值,应区分国有企业类型分而治之。对于公共企业,政府可运用社会资本认购优先股的股权融资、国家股东持有双层股权结构中的超级表决权股两种方式,实现保持稳定控制权的目标。对于竞争性企业,国有资本无须占有控股地位,可分阶段混合运用普通股、优先股及金股以平稳退出。

In order to change the high concentration ownership structure of state-owned common shares, new round market reform of state-owned enterprises should emphasis on the development of mixed ownership economy. The use of preferred stock or golden share consist two mainstream solutions for the reformation. The former, which can further be divided into two categories of state-owned preferred stock changing from common shares and public-owned preferred stock, aims at preserving and increasing the value of state- owned assets, while the later put an emphasis on increasing the control of government over the economic artery. The aims of gradually decreasing the state-owned shares on the capital market and enhancing the competitiveness of state-owned enterprise, can be realized by dividing the types of state-owned shares and adopting different solutions afterwards. By resorting social capital to purchase preferred stock or allowing government possessing super-voting shares in dual-share struc^tre, public enterprise can achieve the goal of maintaining a stable control. As for competitive enterprise, there is no need for the government capital acquire the control position, so the steadily reducing of state＇s share can be achieved by mingling the use of common share, preferred stock and golden share.