基于信托结构化基金模式的混合所有制改革路径建构

Path Construction of Mixed Ownership Reform Based on Structured Trust Funds

由"管资产"为主转向"管资本"为主,已成国有资产管理模式发展之基本趋势。鼓励非公有制企业积极参与国有企业资本运作与改革,国有资本新建投资项目同样允许社会资本参股或者控股,这已成为我国国有企业改革的方向。此框架下,笔者提出国有企业混合所有制改革路径,即通过引入信托结构化机制,建构国有资本、社会资本以及内部人资本共同组建的结构化基金模式及运作方案:国有资本作为优先级,专注于资源引导及经济布局;社会资本和内部人资本分别作为基金的中间级和劣后级,以市场化经营机制参与国有企业或者国有企业新增投资项目的经营与管理。要顺利推行此结构化基金模式的混合所有制改革方案,还需建构诸如放松市场准入约束条件、加强产权保护、科学设置混合所有制公司法人治理结构等配套机制。

The basic trend for the development of state-owned asset management mode has shifted from ＂asset management＂to ＂capital management＂. Encouraging non-public enterprises to actively participate in capital operation and reform of state-owned enterprises as well as permitting controlling shares or holding shares of social capitals in the newly-established investment projects of state-owned capitals has become the direction of stateowned enterprise reform. Within this framework,a path for mixed ownership reform of state-owned enterprises is put forward which introduces a mechanism of structured trust to construct a structured fund model and operation program composed of state-owned capitals,social capitals and internal capitals. As a priority,the state-owned capitals with a priority focus on resource guidance and the economic layout. The social capitals in the middle and internal capitals in the inferior level,by means of the mechanism of marketization operation,participate in the operation and management of state-owned enterprises or their newly-added investment projects. Implementing this reform program smoothly still involves constructing a series of supporting mechanisms,such as scientifically establishing governance structure of judicial persons at the mixed ownership enterprises and so on.