国有资本投资运营公司:人格化积极股东塑造及其运行机制

State-Owned Capital Investment Company: Shaping Personalized Shareholders and Constructing Operation Mechanism

改组组建国有资本投资运营公司是深化国有企业改革的重要内容,也是推进国有企业混合所有制改革的重要途径。本文通过梳理现有国内外资产管理模式、股权结构与公司绩效等研究成果,深入分析了改组组建国有资本投资运营公司的必要性,创新性地提出以人格化积极股东塑造为核心的国有资本投资运营公司的构建模式,并对其运行机制进行了详尽解析,对重塑国有资产监督管理委员会、国有资本投资运营公司及其下属成员公司三者之间新型委托—代理关系有重要意义。

Restructuring state-owned capital investment company is the important content of deepening the reform of state-owned enterprises and the key path to boost the mixed ownership reform. Through sorting the existing knowledge in the area of national and international state-owned capital management mode, the relationship between ownership structure and corporate performance, etc., this paper analyzes the necessity of restructuring state-owned capital investment company in depth, innovatively put forward the construction mode whose core is shaping personalized shareholders to build state-owned capital investment company and also describes the operation mechanism in detail. It is meaningful for reshaping the new principal-agent relationship among the State-owned Assets Supervision and Administration Commission of the State Council, state-owned capital investment company and its subordinate company.