混合所有制改革对国资预算收入结构影响的实证分析与制度保障——以资源垄断型集团公司及其上市子公司为例

Empirical Analysis and System Guarantee on the Effect of Mixed Ownership Reform to the Income Structure of State-owned Asset Budget—Based on Resource Monopoly Group and Its Listed Subsidiaries

本文以资源垄断型集团公司及其上市子公司为例,通过分析净资产收益率与国有股权比例的关系,论证了深化混合所有制改革的必要性。随着混合所有制改革的深化,其将通过影响应交利润、股利股息、产权转让收入等来影响国有资本经营预算的收入结构。而要使后者与前者总体呈正向相关关系,要通过完善法人治理结构、慎重减持国有股、引进民营战略投资者、完善应交利润比例制度与派息制度、公平公正公开地转让国有资产等综合性的制度安排来予以保证。

This paper demonstrates the necessity of deepening the reform of mixed ownership through the analysis of the relationship between return on the net assets and the state-owned equity,based on the resource monopoly group and its listed subsidiaries. The deepening of mixed ownership reform will,by influencing the profits,dividends and property transfer income,affect the income structure of state-owned capital management budget. In order to make both of the influenced parts show positive,comprehensive arrangement should be carried out,including improving the corporate governance structure,carefully reducing state-owned shares,introducing the private strategic investors,improving the profit share system and dividends payable system,transferring the state-owned assets in a fair,just and open way.