国企改革适用双层股权结构探析

The Analysis of the Application of Dual-class Structure in the Reform of State-owned Enterprises

国有企业股权结构改革,需要在引进民营资本与保持国有经济必要控制力之间寻找平衡点。本文对比"金股制"与双层股权结构两种实践模式,分析"金股制"存在的各种问题,以国有企业改革与公司双层股权结构相结合的视角为中心,依托于对双层股权结构的深层理论基础的分析,进而提出"特定双层股权结构"的新制度框架,以求达致改革中的国有经济控制力与民营经济利益分享、激活股权多元化活力之间的协调发展。

It is indispensable in the reform of state-owned enterprises to constitute a balance between the introduction of private capital and the necessary governmental control.This article analyzes two special shareholding structures, which are Golden shares and Dual-class structure, to point out the drawbacks of Golden shares and the theoretical advantages of Dual-class structure.This paper advocates the adoption of Dual-class structure in the shareholding structures reform of state-owned enterprises, and proposes a new structure called ＂ specific Dual-class structure＂ based on the characteristics and theoretical fundamental of Dual-class structure to achieve the goal of reform of state-owned enterprises,which maintains the state＇s basic control over key areas and interest sharing with private economy and kindles the vitality of state-owned enterprises.