摘要
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.
出处
《理论界》
2017年第10期33-40,共8页
Theory Horizon
关键词
国有企业改革
特殊管理股
金股制
双层股权结构
股东异质性
reformation of state-owned enterprises, special management stocks, golden shares, dual--class structure, heterogeneity of shareholders