从中国联通混合所有制改革看战略投资者的选择

The Select of Strategic Investor from the Perspective of China Unicom's Mixed Ownership Reform

战略投资者的选择对于国有企业进行混合所有制改革以改善公司治理、实现市场化机制和提升市场竞争力至关重要。中国联通于2017年8月21日到2018年2月11日陆续发布混合所有制改革方案,股权结构、董事会结构变化显著,自上而下取得了阶段性的成就。本文以中国联通混合所有制改革为例,详细介绍了其有关BATJ等战略投资者的引入方式、协同效果以及百度、阿里等民营企业的加入动机,并分析了超额委派董事下民企战略投资者对于中国联通董事会在日常经营决策中起到制衡作用,同时强调了引入民企战略投资者应保持国有资本的控制力。

The select of strategic investors is very important for state-owned enterprises to carry out mixed ownership reform in order to realize the marketization, optimize corporate governance and enhance market competitiveness. China Unicorn released the mixed ownership reform program in succession from August 2017 to February 11, 2018. In the course of less than one year＇s reformation, the structure of ownership and the board of directors have changed remarkably, and the achievements have been actualized from top to bottom. Taking the mixed ownership reform of Clfina Unicorn as an example, this paper presents the way to introduction of BATJ and other strategic investors, as well as the motivation why the private enterprises, such as Baidu and Alibaba, approve to join. And we analyze the excess appointed directors of strategic investors who act as a balance to board of directors of China Unicom in the daily business decision. Meanwhile, it is emphasized that state-owned capital should maintain the control.