挑战与变革:国企混改与多层次国家股权控制体系

Challenge and Change: Mixed Ownership Reform of State-owned Enterprises and Multi-level State Equity Control System

国有企业混合所有制改革是公司制改革的持续和深入,混改的过程将进一步使国有企业体制和国有资本监督管理体制改革向前推进。作为深化国有企业改革的重要举措,混合所有制改革对既有公司股权结构的影响,其所要求的不同性质股东和谐共处乃至其本身的顺利进行,均构成对以股份数量为基础的“一股一权”的单一国家股权控制方式的挑战。这在“商业类”国有企业混合所有制改革中表现得尤为突出。本着国家股权控制方式应当与其所承载的处于变动中的具体公共利益目标相匹配的思路,变革既有国有股权控制制度,通过国家特别股制度的设计,形成多层次的国家股权控制体系,是应对挑战的重要举措。

The reform of mixed ownership of state-owned enterprises is the continuation and deepening of the reform of corporatization.The process of mixed ownership reform will further push forward the reform of state-owned enterprise system as well as supervision and management system of state-owned capital.As an important measure to deepen the reform of state-owned enterprises,the impact of mixed ownership reform on the ownership structure,the harmonious coexistence of shareholders of different nature,and even the smooth progress of mixed ownership reform itself,all pose a challenge to the single state ownership control mode based on the number of shares and "one share one vote" principle.This is particularly prominent in the reform of mixed ownership of "commercial" state-owned enterprises.In line with the idea that the mode of state ownership control should be matched with the specific public interest objectives it bears in the process of change,it is an important measure to change the existing state-owned ownership control system and form a multi-level state ownership control system through the design of the state special stock system.