中国国资改革：困惑、误区与创新模式

Chinese State-owned Assets Reform: Controversies,Mistakes and Innovation Mode

2020年是实现国企与国资改革"三年行动方案"的开局之年,关键是要解决当前国资改革中的困惑,走出误区并探索创新模式。传统中国国有资产管理主要是为了解决国有资产保值、增值的微观问题。进入中国特色社会主义新时代,国资改革应从中国道路、中国模式的角度,全面、系统地进行管理方案设计,这既是构建竞争中性营商环境的客观需要,也是"三年行动方案"目标指引下国资改革引向深入的必然选择。总结国资改革30年来的困惑和误区,中国国资改革关键在于把宏观运行机制和微观运行载体实现创新性结合,构建三层次国资管理体系,让国资委作为营利性国资的统一监管者,让国有资本投资运营公司作为企业的直接出资人,将国家战略运用于国有企业中,实现做强、做优、做大国有资本的重大变革。

In the last forty years, China has experienced rapid development and created large amount of state-owned enterprises and state-owned capital. In 2019, the number of Chinese companies entering the Fortune Global500 is 129(including 7 in Hong Kong and 10 in Taiwan), ranking first in the world; as of the end of June 2019,the total assets of Chinese state-owned enterprises were 195 trillion yuan and Net assets as 69 trillion yuan. Howev-er, at a new start, faced with the complicated domestic and overseas economic environment, it is imperative to ex-plore the reform and innovation mode of state-owned assets. First of all, the China-US trade friction has shifted fromfree competition to fair competition. In order to further expand opening to the outside world and deepen internationaleconomic exchanges and cooperation, how to avoid the international community’s doubts about the"competitive neu-trality"of Chinese state-owned enterprises by improve the supervision and administration mechanisms of the state-owned assets is a core question under the guidance of"the Belt and Road"initiative and"community with a sharedfuture for humanity"goals. Secondly, on the basis of the modern company governance and laws system, the centralgovernment has been affirmed the direction that the system reformation of state-owned assets shifts from the"manag-ing enterprise"to"managing capital". Therefore, exploring the innovation model of state-owned assets reform is aninevitable choice to lead the state-owned assets reform to a deeper level under the guidance of this goal.From 2020 to 2022, the strategic node for the SASAC(State-owned Assets Supervision and Administration Com-mission of the State Council)will formulate and promote the implementation of the"three-year action plan". Thepurpose of this paper is to explore a new mode of the reform of state-owned assets. The key of Chinese state-ownedassets reformation lies in the innovative combination of macro operating mechanism and micro operating carrier. In re-ality, it is necessary to solve the problem of the placement of state-owned assets in the market economy.Using the methods of theoretical interpretation, descriptive statistical analysis and case analysis, this paper sys-tematically summarizes several confusion and misunderstandings of the last three decades of state-owned asset re-forms, and based on the experience of state-owned asset management in developed countries and Chinese nationalconditions, this paper proposes some policy suggestions.The innovation mode of Chinese reform of state-owned assets is to construct a three-tier management system ofstate-owned capital, allowing the SASAC to act as a unified supervisor of profitable state-owned capital, and to cre-ate a purely investor of state-owned capital, while operating entities should improve the legal person system and par-ticipate in market equity competition. What’s more, the laws of state-owned assets of enterprises should be revisedon the basis of practice. Over the distribution and implementation of reform, state-owned capital and modern marketeconomy will be relatively connected and integrated.