混合所有制企业最优股权结构的影响因素分析

混合所有制改革已经进入实质推进阶段。改革成功的关键是形成最优的股权结构。为此运用博弈论的方法,建立博弈模型,分析影响最优股权结构的因素。通过考察国有企业混合所有制改革中国有股东和非国有股东的博弈过程,发现混合所有制企业股权结构与企业所处法律环境、股东的监督水平、股东监督成本比例分配和监督效率、企业的绩效等有十分密切的关系。所以,构建最优的股权结构需要政府作出一系列制度安排,做好国有股的制度设计、完善法律环境与投资者权利保护制度、建立职业经理人市场和公司控制权市场等,保障最优股权结构的形成,从而推动国有企业混合所有制改革走向深入。

It is the stage of substantial promotion of the reform of mixed ownership.The key for the success of the reform is to form the optimal ownership structure.Therefore,a model should be established to analyze the factors affecting the optimal ownership structure.Through the investigation of the game process of state-owned shareholders and non-state shareholders in the mixed ownership reform of state-owned enterprises,it is found that the ownership structure in the mixed ownership enterprises is closely related to the legal environment,the supervision level of shareholders,the distribution of the supervision cost proportion and supervision efficiency of shareholders,and the performance of enterprises.For constructing the optimal equity structure arrangement,the government needs to establish a series of institutional arrangements,to ensure the formation of the optimal equity structure by doing a good job in the institutional design of state-owned shares,improving the legal environment and the investor rights protection system,and establishing the professional manager market and the control right market,so as to promote the reform of mixed ownership of state-owned enterprises.ises.