非上市国企信息披露的改革逻辑与治理思维

Reform Logic and Governance Thinking of Unlisted State-owned Enterprises’ Information Disclosure

推进国企财务预算、决算等重大信息公开,是国家治理时代深化国企改革的重要举措。非上市国企信息披露制度亟须全面建立,其改革的关键点在于"上下结合,内外互动"。本文基于代理理论、合规理论、信号理论、政治经济学理论、管制理论等多视角理论挖掘非上市国企信息披露的动因,剖析市场透明、竞争充分和法律严明特征下的信息披露改革起点,总结从局部突破到全方位的制度改革路径,阐述以渐进式改革推动信息透明的改革方式与效果,最后从明晰披露主体责任、拓宽披露渠道、规范信息披露内容、完善配套保障机制等角度提出国家治理时代非上市国企信息披露改革的新方向,为国家经济治理现代化提供新的治理思维。

To promote the disclosure of such major information of state-owned enterprises as financial budget and final accounts is an important measure to deepen the reform of state-owned enterprises in the era of national governance.The information disclosure system in unlisted state-owned enterprises needs to be established in an allround way,and the key point of its reform lies in"the combination of the upper and lower levels,and the interaction between the inside and outside".Based on the multi-perspective theories of agency theory,compliance theory,signal theory,political economics theory and regulation theory,this paper explores the causes for unlisted state-owned enterprises to disclose information,analyze the starting point of information disclosure reform under the characteristics of market transparency,full competition and strict law,summarizes the path from the partial breakthrough to all-round system reform,expounds the reform mode and effect of promoting information transparency by gradual reform,and finally puts forward the new direction of information disclosure reform of unlisted state-owned enterprises in the era of national governance from the perspective of clarifying the responsibility of the disclosure subject,broadening the disclosure channel,standardizing the content of information disclosure and perfecting the supporting guarantee mechanism so as to provide new governance thinking for the modernization of national economic governance.