基于交叉持股理论的国有企业混合所有制改革研究

Research on Mixed Ownership Reform of State-Owned Enterprises Based on the Theory of Cross-Holdings

国有企业混合所有制改革作为国企改革的重要突破口,承担着提升公有制经济经营效率和拓展非公有制经济发展空间的重任。本文基于我国混合所有制改革现状,探讨了以交叉持股方式推进混合所有制改革的利弊以及各国对交叉持股的法律规制。研究发现,交叉持股的持股对象、持股结构、持股比例、股份表决权等会改变相关企业的竞争行为,进而对国有企业混合所有制改革效果产生较大影响。基于交叉持股理论,应对同行业企业横向交叉持股比例上限与表决权进行限制,对上下游企业纵向交叉持股予以鼓励。同时,在深化国有企业混合所有制改革过程中,优先考虑选择与国有企业存在潜在竞争关系的民营企业或上下游民营企业交叉持股。

As an important breakthrough in the reform of state-owned enterprises,the reform of mixed ownership of state-owned enterprises shoulders the important responsibility of improving the operating efficiency of the public sector economy and expanding the development space of non-public sector economy.This paper systematically combs the present situation of China’s mixed ownership reform,and further discusses the advantages and disadvantages of promoting mixed ownership reform by means of cross-holdings and the legal norms of cross-holdings in various countries.The paper finds that cross-holdings objects,structure,ratio and voting rights will change the competitive behavior of relevant enterprises,and thus have a greater impact on the effect of the mixed ownership reform of state-owned enterprises.Based on the theory of cross-holdings,this paper further proposes to limit the upper limit and voting rights of horizontal cross-holdings,to encourage vertical cross-holdings,and to give priority to promote state-owned firms to cross-hold with potential competitions or upstream and downstream private firms.