继续推进国有资本治理体制改革

Continue to Reform the Governance System of State-owned Capital

回顾新中国企业制度变迁的历史进程,考察国企改革的成就与当前面临的问题。国有企业改革当前困境的实质是,公司制的法律框架与国有资产监督管理委员会的行政体制不协调甚至不兼容;同时,国有资本经营权高度分散化,影响国有资本在资本市场的控制力。解决国有企业内涵与外延界定在实践层面的问题,应以基金信托制改革国有资本治理体制,以盈利性国家信托基金和重要行业关键领域国家产业投资基金的两分法实现国有资本分类管理。

This paper reviews the historical process of the institutional change of enterprises in China,examines the achievements and current problems of the reform of state-owned enterprises.The essence of the current predicament of the reform of state-owned enterprises is that the legal framework of the corporate system is not coordinated or even incompatible with the administrative system of the State-owned Assets Supervision and Administration Commission.At the same time,the management right of state-owned capital is highly decentralized,affecting the control of state-owned capital in the capital market.State-owned enterprises to solve the problem of connotation and denotation to define the practical level should be based on trust fund reform of state-owned capital management system,to the dichotomy of for-profit National Trust and important industry in key areas of national industrial investment funds of state capital category management.