政府投资基金有助于国有企业改革

Government Investment Fund:A Possible Driving Force for State-owned Enterprise Reform

通过梳理多年来国有企业改革的主要历史特征,深入分析近年来有关国有企业改革的政策文件,文章认为:未来国有企业改革是以“管资本”为主,国有企业改革将与国有资本市场运作密切相关。在此背景下,作为“金融+改革”形式的政策工具,政府投资基金将在“激励机制”“风险隔离”“资本配置”“预算约束”等方面有利于新时期国有企业深化改革的进一步推进。

By sorting out the main historical characteristics of state-owned enterprises'(SOE)reforms over the years,as well as in-depth analysis in policies and documents related to SOE reforms in recent years,this article holds that SOE reforms focus on"managing capital",and SOE reforms will be closely related to capital market operation.In this context,government investment fund,as a policy tool in the form of"finance+reform",will facilitate the further advancement of state-owned enterprises'reforms in new era in terms of"incentive mechanism","risk isolation","capital allocation"and"budget constraint".