如何以集团混改深化国企改革——基于柳工集团的案例研究

How to Deepen the Reform of State-owned Enterprises with Group Mixed Reform:A Case Study Based on Liugong Group

国企混合所有制改革有两种方案。第一种是集团资产注入完成证券化以后,再引入战略投资者,适用于证券化率较高的地区,如上海市提出的“二次混改”。第二种是先在集团层面完成混改,然后上市公司再发行股份收购集团资产,如柳工集团。本文从柳工的混合所有制改革历程入手,探讨国有企业改革模式的可借鉴经验,探究国企混合所有制改革中市场绩效、研发创新和激励机制改革等核心问题,并对国企改革不能只“混”不“改”展开进一步讨论。

There are two ways for the reform of mixed ownership of state-owned enterprises.The first is to introduce strategic investors after the asset injection and the completion of securitization,which is applicable to areas with high securitization rate,such as the"secondary mixed reform"proposed by Shanghai.The second is to complete the mixed reform at the group level,and then listed companies issue shares to acquire group assets,such as Liugong group.Starting from the process of Liu Gong’s mixed ownership reform,this paper discusses the experience that can be used for reference in the reform model of state-owned enterprises,explores the core issues such as market performance,R&D innovation and incentive mechanism reform in the mixed ownership reform of state-owned enterprises,and further articulates that stateowned enterprises can not only be"mixed"but not"changed".