混合所有制下国家股东市场化构建的逻辑与路径

The Logic and Path of the Market-oriented Construction of State-Shareholder under the Mixed-ownership Reform

混合所有制下,将国家股东打造成为一个完全按照市场规则行事的投资主体是国企改革的必然选择。然而,国家股东的市场化构建却因为国家股东的多重属性而困难重重。在分层设置国家股东代表的情况下,将国家股东的多重属性分别赋予不同层次的股东代表,是一种较好的解决办法。为此,应将国家股东代表划分为国家授权机构、国有资本投资运营公司、国企产权代表三个层次,并分层、分类构建市场化的国家股东代表。同时,应按照以资本为纽带的投资关系、以市场化为原则的委托关系、以法律为准绳的监管关系对国家股东各层级代表进行市场化改造,理顺国家股东内部各个主体之间以及国家股东与国企之间的关系。

Under the mixed-ownership reform,it is an inevitable choice for the reform of state-owned enterprises to make the state-shareholder into an investment subject acting in accordance with market rules.However,the market-oriented construction of the state-shareholder is very difficult because of its multiple attributes.In the case of setting representatives of state-shareholder in different levels,it is a better remedy to assign the multiple attributes of state-shareholder to different levels of representatives of state-shareholder.Therefore,representatives of state-shareholder should be divided into three levels:state-authorized-institution,state-owned capital investment and operation company,and property rights representative of state-owned enterprises.At the same time,in accordance with the investment relationship with capital as the bond,the entrustment relationship with marketization as the principle,and the supervision relationship with law as the criterion,representatives of state-shareholder at all levels shall be transformed into marketization,and straighten out the relations among the various subjects of state-shareholder and between the state-shareholder and the state-owned enterprises.