国有企业混改的股权制衡机制研究——基于东航物流和延长壳牌的双案例分析

Research on Equity Restriction Mechanism of Mixed-Ownership Reform of State-Owned Enterprises:A Double Case Analysis Based on Eastern Air Logistics and Yanchang Shell

公司治理结构的改革是当前我国国有企业混改的关键问题。随着国企改革进入深水区,如何分配控制权、如何协调国有资本和非国有资本之间的关系,是国企和民企关注的重点。选择国企混改经典案例中东航物流和延长壳牌进行双案例分析,剖析和提炼国企混改过程中股权制衡的治理机制,以期对未来的混改提供借鉴。研究发现:将“权责分明、分权制衡”的理念融入股权结构和公司治理机制,有利于实现互利共赢、共同发展;需要确立党委在公司治理中的法定地位和权责范围,充分发挥党委“把关定向”的职能,把控好国企的改革方向;更进一步地,市场化用人机制、核心员工制衡机制体现了国有混改企业在“人治”方面的突破,为国有企业全面深化改革提供了可复制和可推广的经验。

In present China,the reform of corporate governance structure is the key problem of the mixed-ownership reform of SOEs(state-owned enterprises).With the reform of SOEs entering the deep water zone,how to distribute the control power and how to coordinate the relationship between state-owned capital and non-state-owned capital become the focus of the attention of SOEs and private enterprises.This paper selects the Eastern Air Logistics Co.,Ltd.and Yanchang and Shell Petroleum Co.,Ltd.from the typical cases of mixed-ownership reform of SOEs to conduct a double case analysis,in order to analyze and refine the governance mechanism of equity restriction in the process of mixed-ownership reform of SOEs,with a view to providing reference for future mixed-ownership reform.The findings show that integrating the concept of“clear rights and responsibilities,checking and balancing”into the equity structure and corporate governance mechanism is conducive to achieving mutual benefits and common development.It is necessary to establish the legal status and scope of power and responsibility of the Party committee in corporate governance,give full play to the function of“gatekeeping and orienteering”of the Party committee,and control the reform direction of SOEs.Furthermore,the market-oriented employment mechanism and the core employee restriction mechanism can reflect the breakthrough of mixed-ownership reform of SOEs in the“rule by man”,providing replicable and propagable experience for the comprehensive deepening reform of SOEs.