公权力嵌入国有公司治理:理据及边界

Public Power Embedded in Corporate Governance of State-Owned Corporations:Rationales and Boundaries

国有公司与公共企业是两个存在差异的范畴,政府作为出资人的公司治理受行政权力的影响,而公共产品的生产并不是影响公司治理的关键因素。无论是国有企业改革的历史、国有企业的本质还是国家所有权的属性都表明国有企业出资者行使的是公权力,国有股东权虽然在公司法中体现为一种民事权利,却以私权的形式行使公权力。相应地,公权力的嵌入是国有公司治理的核心特征。国有公司的权力配置旨在降低人民与政府之间的政治委托代理关系以及政府与公司之间的经济委托代理关系中的代理成本,公权力嵌入国有公司治理有其方式和边界。首先,出资人代表实际上代表国家行使对国有公司的规制权,该规制部门的选定,本质上是行政权力的分配。其次,国有股东权虽然是一种公权力,国有公司却是私法人,董事会应当成为国有公司经营决策的权力中心。最后,配置协调好国有企业党组织、规制部门、审计委员会等各项监督权力,方能保证国有资本经济性功能和社会性功能的实现。

State-Owned corporations and public enterprises are two categories with differences.The administrative power,instead of the production of public goods,shall be the critical influencing factor of the governance of corporations to which the government acts as a capital contributor.The history of the reform of state-owned enterprises,the essence of state-owned corporations,and the attributes of state ownership all indicate that the shareholder of state-owned corporations exercises public power instead of civil rights.Accordingly,the embedment of public power is the core characteristic of state-owned corporate governance.The division of power in state-owned corporations aims to reduce agency costs in the political principal-agent relationship between the people and the government and the economic principal-agent relationship between the government and the corporations.The embedment of public power in the governance of state-owned corporations has its manners and boundaries.Firstly,the capital contributor representatives represent the state to exercise the regulatory power toward the state-owned corporations.The selection of the regulatory department is essentially the distribution of administrative power.Secondly,although state-owned shareholder right is a type of public power,the state-owned corporation is a private legal person.Thus,the board of directors shall be the center of business decision-making powering state-owned corporations.Finally,the Party organizations,regulatory departments,audit committees,and other supervisory powers of state-owned corporations shall be well allocated and coordinated to ensure the implementation of the economic and social functions of state-owned capital.