国有企业股权多元化过程中投资主体的研究

Study on the Investor in the Process of Stock-ownership Diversification of the State-owned Enterprise

指出股权多元化是建立现代企业制度,实现国有企业股权结构改革的必然选择。尤其强调了加入WTO为国有企业股权多元化提供了制度保障和前所未有的机遇。提出了我国加入WTO后国有企业股权多元化的投资主体只能是具有人格化的自然人或社会法人,只有这样才能解决国有股东缺位这一根本问题,才能实现公司的有效治理。它是不同于一般意义下的通过资产管理公司和交叉持股等形式来实现股权多元化的。

?Stockownership diversification is a necessary choice for setting up modern enterprise system and realizing the reform of stockownership structure of stateowned enterprise. The thesis especially emphasizes that WTO provides a unprecedented opportunity and systematic guarantee for it. It provioles that the investor of stockownership diversification only is natural person with personification and social artificial person after China's entering WTO. It will solve the fundamental problem of shareholder defaulting in stateownership enterprise and realize the effectiveness of corporate governance. It is different from the general stockownership diversification with the forms of asset management company and cross stockholding.