国企改革的核心是“两权分开”——《关于深化国有企业改革的指导意见》的理论思考

The Key to SOE Reform Is to Seperate the Two Rights

十八届三中全会以来,政府决心重启国有企业改革,以期释放新的制度红利。目前,理论界、监管部门以及国有企业本身对国企改革的方向、路径和目的仍存在许多争议。本文从《关于深化国有企业改革的指导意见》的理论思考出发,认为本次国企改革的理论旗帜是经营权改革,而非所有权改革。国企改革的目标是市场化,增强国有企业活力;改革方向应该是经营权改革,使所有权与经营权分离,让企业成为真正的市场主体;改革的路径应当是实施分类监管、由'管资产'转变为'管资本',从组织上切断政府与企业的联系,从运行机制上切断出资人代表与职业经理人的联系,实现经营权与所有权的有效分离,使国有企业成为独立的市场主体。

Since the Third Plenary Session of the 18 th Central Committee of the CPC,Government is determined to restart the reform of state-owned enterprises in order to release new institutional bonus.By now,theorists,regulatory authorities and state-owned enterprises have argument about the goal,direction and path of SOE reform.Based on theoretical consideration of"Guiding Opinions on Deepening the Reform of State Enterprises",this article argue that the theoretical foundation of the new SOE reform is franchise reform not ownership reform.The goals of SOE reforms are marketization and enhance the vitality of SOE.The direction of SOE reforms should be franchise reform.SOEs should become real market players by the separation of franchise and ownership.The methodology of SOE reforms is that cutting off organizational relationship between the Government and SOE and operational relationship between investor representative and professional managers by classified supervision and capital management.