国有企业公司治理中的平衡机制分析

Analysis of the Balance Mechanism in the Corporate Governance of the State-owned Enterprises

在制度建设和实务操作层面,如何构建国有企业公司治理及监督制度中的平衡机制,进而实现新的、更高层次的综合及对国有企业的公司善治,显得十分重要。当前国有企业公司治理及监督制度建设中六个方面的平衡机制,具体包括:政策指导与制度规范的平衡及相互配合、国有产权治理与利益相关者治理的平衡及相互协同、成为'超级股东'与自我设限'有所为有所不为'的平衡及尺度把握、国有企业中的特殊管治安排与现代公司治理结构的平衡及嵌入融合、纠错追责机制与容错激励机制的平衡及良性循环、公司治理和监督制度建设中的成本-收益平衡及适度监管。相应地,也需要对这六个平衡机制的建设,提出若干政策建议。

At the organizational and operational levels, it is of important significance to create a balance mechanism in the corporate governance and supervision system of the state-owned enterprises and thus achieve a higher-level integration and good governance of the state-owned enterprises. At present, the balance mechanism for the corporate governance and supervision system of the state-owned enterprises is reflected in six areas: the balance and cooperation between policy guidance and institutional norms,the balance and coordination between state-owned property rights governance and stakeholder governance, the balance between becoming 'super shareholders' and the self-imposed limit of 'focusing on certain tasks and putting others aside', the balance and integration of special governance arrangements in state-owned enterprises and the modern corporate governance structure, the balance of the corrective and accountability mechanism and the fault-tolerant incentive mechanism, and the cost-benefit balance and moderate regulation in the corporate governance and supervision system. As a result, it is necessary to propose a number of policy recommendations for improving these six balance mechanisms.