国企公司化改制的关键:有效的公司治理

The Key to Change the System for the State-owned Business Enterprise: the Structure of Administration of the Company Efficient

多数国有大中型企业实行公司化改制后 ,经营状况依然不佳 ,其直接原因在于公司的治理存在严重的问题和缺陷。现代公司虽然不可避免地出现代理问题 ,但规范的公司治理结构能有效缓解代理问题 ,使得现代公司制企业表现出强大的生命力。而国有企业的产权残缺性使公司治理结构中的直接监督和间接监督等有效的缓解代理问题的手段不能得到充分发挥。因此只有通过股权结构的分散化调整 ,使国有股不占控股地位 ,从而弱化国有产权代表在公司治理活动中的作用。与此同时 ,这也能充分发挥非国有股权所有者的积极作用。只有这样 ,国有企业公司化改制才能建立有效的公司治理结构 。

After most State-owned business enterprise change the system, the condition operated is still not good, its direct reason consists in the problem that is about the serious defect of the structure of administration of the company. Modern company although inevitably appear the agency problem, the structure of administration of the company efficient can lesson the agency problem, and make the business enterprise of modern company system to display its vitality. As the property power incomplete of State-owned business enterprise make direct supervision and indirect supervision lessening the agency problem efficiently give little play; for this reason, passing the ownership of a share construction adjust, making the state-owned not occupying the position, we can weaken the function of representative with state-owned property power in the company. At the same time, non-State-owned ownership of a share proprietor can give its full play. State-owned business enterprise changing the system can establish the structure of administration of the company efficient, increasing the economy functioning of the State-owned business enterprise.