国企混合所有制改革收益、成本与优化路径

The Benefits,Costs and Optimization Path of Mixed Ownership Reform of State-owned Enterprises

国企混合所有制改革有助于通过完善公司治理、促进各资本方优势互补、明确企业的经济效益目标、促进市场有效竞争与提升企业创新效率,从而获得企业改革收益。本文测算了全部行业以及垄断行业的混改收益,发现全部行业中混改收益近年来不断增加,达到20%左右,而垄断行业混改收益相对较小,表明在竞争性领域改革的迫切性急剧加大,垄断行业混改应稳步推进。但混改也可能导致交易成本遽增、改革过程不规范、未形成有效竞争机制、失去对关键产业核心业务规划及掌控能力等改革成本与风险增加。为此,需要通过完善混合所有制改革的相关制度与政府监管、优化分类实施方式、设计良好的改革方案、把握好改革速度和次序等途径,有效降低改革成本、提升改革收益。

The mixed ownership reform of SOE can benefit from the reform by improving corporate governance,promoting the complementary advantages of everycapital side,clarifying the economic benefit objectives of enterprises,promoting effective market competition and improving the innovation efficiency of enterprises.In particular,this paper separately calculates the benefit of mixed ownership reformof all industries including competition and monopoly,as well as the benefit of monopoly industries.The results show that the benefit of all industries has been increasing in recent years,reaching about 20%,while the benefit of monopoly industries is relatively small,which indicates that the reform in competitive fields is increasingly urgent,and the reform of monopoly industries should be promoted steadily.However,mixed ownership reform may also lead to reform costs and risks including sharp increase of transaction costs,irregular reform process,failure to form an effective competition mechanism,and loss of core business planning and controlling ability of key industries.It is necessary to effectively reduce the costs of reform and improve its benefits by means including designing good reform plan,grasping the speed and order of reform,optimizing the classified implementation mode,and improving the relevant system of mixed ownership reform and government supervision.