以国有股表决权证券化推动东北老工业基地改造——兼论国有经济新型政企关系构建

Establishing New Relationship Between Government and Enterprise by Securitization of Right to Vote on State-owned Stocks of Listed Company

推动东北老工业基地改造的关键是 ,将东北国有上市公司的国有股表决权证券化为类似于股票的国有股表决权证 ,竟价发行后上市流通交易 ,与原有流通股一起构成统一的公司控制权市场。改进政府对公司的控制模式 ,分离主动表决权与被动表决权 ,制定《国有股被动表决权行使法》,政府只以被动表决权方式行使有关政治、产业政策方面的保留权利 ;而将资源配置方面的权利售予流通股公众 ,由流通股东控制公司经营权 ,调动流通股东促进资源配置的积极性 ,形成政府依法监管与企业自主经营相结合的新型政企关系。

This paper discusses the measure of separation between ownership and control on the background of special institution in China. Author points out, to improve the operation of corporate controlling right market in China. We should do securitization of right to vote in state-owned stocks. Control right transference will finds efficient corporate governance structure, and government should control corporate behavior by veto power. This will motivate the managers to make maximization the value of corporate.