虚拟股份制在国有企业产权激励中的运用

国有企业改革一直是我国国有资产管理工作的重中之重。我国在以建立现代企业制度为核心的国有企业产权改革中，主要采取了兼并、联营、股份制、股份合作制、出售、合并、分立、资产划转、授权经营、托管、破产等形式，取得了一些效果，然而是否还有其他的改革方法可以运用?笔者根据这几年的改革经验，认为采取虚拟股份制的措施对国有企业员工实施产权激励也是一种切实可行的方法。

The New Method to Determine Ownership Stake to Exercise Control： An Empirical Analysis on Italian Companies

The idea of this work arises from the analysis of the researches developed in the literature on topic of ownership and control that are mostly based on threshold of ownership stake to determine control equal for all companies and, in most cases, not supported by theoretical arguments and empirical evidences. In fact, the aim of this paper is to build a new method of determining the threshold of ownership stake that allows the shareholder to exercise control. In particular, this survey uses all Italian listed companies as reference, and the minutes of the Ordinary and Extraordinary General Meetings of shareholders, in 2009-2012, as database. The topic can be enriched with further and future researches aiming to adapt this new method in a cross-country investigation and so to identify the different threshold for the countries, on the basis of the different national laws regarding the ownership stakes that affect the control.