谈国企改革借鉴金股制的“最初实践”

国企改革借鉴金股制的“最初实践”出现在2002年至2007年间,其主要特点:服务于国企改革的总体目标;引入战略投资者以实现投资主体多元化,形成富有活力的市场化经营机制;政府充分尊重企业的意愿,企业自觉接受政府的引领,从策划到实施都是在企业与政府的良性互动中完成的;在认真借鉴国外金股制的同时,从中国国情、企情出发探索创新性的制度安排。“最初实践”对于今天的国企混改实践具有深刻的启迪意义。

国有企业公司化的若干问题探讨

本文全面分析了国企公司制改革面临的来自市场和政府的双重性困难,批判了国有企业改革对解决政企不分、所有权人缺位等问题的不彻底性,指出国有企业改革应合理界定公司化与民营化的范围,并对公司化范围内的国企改造提出了相应对策。

我国国家特殊管理股制度构建:基于国外经验借鉴的研究

党的十九大报告明确提出:要深化国有企业改革,发展混合所有制经济,培育具有全球竞争力的世界一流企业。国家特殊管理股制度正是在国有企业混合所有制改革背景下,中央针对我国国情所提出的崭新制度构想。本文首先探讨了国外特殊管理股制度的起源并借鉴新制度经济学理论对"金股制"和"双层股权结构"进行了比较分析;然后,基于我国国情并借鉴国外经验设计了我国国家特殊管理股制度的四种可选模式:权宜性事后否决模式、稳久性事后否决模式、稳健性过程控制模式和权变性过程控制模式。论文最后提出:我国要有效实施国家特殊管理股制度,就必须明确特殊股权利边界,完善法律法规并优化国资监管、政府审计和上市制度等保障机制。

Board Members Oversight System- A Polish Example

The goal of the study was the development of a system to monitor the members of supervisory and management boards. The system currently covers 8,454 joint stock companies registered in Poland. The main purpose of the system is to monitor every change in the composition of every board of every joint stock company, from March 2001 up to the present, and it is updated every month. This system, however, also enables us to confirm some of the theories from the field of corporate governance. A generation change has been identified in the boards of the joint stock companies which were examined. Women constitute a large, and continuously increasing, section of the board members. The number of family companies, and of family involvement in boards, is still increasing. Board members of financial institutions （and not just of banks） possess significantly more directorates than board members of non-financial institutions. The number of interlocking directorates is positively linked to the macroeconomic development indicator of the total investment as percentage of GDP for Poland.

国企改革适用双层股权结构探析

国有企业股权结构改革,需要在引进民营资本与保持国有经济必要控制力之间寻找平衡点。本文对比"金股制"与双层股权结构两种实践模式,分析"金股制"存在的各种问题,以国有企业改革与公司双层股权结构相结合的视角为中心,依托于对双层股权结构的深层理论基础的分析,进而提出"特定双层股权结构"的新制度框架,以求达致改革中的国有经济控制力与民营经济利益分享、激活股权多元化活力之间的协调发展。