国有企业混合所有制改革:现状与理论探讨

Mixed Ownership Reform of State-owned Enterprises: Current Situation and Theoretical Analysis

中文关键词:  国有企业  混合所有制  效率观  资源互补观  股东资源

英文关键词:state-owned enterprises  mixed ownership  efficiency view  resource complementary view  shareholder resources

中文摘要:

      混合所有制改革(混改)日益成为我国国有企业改革的重要举措。但经验证据显示,目前对有关混合所有制改革的推进仍比较谨慎和缓慢。混改推进缓慢的主要原因在于:国有集团公司资产规模大,股权定价困难；国有股东更愿意增持而不是出售盈利能力强的上市公司股份；混改的配套制度还不完善,特别是国有企业的信息披露不透明。效率观和资源互补观是我国国有企业混合所有制改革的逻辑和理论基础。考虑到国有企业性质、功能和层级的不同,未来国有企业的混合所有制改革,应当基于效率观、资源互补观来分类分层推进。将现有的混改“试点推进”制度改为“负面清单”制度,并且不断完善混合所有制改革的配套披露制度,是加快混合所有制改革的重要制度基础。

英文摘要:

      The reform of mixed ownership has increasingly become an important measure in the reform of state-owned enterprises in China. But empirical evidence shows that the mixed ownership reform of the state-owned enterprises in China was carried out prudently and slowly. It is difficult for the state-owned enterprise groups to price large equity with large asset size. The listed companies, the average degree of their mixed ownership did not change substantially. On the contrary, the state-owned equity in non-competitive industries such as electric power, telecommunications, oil and gas has increased in recent years because the state-owned shareholders prefer to increase rather than sell their shares of listed companies with strong profitability. Then it analyzes the logic and theoretical basis of mixed ownership reform of state-owned enterprises from the perspective of resource complementarity and efficiency. Finally, it puts forward some ideas of promoting the reform of mixed ownership of the state-owned enterprises by classification and stratification, and believe that strengthening the information disclosure of state-owned enterprises has become an important prerequisite and the basis for expedite the mixed reform. 