西部论坛

混合所有制是国有企业改革的基本方向,国有企业的混合所有制改革绝不仅仅是产权的简单混合,更主要的是治理机制的规范;其中,产权制度改革是基础,只有建立了与现代企业制度相适应的产权制度,才能够完善企业的治理结构。国有企业产权制度改革主要有整体上市、民营企业参股、国有企业并购和员工持股四条基本路径,国家应在充分考虑不同路径的适用条件和绩效差异的基础上,稳步推进混合所有制改革:一是将整体上市作为混合所有制改革的首选路径;二是"国退民进"与"国进民退"相结合,在母公司层面更多采取整体上市、民营企业参股的方式,而在子(孙)公司层面可以更多采用国有企业并购的方式,实现不同层面的混合所有制;三是平稳有序地推进员工持股计划。

As the main trend of state-owned-enterprise reform,mixed-ownership reform of state-owned-enterprise is not only to mix property right but also to regulate administrative mechanism,of which the property rights system reform is fundamental and only the property system matching up with modern enterprise system can improve enterprise administrative structure. There are 4 paths of state-owned-enterprise property system reform,i. e. holistic listing,private enterprise share holding,state-owned-enterprise acquisition and employee share holding. The government should accelerate the mixed-ownership reform taking into consideration application condition for each path and performance difference. Firstly,holistic listing should be the top choice; secondly,the strategy of"ownership out and private-ownership in"should combine with the strategy of"ownership in and private-ownership out". To realize mixed-ownership at different levels parent company should mainly take the strategy of holistic listing and private enterprise share holding, while subsidiary company take path of state-owned-enterprise acquisition. Thirdly,employee share holding should be pushed forward in smooth and orderly way.