摘要
目前我国国有企业改革的重心正由"管资产为主"向"管资本为主"转变,混合所有制改革正成为国企改革的"重要突破口",其核心就是要建立现代企业制度,实现企业所有权与经营权的两权分离,本文根据既有理论,提出国企改革中的所有权应包含控制权,两权分离表现为对立统一关系;针对国有企业混合所有制改革后公司存在的多重代理问题进行了梳理,认为混合所有制改革有助于缓解不同利益相关者之间的冲突,减少企业的代理成本;结合经典估值模型,推导出混合所有制改革有助于国有企业保值增值;剖析资本结构相关理论,得出了非公有资本的引进方式以及引进节奏要与企业投资效率以及资本成本相匹配的结论。
The core of the mixed ownership reform is to establish a modern enterprise system to achieve the separation of the ownership and management of the companies.Based on the existing theories,this article puts forward that during the reform of SOEs,ownership should also include the right to control;the separation of ownership and management should be demonstrated as a unity of opposites.It also sorts out the multiple agency problems faced by SOEs after the mixed ownership reform,and finds that the mixed ownership reform can help to alleviate the conflicts among different stakeholders and reduce the agency costs.With the classic valuation model,it infers that mixed ownership reform is helpful for SOEs to maintain and increase their value.By analyzing relevant theories of capital structure,it concludes that the introduction manner and pace of non-public capital should match the investment efficiency and capital cost.
出处
《中国注册会计师》
北大核心
2021年第3期40-46,3,共8页
The Chinese Certified Public Accountant
