摘要
如何优化国有控股混改所有制企业控制权配置一直是理论界与实务界探索的焦点问题。本文基于控制权与股权的非对等配置,从股东持股与委派董事两个维度探讨了混改国有控股企业中国有股东与非国有股东的控制权配置优化。结果表明:在目前情景下国有股东控制度与企业经营业绩负相关,且降低国有股东在董事会的控制度对企业经营业绩提升较为显著;非国有股东制衡度与企业经营业绩正相关,且提高非国有股东在董事会的制衡度对改善经营业绩作用较为显著。据此,新一轮国企混改的对策为:国有股东控制权配置应体现"高股权、低董事会权力"特征,非国有股东体现"高董事会权力、低股权"特征,实现异质资本在股东大会、董事会与经理层面的有效融合,为混改国企提升经营业绩奠定公司治理基础。
How to optimize the allocation of control rights in mixed ownership reform of the state-owned enterprises(SOEs)has always been the focus in theoretical and practical exploration. Based on the non-reciprocal allocation of control rights and stock ownership, this paper discusses the optimization of the allocation of control between state and non-state shareholders in the SOEs from the dimensions of stock holding and appointing directors. The results show that the control degree of state-owned shareholders is negatively related to the operational performance of the enterprise, the restriction degree of non-state shareholders is positively related to the operational performance. The conclusion of this paper is that control rights allocation for state shareholders may reflect the characteristics of high shareholding and low board power, while the non-state shareholders reflect the characteristics of high board power and low shareholding. weshould Improvi the effective integration of heterogeneous capital among the layer of shareholders’ meeting, board of directors and managers, so as to lay a foundation of corporate governance for improving performance.
作者
李蒙
李秉祥
李明敏
LI Meng LI;Bing-xiang;LI Ming-min(School of Economics and Management,Xi'an University of Technology,Xi'an 710054,China)
出处
《经济体制改革》
CSSCI
北大核心
2021年第2期95-101,共7页
Reform of Economic System
基金
国家自然科学基金面上项目“我国创业板上市公司控制权配置、经理管理防御与成长性研究”(71772151)
陕西省教育厅智库项目“陕西小微企业融资创新研究”(18JT009)。
关键词
混合所有制改革
控制权配置
控制度
制衡度
mixed ownership reform
allocation of control rights
control degree
restriction degree
