国企混改模式创新与促进国家经济安全Mixed Ownership Reform of State-owned Enterprises and Safeguarding National Economic Security
吴垠,徐得恒
摘要(Abstract):
国企改革三年行动目前已进入收官阶段,本轮国企混改破解了国有经济与市场经济融合发展的难题,在提高国企运行效率、推动经济增长等方面取得显著成效。但同时也暴露出了诸多风险点,其国企改制资产流失、行业布局不合理、企业治理结构不健全、资产定价机制不完备等影响到了国家经济安全。本文在所有制、产权、竞争等理论基础上,从出资入股、收购股权、认购可转债、股权置换、混合所有制企业的员工持股以及发挥国有资本投资、运营公司平台作用投资入股、联合投资、重组等方面分析了国企混改中的风险点对我国经济安全造成的影响;同时强调担负着特殊职能使命的国有企业对于社会稳定、国家安全的重要性,并从精准定位国企职能、营造公平竞争环境、健全企业治理结构、优化国资监管机制等方面提出政策建议。
关键词(KeyWords): 国企改革;国家经济安全;国企定位;混改模式
基金项目(Foundation): 2022年度四川省留学人员科技活动项目择优资助重点项目“数字货币创新设计支持进阶版四川美好生活消费与防范化解重大金融风险研究”;; 研究阐释党的十九届六中全会精神国家社会科学基金重大项目“新发展阶段生产发展、生活富裕、生态良好的中国特色文明发展道路研究”(22ZDA108);; 国家社会科学基金“新发展阶段资本规范健康发展的经济法保障研究”(22CFX037);; 西南财经大学金融科技国际联合实验室重点项目“中国城市数字金融指数、数字金融资源配置、数字人民币应用与防风险研究——从整体到成渝地区双城经济圈”(FIC2022C0012);; 四川省金融学会2021年度重点课题的资助
作者(Author): 吴垠,徐得恒
参考文献(References):
- 白永秀,严汉平.2004.试论国有企业定位与国企改革实质[J].经济学家,(3):37-42.BAI Y X,YAN H P.2004.On the orientation of state-owned enterprises and the essence of state-owned enterprise reform[J].Economist,(3):37-42.(in Chinese)
- 陈东琪,臧跃茹,刘立峰,等.2015.国有经济布局战略性调整的方向和改革举措研究[J].宏观经济研究,(1):3-17.CHEN D Q,ZANG Y R,LIU L F,et al.2015.Research on the direction and reform measures of strategic adjustment of state-owned economic layout[J].Scientific Management Research,(1):3-17.(in Chinese)
- 丁诚.2021.上市公司员工持股计划与企业创新绩效关系的实证研究---基于产权性质和产业性质的差异[J].预测,40(5):76-82.DING C.2021.An empirical study on the relationship between ESOP and innovation performance of listed companies-Based on the differences of property rights and industrial nature[J].Forecasting,40(5):76-82.(in Chinese)
- 付敬东.2012.公正性优于均贫富---分配制度改革的价值取向[J].现代经济探讨,(3):14-16.FU J D.2012.Fairness is better than equal poverty and wealth:The value orientation of distribution system reform[J].Modern Economic Research,(3):14-16.(in Chinese)
- 高燕燕,黄国良.2015.政府干预对多元化并购的影响[J].学术界,(6):74-83.GAO Y Y,HUANG G L.2015.Government intervention and its impact on diversified mergers and acquisitions[J].Academics,(6):74-83.(in Chinese)
- 官欣荣,刘嘉颖.2017.国有企业实施员工持股计划的法治思考[J].南方金融,(1):79-86.GUAN X R,LIU J Y.2017.Legal thoughts on the implementation of employee stock ownership plan in state-owned enterprises[J].South China Finance,(1):79-86.(in Chinese)
- 韩卓辰.2020.混合所有制企业股权激励研究---以中国联通混合所有制改革为例[J].当代经济研究,(12):33-40.HAN Z C.2020.Research on equity incentives of mixed ownership enterprises:Case study of mixed ownership reform of China Unicom[J].Contemporary Economic Research,(12):33-40.(in Chinese)
- 郝鹏.2021.深入实施国企改革三年行动推动国资国企高质量发展[J].求是,(2):56-61.HAO P.2021.Deep implementation of state-owned enterprise reform three-year action to promote high-quality development of state-owned assets and enterprises[J].Qiushi,(2):56-61.(in Chinese)
- 何玉长.1997.国有公司产权结构与治理结构[M].上海:上海财经大学出版社.
- 胡进.2002.人力资本:现代企业治理关键[J].通信企业管理,(7):63-65.HU J.2002.Human capital:The key to modern enterprise governance[J].Communication Enterprise Management,(7):63-65.(in Chinese)
- 黄群慧,余菁.2013.新时期的新思路:国有企业分类改革与治理[J].中国工业经济,(11):5-17.HUANG Q H,YU J.2013.The reform and governance of state-owned economy based on classification method[J].China Industrial Economics,(11):5-17.(in Chinese)
- 黄速建,余菁.2006.国有企业的性质、目标与社会责任[J].中国工业经济,(2):68-76.HUANG S J,YU J.2006.The nature,objectives and social responsibility of stateowned enterprises[J].China Industrial Economics,(2):68-76.(in Chinese)
- 金碚.2001.国有企业的历史地位和改革方向[J].中国工业经济,(2):5-16.JIN B.2001.Historical role and reform orientation of China's state-owned enterprise[J].China Industrial Economics,(2):5-16.(in Chinese)
- 靳璐畅,池鸿飞.2021.资本市场助力国有企业混合所有制改革的案例研究[J].金融理论与实践,(11):103-110.JIN L C,CHI H F.2021.Case study of capital market helping state-owned enterprise mixed ownership reform[J].Financial Theory&Practice,(11):103-110.(in Chinese)
- 柯大钢,袁显平.2006.可转换债券发行的动机探析[J].西安交通大学学报(社会科学版),26(4):7-15.KE D G,YUAN X P.2006.An empirical analysis on the motivation to issue convertible bond[J].Journal of Xi'an Jiaotong University (Social Sciences),26(4):7-15.(in Chinese)
- 兰有金.2019.国企混改新时代[M].北京:中信出版社.
- 李刚磊,邵云飞.2021.混合所有制改革如何影响企业创新?研究述评及未来展望[J].技术经济,40(9):122-136.LI G L,SHAO Y F.2021.How does the reform of mixed ownership affect the innovation of enterprises?Review of research and future prospects[J].Journal of Technology Economics,40(9):122-136.(in Chinese)
- 李健.1999.公司治理论[M].北京:经济科学出版社.
- 李锦.2018.当前国企混改12种典型模式[J].山东国资,(9):86-90.LI J.2018.12 typical models of state-owned enterprise reform in the current context[J].State-Owned Assets of Shandong,(9):86-90.(in Chinese)
- 李平.2000.论竞争领域国企改革的根本出路[J].管理世界,(3):112-118.LI P.2000.On the fundamental way out to the reform of national enterprises in competition[J].Management World,(3):112-118.(in Chinese)
- 李维安.2001.国际经验与企业实践---制定适合国情的中国公司治理原则[J].南开管理评论,(1):4-8.LI W A.2001.Call for corporate governance principles of China fit for situation of our country[J].Nankai Business Review,(1):4-8.(in Chinese)
- 林毅夫,蔡昉,李周.1997.充分信息与国有企业改革[M].上海:上海人民出版社,上海三联书店.
- 林毅夫,李周.1997.现代企业制度的内涵与国有企业改革方向[J].经济研究,(3):3-10.LIN Y F,LI Z.1997.The connotation of modern enterprise system and the direction of state-owned enterprise reform[J].Economic Research Journal,(3):3-10.(in Chinese)
- 刘芍佳,李骥.1998.超产权论与企业绩效[J].经济研究,(8):3-12.LIU S J,LI J.1998.The theory of super property rights and enterprise performance[J].Economic Research Journal,(8):3-12.(in Chinese)
- 刘伟,李风圣.1997.产权范畴的理论分歧及其对我国改革的特殊意义[J].经济研究,(1):3-11.LIU W,LI F S.1997.The theoretical differences in property categories and their special significance for China's reform[J].Economic Research Journal,(1):3-11.(in Chinese)
- 刘现伟,李红娟,石颖.2020.优化国有资本布局的思路与策略[J].改革,(6):71-86.LIU X W,LI H J,SHI Y.2020.Thoughts and countermeasures of optimizing the distribution of state-owned capital[J].Reform,(6):71-86.(in Chinese)
- 刘勇.2004.企业并购中政府行为的目标选择与寻租分析[J].经济评论,(2):69-72.LIU Y.2004.Target selection and rent seeking analysis of governmental behavior in corporate merger[J].Economic Review,(2):69-72.(in Chinese)
- 马骏,袁东明,项安波,等.2020-09-07.推动国有资本投资运营公司全面转型[N].中国经济时报.
- 马克思,恩格斯.1972a.马克思恩格斯选集(第一卷)[M].中共中央马克思恩格斯列宁斯大林著作编译局.北京:人民出版社.
- 马克思,恩格斯.1972b.马克思恩格斯选集(第三卷)[M].中共中央马克思恩格斯列宁斯大林著作编译局.北京:人民出版社.
- 麦磊,王广亮,顾棽.2016.国有资本投资运营公司与国企改革[J].现代经济探讨,(8):53-57.MAI L,WANG G L,GU C.2016.State-owned capital investment and operation companies and state-owned enterprise reform[J].Modern Economic Research,(8):53-57.(in Chinese)
- 聂辉华.2011.对中国深层次改革的思考:不完全契约的视角[J].国际经济评论,(1):129-140.NIE H H.2011.Rethinking China's reform:From the perspective of incomplete contracts[J].International Economic Review,(1):129-140.(in Chinese)
- 戚聿东,张任之.2019.新时代国有企业改革如何再出发?---基于整体设计与路径协调的视角[J].管理世界,35(3):17-30.QI Y D,ZHANG R Z.2019.How to start again the reform of state-owned enterprises in a new era?:Based on the perspective of integral design and path coordination[J].Management World,35(3):17-30.(in Chinese)
- 王婷,李政.2020.党的十八届三中全会以来国有企业混合所有制改革研究进展与述评[J].政治经济学评论,11(6):116-145.WANG T,LI Z.2020.Research progress and comments on the reform of mixed ownership of state-owned enterprises since the third plenary session of the eighteenth central committee of the Communist Party of China[J].China Review of Political Economy,11(6):116-145.(in Chinese)
- 魏明海,蔡贵龙,柳建华.2017.中国国有上市公司分类治理研究[J].中山大学学报(社会科学版),57(4):175-192.WEI M H,CAI G L,LIU J H.2017.Research on classified governance of stateowned listed companies in China[J].Journal of Sun Yat-Sen University (Social Science Edition),57(4):175-192.(in Chinese)
- 伍开群.2017.混合所有制:过渡性制度安排[J].河北经贸大学学报,38(3):15-20.WU K Q.2017.Mixed ownership:Transitional institution arrangement[J].Journal of Hebei University of Economics and Business,38(3):15-20.(in Chinese)
- 武涛.2011.马克思主义所有制理论与国企改革[D].北京:中共中央党校.
- 吴垠.2021.平台经济反垄断与保障国家经济安全[J].马克思主义研究,(12):114-121.WU Y.2021.Anti-monopoly on platform economy and guaranteeing national economic security[J].Studies on Marxism,(12):114-121.(in Chinese)
- 肖红军.2021.国有资本运营公司改革进展与深化方向[J].改革,(11):42-61.XIAO H J.2021.The progress and direction of the state-owned capital operating companies'reform[J].Reform,(11):42-61.(in Chinese)
- 新华社.2018-11-01.习近平:在民营企业座谈会上的讲话.获取自http://www.gov.cn/xinwen/2018-11/01/content_5336616.htm
- 徐怀玉,宋蕊.2019.国企混改:理论、操作与案例[M].北京:企业管理出版社.
- 徐怀玉,应慧燕,宋蕊.2020.国企改革大决战:五突破一加强操作指引[M].北京:企业管理出版社.
- 徐文进.2020.“管资本”功能视角下国有资本投资运营公司研究[J].东吴学术,(5):123-128.XU W J.2020.A research on state-owned capital investment and operation companies from the perspective of the“Capital Management”function[J].Soochow Academic,(5):123-128.(in Chinese)
- 杨记军,徐乙尹,黄皓月.2019.国有企业“事业部制”改革模式研究---基于“M型”组织理论新视角[J].经济学家,(11):75-83.YANG J J,XU Y Y,HUANG H Y.2019.Research on the“Multidivisional Structure”reform mode of state-owned enterprises:A new perspective based on“M-form”organizational theory[J].Economist,(11):75-83.(in Chinese)
- 杨瑞龙.1995.国有企业股份制改造的理论思考[J].经济研究,(2):13-22.YANG R L.1995.Theoretical thinking on the transformation of state-owned enterprises into stock companies[J].Economic Research Journal,(2):13-22.(in Chinese)
- 杨瑞龙.2018.国有企业改革逻辑与实践的演变及反思[J].中国人民大学学报,32(5):44-56.YANG R L.2018.Evolutions and reflections on the logic and practice of stateowned enterprises reform[J].Journal of the Renmin University of China,32(5):44-56.(in Chinese)
- 杨万寿.2020.混合所有制改革对企业效益影响研究---基于A股390家国有上市公司数据的分析[J].价格理论与实践,(10):131-134,178.YANG W S.2020.Research on the impact of mixed ownership reform on enterprise benefits-Analysis based on the data of 390 state-owned listed companies in A shares[J].Price:Theory&Practice,(10):131-134,178.(in Chinese)
- 杨永康,程潇潇.2005.从“郎顾之争”看企业危机管理[J].商业时代,(18):29-30.YANG Y K,CHENG X X.2005.On enterprise crisis management from the perspective of“Lang-Gu's Dispute”[J].Commercial Times,(18):29-30.(in Chinese)
- 余菁,黄群慧.2017.新时期全面深化国有企业改革的进展、问题与建议[J].中共中央党校学报,21(5):113-121.YU J,HUANG Q H.2017.Deepening the reform of state-owned enterprises in the new era:Progress,problems and suggestions[J].Journal of the Party School of the Central Committee of the C.P.C.,21 (5):113-121.(in Chinese)
- 袁东明,陶平生.2015.国有资本投资运营公司的运行与治理机制[J].发展研究,(6):29-32.YUAN D M,TAO P S.2015.Operation and governance mechanism of state-owned capital investment and operation company[J].Development Research,(6):29-32.(in Chinese)
- 袁惊柱.2019.国有企业混合所有制改革的现状、问题及对策建议[J].北京行政学院学报,(1):71-78.YUAN J Z.2019.Current situation,problems,countermeasure,and suggestion of the mixed ownership reform of state-owned enterprise[J].Journal of Beijing Administration Institute,(1):71-78.(in Chinese)
- 张飞雁.2019.中国国有企业混合所有制改革的路径研究[D].北京:中共中央党校.
- 张军.1994.社会主义的政府与企业:从“退出”角度的分析[J].经济研究,(9):72-80.ZHANG J.1994.Socialism's government and enterprise:An analysis from the perspective of“Exit”[J].Economic Research Journal,(9):72-80.(in Chinese)
- 张维迎.1996.所有制、治理结构及委托-代理关系---兼评崔之元和周其仁的一些观点[J].经济研究,(9):3-15,53.ZHANG W Y.1996.Ownership,governance structure and agency-principal relationship:A review of Cui Zhiyuan and Zhou Qiren's views[J].Economic Research Journal,(9):3-15,53.(in Chinese)
- 张维迎.1999.企业理论与中国企业改革[M].北京:北京大学出版社.
- 张晓晶,刘学良,王佳.2019.债务高企、风险集聚与体制变革---对发展型政府的反思与超越[J].经济研究,54(6):4-21.ZHANG X J,LIU X L,WANG J.2019.Debt overhang,risk accumulation and institutional reform:Beyond the developmental state[J].Economic Research Journal,54(6):4-21.(in Chinese)
- 郑志刚.2019.分权控制与国企混改的理论基础[J].证券市场导报,(1):4-10,18.ZHENG Z G.2019.Shared control and the theoretical foundation of mixed ownership reform of SOEs[J].Securities Market Herald,(1):4-10,18.(in Chinese)
- 郑志刚.2020.国企混改的逻辑、路径与实现模式选择[J].中国经济报告,(1):54-67.ZHENG Z G.2020.Logic,path and realization pattern choice of mixed reform of state-owned enterprises[J].China Policy Review,(1):54-67.(in Chinese)
- 中国社会科学院工业经济研究所课题组.2014.论新时期全面深化国有经济改革重大任务[J].中国工业经济,(9):5-24.Research Group from Institute of Industrial Economics CASS.2014.On the major tasks for comprehensively deepening the reform of state-owned economy in a new period[J].China Industrial Economics,(9):5-24.(in Chinese)
- 周敏慧,陶然.2018.中国国有企业改革:经验、困境与出路[J].经济理论与经济管理,(1):87-97.ZHOU M H,TAO R.2018.State-owned enterprises reform in China:Experience,problems and solutions[J].Economic Theory and Business Management,(1):87-97.(in Chinese)
- 祝继高,张乔,汤谷良.2012.可转换债券:融资工具还是制度安排---基于贝恩资本投资国美电器可转换债券的案例研究[J].中国工业经济,(5):122-134.ZHU J G,ZHANG Q,TANG G L.2012.Convertible bond:Financing tool or institutional arrangement-A case study of Bain capital investing in Gome[J].China Industrial Economics,(5):122-134.(in Chinese)
- 朱天.1998.公司治理、国企改革与制度建设[J].经济研究,(1):49-53.ZHU T.1998.Corporate governance,state-owned enterprise reform,and institutional building[J].Economic Research Journal,(1):49-53.(in Chinese)
- (1)特殊:国有企业的特殊性是指国企不是一般的企业制度,具备一般企业不具备的优点,可以超越一般企业的某些局限性,实现一般企业难以实现的社会目标;同时也存在某些难以完全克服的弱点和缺点、难以避免的副效应。
- (1)《中共中央、国务院关于深化国有企业改革的指导意见》,http://www. gov. cn/zhengce/2015-09/13/content_2930440. htm。
- (1)被管道化:流量的附加值——内容价值被互联网厂商攫取,运营商只提供基础电信服务。