上市公司:国有股向何处去——来自铜陵的调查与启示

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我们正走向混合所有制经济时代,股份制是公有制的主要实现形式;现代产权制度作为社会主义市场经济体制的基石,产权大流动、大交易和大重组乃大势所趋。但不可回避的现实是:国有大企业改革的滞后,使得全国近四万亿国有资本沉淀于竞争性领域;一些地方、一些部门步履蹒跚的企业改制,使得经济发展难以突破体制障碍;面对股权多元化的种种模式,地方政府与企业如何做出最优选择;面对国有产权退出带来的利益格局调整,政府如何权衡与协调;国有股减持和全流通方案虽众说纷纭,但尚无定论,国有资产管理体制改革中的诸多问题仍处于探索阶段;……所有这些,决定着国有股权的退出并不轻松。三佳集团增资扩股,实现了股权多元化与招商引资的齐头并进。在目前国企改革不断深化的大背景下,类似于三佳集团的“东风模式”对一些大型、特大型国有企业实现股权多元化很有借鉴意义。国务院发展研究中心研究员张文魁在接受本刊采访时指出,向外商转让国有股、鼓励外资并购国企,是下一步大型国企改革的重要方向。 We are moving towards a mixed ownership economy. Shareholding is the major form of public ownership. As the cornerstone of the socialist market economy, the modern property rights system is characterized by a large flow of property rights, big deals and major restructuring. However, the unavoidable reality is that the delay in the reform of state-owned large enterprises has left nearly 4 trillion state-owned capitals in the country in a competitive field. In some places, the faltering enterprise restructuring in some departments has made it difficult for economic development to break through institutional barriers. In the face of equity How to make the best choice between local governments and enterprises? How to balance and coordinate the interests of the state in the face of the state-owned property right exit? Although there are different opinions on the state-owned shares reduction and the whole circulation plan, there is no conclusion yet. Many problems in the reform of the state-owned assets management system are still at an exploratory stage. All of these make it difficult for the state-owned shares to exit. Three good group to increase their investment, to achieve equity diversification and investment go hand in hand. Under the current background of deepening state-owned enterprise reform, the “Dongfeng model” similar to the Sanjia Group can be of great reference to the diversification of ownership of some large and large state-owned enterprises. Zhang Wenkui, a researcher at the State Council Development Research Center, said in an interview that the transfer of state-owned shares to foreign investors and the encouragement of foreign capital to purchase state-owned enterprises are the important directions for the next large-scale reform of state-owned enterprises.
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