国企混改实践中的认识误区和未来突破的关键问题

通过梳理和逻辑分析已经完成和正在进行的国企混改案例背后所揭示的事实,本文指出实践中存在的对国企混改的认识误区和国企混改未来突破需要解决的关键问题。以国企之间的“混”或通过基金的“混”来代替民资背景战投的引入,并不能真正实现国企经营机制转换和公司治理制度完善的最终混改目的。未来国企混改突破的关键在于,其一如何通过公司治理制度设计,使民资背景的战投激励相容,愿意参与国企的混改;其二如何实现产业集团向国有资本投资公司的转型,真正实现国有资本监管体系从“管企业”向“管资本”转化。在转型路径选择上,存在委派董事参与公司治理、与民资背景战投组成有限合伙构架以及国资转化为优先股三种可能的实现路径。

Misunderstandings in the Practice of Mixed Reform of State-Owned Enterprises and Key Issues for Future Breakthroughs

Through combing and analyzing the completed and ongoing cases of the mixed reform of state-owned enterprises,this paper points out the misunderstanding of the mixed reform in practice and the key problems to be solved in the future.Replacing the introduction of private strategic investors with the“mixing”of state-owned enterprises or funds in the current mixed reform practice cannot achieve the transformation of state-owned enterprise management mechanism and the improvement of corporate governance system.In the future,the key to advance mixed reform of state-owned enterprises includes:The first thing is to design a corporate governance system that is compatible with private strategic investors’incentive and,therefore,these investors are willing to participate in the mixed reform of state-owned enterprises.The second thing is to transform industrial groups to stateowned capital investment companies,truly realizing the transformation of state-owned capital supervision system from“managing enterprises”to“managing capital”.There are three possible ways to realize the transformation:appointing directors to participate in corporate governance,forming a limited partnership with private strategic investors,and transforming state-owned assets into preferred shares.