我国国有企业管理新机制:经营权币机制

基于委托代理理论、中央银行调控理论、市场竞争理论和剩余价值理论，本文为我国国有企业构建了一种新的管理机制，该机制的主要内容为：具有一定经济实力并愿意经营国有企业的个人或机构(权证投资者)可以向金融机构借贷由中央银行发行的经营权币并用之在一个特殊的市场(经营权证市场)购买由国务院国有资产监督管理委员会发行的经营权证，凭此权证，权证投资者可对相应的国有企业实施所有权管理并获取其创造的部分剩余收益，其余剩余收益则以经营权币利息的形式通过金融机构和中央银行上交给国务院国有资产监督管理委员会。本文认为，通过这一新机制，能够较好地解决国有企业经营者的动力和压力问题，大大提高国有企业的经营效率。

A New Management Mechanism on China State-owned Enterprises:Management Money Mechanism

Based on the Principle-Agent theory, the central bank theory, the market competitive theory and the surplus value theory,the document establishes a new management mechanism on China state-owned enterprises, the main content of the system is: individuals or institutions (warrant investors) who possess economic power and are willing to operate state-owned corporations, may apply for management-rights-money issued by central bank from financial institutions. By using management-rights-money, investors could purchase operating warrant issued by state-owned assets supervision and administration commission(SASAC) in a special market and could conduct proprietary management to corresponding state-owned enterprise. Some of residual income created by state-owned corporations will be obtained by warrant investors and the rest will be obtained by SASAC in form of interest payable of operating-rights-money. We believe the new management mechanism is a better solution to the problems of state-owned enterprises manager's motivation and pressure, and it could also greatly enhance operational efficiency of state-owned corporations.