关于国有企业发展混合所有制的探讨

发布时间：2018-01-23 22:37

本文关键词： 国有企业混合所有制改革前提条件主要路径　出处：《中国社会科学院研究生院》2017年博士论文　论文类型：学位论文

【摘要】：将近40年的改革开放历史已经反复证明,在确立了社会主义市场经济改革目标以后,经济体制改革的核心是国有企业改革,国有企业改革的关键是推进混合所有制改革。本文就如何推进国有企业推进混合所有制改革进行了三项研究:一是利用Hansen面板回归模型对2006年~2015年沪深两市含有国有资本的上市公司进行了实证分析,分析了绝对控股、相对控股和参股三种情况下国有资本最优持股比例区间;二是根据国有资本最优持股比例区间,分析了推进国有企业混合所有制改革必须推进产权多元化,并在股权多元化的基础上才能建立完善的法人治理结构;三是在产权多元化和完善法人治理结构的基础上,提出了推进国有企业混合所有制改革的两条主要路径,首先是国有资本与民营资本在企业层面之间的合作,包括股权转让、兼并重组和合资新设三种主要方式。其次是国有资本与民营资本在项目层面之间的合作,包括PPP模式、BT模式和施工总承包模式三种主要方式。其中,国有资本相对控股最优比例区间为(0.20,0.273],以及国有资本与民营资本在企业层面以产业基金方式合资新设公司,在项目层面以PPP模式展开合作,是本篇论文独特观点和创新之处。本文的研究成果对于今年国务院正在推进的中央企业十家改革试点部署工作具有较强的针对性,对于十八届三中全会确定的国有企业推进混合所有制改革具有现实意义。
[Abstract]:Nearly 40 years of reform and opening up history has repeatedly proved that after the establishment of the goal of socialist market economy reform, the core of economic reform is the reform of state-owned enterprises. The key to the reform of state-owned enterprises is to promote the reform of mixed ownership. This paper makes three studies on how to promote the reform of mixed ownership in state-owned enterprises. The first is the empirical analysis of listed companies with state-owned capital in Shanghai and Shenzhen stock markets from 2006 to 2015 using Hansen panel regression model. This paper analyzes the optimal shareholding ratio of state-owned capital under the three conditions of absolute holding, relative holding and equity participation. Secondly, according to the optimal shareholding ratio interval of state-owned capital, the author analyzes that the reform of mixed ownership of state-owned enterprises must promote the diversification of property rights, and on the basis of equity diversification, the perfect corporate governance structure can be established. Third, based on the diversification of property rights and the improvement of corporate governance structure, this paper puts forward two main ways to promote the reform of mixed ownership in state-owned enterprises, first of all, the cooperation between state-owned capital and private capital at the enterprise level. The second is the cooperation between the state-owned capital and the private capital at the project level, including the PPP model. There are three main modes of BT mode and construction general contracting mode. Among them, the optimum proportion range of state-owned capital relative holding is 0.20 / 0.273]. As well as state-owned capital and private capital in the enterprise level in the form of industrial funds to establish a new company, in the project level with the PPP model to cooperate. It is the unique viewpoint and innovation of this paper. The research results of this paper have strong pertinence for the 10 pilot projects of the central enterprises which are being promoted by the State Council this year. It is of practical significance to promote the mixed ownership reform of state-owned enterprises as determined by the third Plenary session of the 18 CPC Central Committee.
【学位授予单位】：中国社会科学院研究生院
【学位级别】：博士
【学位授予年份】：2017
【分类号】：F276.1

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