论国有资产管理新体制下的国有控股公司

【作者】 李毅；

【导师】 刘灿；

【作者基本信息】 西南财经大学 ， 西方经济学， 2003， 硕士

【摘要】 国有资产管理体制改革滞后是长期困扰我国经济和社会发展的制度障碍，是绕不开的改革攻坚难题。加快产权制度改革，构建新的国有资产管理体制，是经济体制改革中最重大的问题，最紧迫的任务。党的十六大报告就国有资产管理体制进一步改革的方向作了重要论述：“继续调整国有经济的布局和结构，改革国有资产管理体制，是深化经济体制改革的重大任务。在坚持国家所有的前提下，充分发挥中央和地方两个积极性。国家要制定法律法规，建立中央政府和地方政府分别代表国家履行出资人职责，享有所有者权益，权利、义务和责任相统一，管资产和管人、管事相结合的国有资产管理体制。”同时，在我国的国有资产管理体制的理论和实践探索中，逐步形成了三层架构的国有资产管理体制：国有资产管理委员会——国有控股公司——国有参与企业。三层架构的国有资产管理体制是我国国有资产管理体制改革的一个创新。国有控股公司作为三层架构中承上启下的中间层次，是一个非常重要环节，但它同时又存在许多争议和问题，研究国有控股公司无论在理论和实践上都具有很重要的意义，因此，本文尝试对国有控股公司及相关问题进行研究分析，共分为四个章节。第一章的分析是从我国国有资产管理体制的探索入手的。首先，回顾了我国国有资产体制改革的实践探索：我国国有资产体制改革经历了从对企业放权让利，到实行所有权与经营权和政企职责初步分离，再到开始触及产权制度的改革，实行股份制；其中，形成了几种有代表性的国有资产管理模式：沪深模式、“一体两翼”模式、市场模式（98模式）。与此相适应，我国的国有企业改革也经历了从“国营工厂模式”到“非公司制国有企业模式”再到“公司制国有企业模式”转变的过程。其次，回顾了理论界对国有资产管理体制的讨论；然后分析了国外的国有资产管理模式，总结出国外国有资产管理中值得学习的经验。总之，无论从我国的实践和理论，还是从国外的经验<WP=3>和教训中，我们都得出一个结论，构建新的国有资产管理体制，关键是要形成三层架构的国有资产管理体制。国有控股公司作为三层架构中的中间层，有着重要作用。接下来，第二章着重分析国有控股公司，从三个方面阐明国有控股公司的一些基本理论和概念，构建出国有控股公司的较为清晰的轮廓和框架。第一个方面是论述国有控股公司的性质，内外部关系及其功能和作用。国有控股公司作为国家授权投资的机构，是指经国有资产管理机构特别批准和授权，对授权范围内的国有资产行使出资者所有权，主要以控股方式从事资产经营活动，并经登记注册的特殊企业法人。它与国资委的关系是出资人与被投资者的关系，是授权与被授权关系，是委托代理关系，而非行政隶属关系；与国家经济职能部门的关系，是调控和被调控的关系，监督与被监督的关系。它与下属企业的关系是一种母子公司的关系。国有控股公司具有国有资产经营管理的功能，政府替代的功能，提高国家宏观调控有效性的功能，实施国有经济战略性改组的功能。第二个方面论述了国有控股公司的内部组织结构和公司治理结构。根据交易费用理论，现代公司演进理论，委托——代理理论等理论对公司组织和治理结构的启示，国有控股公司应采用 Ｈ型（控股型）、U型 (职能型 )与 M型 (事业部型 )三种基本的内部组织结构，应建立董事会、监事会、经理层的治理结构体系，明确各自职责，应建立有效的公司监控体系和经营者激励约束机制。第三个方面论述了在我国国有资产管理实践中，国有控股公司的形成和发展有五种可行途径。本章以两个案例结尾，分别总结了泸天化集团公司治理结构转变和上海电气（集团）总公司事业部组织结构构建的经验。在前文的基础上，第三章阐述了我国国有控股公司发展中存在的问题。这些问题集中体现在：（1）国有控股公司组建过程中目标不明确，政府色彩过浓；（2）国有控股公司中“内部人控制”问题严重，其重要原因在于国有控股公司的治理结构还不完善，主要表现在经营管理人员的选拔、监督和激励问题上；（3）从外部的市场约束来看，资本市场和经理市场尚不健全，不能对国有控股公司进行有效约束；<WP=4>（4）没有一部完善的国有资产管理法规来规范各方的行为和职责范围，《公司法》和其他相关法规中的一些规定比较滞后。上述问题如果不能得到很好地解决，将严重影响国有控股公司的发展，制约国有控股公司在国有资产管理体制中的作用。第四章就第三章提出的问题提出了一些有针对性的建议：我国国有控股公司的组建应主要针对经营性，特别是盈利性的国有资产，应定位于一般竞争性行业和领域，以利润最大化为首要目标，尽量减少其社会目标；政府所有者职能要与社会的一般管理者职能划分开来，应建立国有资产经营代理人和国有企业经营状况的考核评价体系；应构建适合于我国国有控股公司的法人治理结构，明确各自职责，确立法人治理结构人选选择的有效机制和激励机制，加强控股公司内部监督制度的建设；应建立竞争性的产品市场，充分竞争的经理人员市场和健康完善的资本市场；应加快制定、出台《国有资产管理法》，完善相关法规，以规范各方的职责范围，还需明确更多还原

【Abstract】 Constructing a new management system for state-owned assets is the greatest problem and the most urgent task in the development of national economics. The 16th Congress of CPC points out a new direction of management system for state-owned assets. According to the 16th Congress of CPC, in the practice and theory about the reform of the management system for state-owned assets in China, it has progressively formed the three-level management system for state-owned assets: management commission of state-owned assets, state-owned holding company and state-owned company. State-owned holding company is a very important link in the three-level management systems, but it has a lot of disputes and issues at the same time. In both theory and practice, it has very important meaning to study state-owned holding company. This paper is going to research and analyze the issue of the state-owned holding company.The paper has an introduction and four chapters:In the introduction, the author explains the significance that the topic was selected, the background of the paper and how the paper is organized. Chapter one starts with reviewing the reform of the management system for state-owned assets in practice and theory, and the "hu-shen model" is most successful in all state-owned assets models. And then the author summaries the experience of state-owned assets management in foreign countries. From all above, it concludes that forming the three-level management system for state-owned assets is very important to construct the new management system for state-owned assets. As intermediate level of three frameworks, state-owned holding company plays a very important role in the three-level management system.<WP=7>Chapter two expounds the concept and theory of state-owned holding company from three aspects and illustrates its clear outline and frame. The first aspect expatiates the character of holding company, its internal and external relation and its functions. State-owned holding company is a special corporation; its relation with management commission of state-owned assets is investor-investee relationship, but not administration’s membership; The relation with national economic functional department is the relation that is the adjust and the adjusted, the supervise and the supervised. The relation of the holding company and its subordinate enterprises is the relation between parent company and subsidiary company. The second aspect expounds the institutional framework and corporate governance of holding company. State-owned holding company should adopt three kinds of basic institutional frameworks: H type, U type and M type, and set up corporate governance that includes board of directors, board of supervisors and manager’s administration structure. The third aspect expounds five kinds of feasible ways of forming and developing holding company. The chapter ends with two cases, which illustrate the theory.On the basis of preceding analysis, chapter three has explained the existing problems in the development of state-owned holding company of our country. These problems focus in the four facets: first, there is indeterminate goal in the course of building up state-owned holding company; second, there exists the problem of "insider control", the most important reason of the problem is that the corporate governance is not perfect; Third, from external condition, the capital market and the manager market cannot restrain the state-owned holding company effectively; finally, there lacks a special law about state-owned assets management, and some regulations in "company law" and other relevant laws comparatively lag behind. If these problems cannot be solved well, they will block the development of holding company seriously. <WP=8>To the above question, the fourth part of the paper has put forward some pointed suggestions: the state-owned holding company should concentrate in general competitiveness field, and its primary targets is to pursue profit. The government should separate the owner’s function from the adm更多还原