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由于公共物品对私人物品的依存倾向的存在 ,因而国家对竞争性领域的介入有时是不可避免的。但是 ,普通国有权与企业的效率要求之间存有难以克服的矛盾 ,改革的合理方向是让国家的所有权接近于债权。中国国有企业 2 0年改革的实质就是在向国家所有权债权化的方向靠近 ,而优先股权化是国家所有权向债权靠近的较为规范的形式。作者批评了“劳动雇佣资本”的主张 ,认为这是以往债权化改革效果不佳的重要原因 ;在国家所有权优先股权化的同时必须引进非国有资本作为企业新的普通所有者 ,并且做出防范国家风险的契约安排 ;这样的改革能够更好地体现国家所有权在竞争性行业中的存在意义。
Due to the existence of the tendency of public goods to depend on private goods, the state’s intervention in competitive areas is sometimes unavoidable. However, there are contradictions that can not be overcome between ordinary state power and the efficiency requirements of enterprises. The reasonable direction of the reform is to bring state ownership closer to claims. The essence of the 20 years of state-owned enterprises reform in China is toward the direction of the state ownership of the debt, while the preferential ownership of the state ownership is closer to the claims of the more standardized form. The author criticizes the claim of “labor-employed capital” as an important reason for the ineffectiveness of the debt reform in the past. While prioritizing the ownership of state ownership, it is necessary to introduce non-state-owned capital as the new ordinary owner of the enterprise and to guard against it National risk contractual arrangements; such a reform can better reflect the existence of state ownership in competitive industries.