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资本市场多元化发展为拓宽混合所有制改革的路径选择提供了更多可能性。股东角色分化之背景下,新时期重提混合所有制将超越围绕所有制、所有权而展开的传统机制构建,进一步优化现代企业经营权的行使,而控制权的掌握并不必然在股权结构当中彰显。混合所有制的本质是股权行使方式以及利益事有的多元化,这需要跳出以所有制为中心的既有范式。根据收益权、表决权等不同权益的实现形式,存在诸多可供选择的路径,诸如特别股、双层股权结构、股权信托、黄金股等制度都可能作为改革的策略。国有企业混合所有制改革可根据具体情况配之以多种策略应对,充分活化股权利益结构,促进国有股保值增值。
The diversification of the capital market offers more possibilities for broadening the options for a mixed ownership reform. Under the background of the differentiation of the shareholders, the reform of the mixed ownership system in the new era will build beyond the traditional mechanism of ownership and ownership and further optimize the exercise of the modern enterprise management right. However, the control of the ownership does not necessarily manifest in the ownership structure. The essence of the mixed ownership is the diversification of the modes of the shareholding and the interests, which needs to jump out of the established paradigm of ownership. There are many alternative routes for the realization of different rights and interests such as proceeds and voting rights. Specialized shares, double-tier shareholding structure, equity trusts and gold stocks may all be used as reform strategies. The mixed ownership reform of state-owned enterprises can be dealt with according to specific conditions with a variety of strategies to fully activate the structure of equity interests and promote the preservation and appreciation of state-owned shares.