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国有投资公司作为国家财政投资市场化运作的组织形式,在产权结构上存在多层委托代理关系、产权一元化、公司所有权虚化、公司制衡缺失等与一般投资公司显著不同的特点。其产权特征的特殊性不仅有体制和历史的原因,也有国有投资公司本身目标多元化、政府出资人出于自身利益最大化考虑以及担心国有资产流失等原因。从公司治理的角度看,要实现国有投资公司产权结构的优化和完善,有必要将国有投资公司定位于是以实现社会利益最大化而非经济利益最大化为目标的特殊企业法人,并将国有投资公司分为竞争性国有投资公司与非竞争性国有投资公司两类,实行分类治理,通过加强国有投资公司的资源整合功能和实现下属企业的股权多元化,达到完善产权结构、实现国有投资公司社会公益性目标。
As an organizational form of national financial investment market-oriented operation, state-owned investment companies have many characteristics such as multi-layer principal-agent relationship, monopoly of property rights, virtual ownership of the company, and lack of checks and balances. The peculiarities of the property right not only have the reasons of system and history, but also the diversification of the objectives of the state-owned investment companies, the consideration of the government contributors for their own interests, and the loss of the state-owned assets. From the perspective of corporate governance, in order to optimize and perfect the structure of property rights of state-owned investment companies, it is necessary to position the state-owned investment companies as special corporate legal persons with the goal of maximizing social benefits rather than maximizing economic benefits, The Company is divided into two categories: competitive state-owned investment companies and non-competitive state-owned investment companies, which are classified and controlled. By strengthening the resource integration function of state-owned investment companies and diversifying equity ownership of subordinate enterprises, the Company can improve the property rights structure and realize the social Public welfare goals.