公司化在改革实践中的操作困难建立现代企业制度的一个重要难题,是将国有大中型企业改造成多元化投资主体的有限责任公司,实现企业产权的明晰化和多元化。企业产权结构多元化具有许多积极作用,如广泛吸收社会资金,缓解国有企业长期资金不足的矛盾,有利于政企分开,形成多方互相制衡的产权约束等等。因此,产权多元化被认为是公司制改造成功与否的关键。但是,这一设想在改革实践中碰到了许多困难,成为公司制改造的主要难点之一。例如,由于国有企业目前普遍经济效益不佳,企业承担的社会负担较重,吸收外来法人投资的条件不成熟;国有企业的资本负债率普遍较高,在自有资金尚不十分充裕的情况下,很难有动力将自有资金投入自己难以控制的外部企业,对于效益良好的国有企业来说,操作中则未必愿意将经济利益与他人分享,更何况投资主体多元化后还会造成经营中合作与协调的困难。 The difficulty in the operation of corporatization in the practice of reform One of the major difficulties in establishing a modern enterprise system is to transform state-owned large and medium-sized enterprises into limited liability companies with diversified investment entities, and to realize the clarification and diversification of corporate property rights. The diversification of corporate property rights structure has many positive effects, such as wide absorption of social funds, alleviation of the long-term lack of funding of state-owned enterprises, the separation of government and enterprises, the formation of multiple property checks and balances of property rights, and so on. Therefore, diversification of property rights is considered to be the key to the success of company restructuring. However, this idea encountered many difficulties in the reform practice and became one of the major difficulties in the reform of the company. For example, due to the current poor general economic performance of state-owned enterprises, the social burden borne by enterprises is heavier, and the conditions for attracting investment from foreign corporations are immature; the debt-equity ratio of state-owned enterprises is generally high, and the state-owned enterprises have insufficient capital. It is difficult to have the incentive to invest its own funds in external enterprises that are difficult to control. For state-owned enterprises that are well-run, they may not be willing to share their economic interests with others. Cooperation and coordination difficulties.