[1]
在国
企内通过发展国有资本、民营资本、外资资本等交叉持股、相互融合的混合所有
制经济结构来实现国有资本的增值保值，增强国有经济控制力和影响力。目前，
国家正在电力、石油、天然气、铁路等领域进行混改试点工作。对于国企混改的
理论研究，虽然大部分学者认同通过混改来解决国有股一股独大的问题，但是也
有少数学者提出要坚持国有资本对国企的控股权，习近平总书记在吉林调研时强
调，不能让新一轮的国企改革成为瓜分国有资产的盛宴，深化国企改革就必须增
强国有经济控制力。目前，对国企混改控制力的研究，还是理论界亟待研究的领
域。而国有经济微观控制力是宏观控制力的基础，宏观控制又是微观控制的前提，
微观控制不得力，宏观控制就失去了基础，国有经济就难以保持，国家必须加以
重视。因此，本文研究国企混改的国有经济微观控制力问题具有重要的理论和现
实意义

论文首先总结国企混改的历程和经验教训，指出国企改革中国有资产大量流
失等不良现象的原因是忽视了对国企控股权、控制权。接着，从股权结构和公司
治理两方面构建了混合所有制企业的国有经济微观控制力模型。从股权结构方面
来看，通过混改，引入外资、民资等非国有资本，有利完善公司股权结构和公司
治理，但是由于第二类委托代理问题的存在，控股股东可以获取额外收益，非国
有资本尤其是外资具有争夺企业控制权的动机。从公司治理方面来看，国企引入
非国有资本，还要解决关联交易等问题，必须要完善激励约束机制和公司治理结
构。最后，通过构建混改企业的国有经济微观控制力评价模型来分析影响国有资
本微观控制力的主要因素，并提出了完善公司内部治理机制和外部治理机制等措
施，从而来提高混改下国有经济微观控制力

关键字：混合所有制；股权控制；公司治理；国有经济微观控制力ii
Abstract
Mixed ownership is the first time that the report of the 15th National
Congress of the People&39;s Republic of China was put forward. In 2013, the Third
Plenary Session of the Eighteenth Central Committee formally established the mixed
ownership as an important form of our basic economic system. In the state-owned
enterprises through the development of state-owned capital, private capital, foreign
capital and other cross-shareholding, the integration of the mixed ownership of the
economic structure to achieve the value-added state-owned capital preservation and
enhance the state-owned economic vitality, control and influence. Then the central
government set up a special deepening reform leading group, in the power, oil,
natural gas, railways, civil aviation, telecommunications, military and other areas of
pilot work.
However, with the process of state-owned enterprises continue to advance,
theorists and academics on the reform of state-owned enterprises on the issue, there
are important differences, mainly in neoliberalism and Marxism two ideas, the
former tried to oppose the state economy, The reform of state-owned enterprises
must enhance the competitiveness of enterprises and advocate the development of
mixed economy of private economy and foreign economic control. The latter thinks
that the main purpose of developing mixed economy is to consolidate the dominant
position of public ownership, strengthen the leading role of state-owned economy
and master the state- Of the controlling interest. The reform of state-owned
enterprises must strengthen the vitality, control and influence of state-owned
economy, he said. The study of this paper is based on the fact that At this point,
the state - owned enterprises to develop mixed ownership reform must strengthen the
control of state - owned enterprises.
The paper is divided into five parts. First, the process of mixed ownership
reform of state-owned enterprises over the years has been sorted out. The important
reason for the loss of state-owned assets caused by the reform of state-owned
enterprises in the past is the neglect of the right of operation and control of
state-owned enterprises The Secondly, it analyzes the two important factors
controlling the controlling power of state-owned enterprises and the corporate
governance. Foreign capital participation in state-owned enterprises mixed
ownership reform has a strong competition for control of the motive for foreign
investors, to participate in mixed ownership enterprises is only a marketing strategy,
not care about a short period of dividends, more of the final control, so , In the
development of mixed ownership of state-owned enterprises to strengthen the
ownership control is particularly important, to avoid foreign capital increase, fromiii
equity to holding, from the development of mixed enterprises to provide
opportunities for wholly-owned enterprises, such as the former Nanfu batteries,
Shuanghui Group. With the different nature of the equity investors in the mixed
ownership enterprises to play an important role, from the previous shares, to now
participate in the corporate governance level, how to improve the incentive and
restraint mechanisms, improve the corporate governance structure to avoid
competition for management control , To cause the loss of state-owned enterprise
control. Finally, through the construction of state-owned enterprise control
evaluation model to influence the control of state-owned enterprises to evaluate
several important factors, so as to improve the state-owned enterprise control under
the current mixed ownership reform policy recommendations.
Key words： mixed ownership； equity control； corporate governance；State
- owned enterprise control湖南科技大学硕士学位论文
目 录
摘要...... i
Abstract.ii
第 1 章 绪论..1
1.1 研究背景........1
1.2 研究意义........2
1.2.1 理论意义........ 2
1.2.2 现实意义........ 3
1.3 研究思路与方法...... 3
1.3.1 主要研究思路3
1.3.2 主要研究方法4
1.4 主要创新点与不足..5
1.4.1 本文创新点....5
1.4.2 本文不足........ 5
第 2 章 国有企业混合所有制改革概述..7
2.1 相关理论基础...........7
2.1.1 委托代理理论7
2.1.2 激励与约束理论....... 8
2.2 文献综述........9
2.2.1 混合所有制研究方面...........9
2.2.2 股权控制研究方面.10
2.2.3 公司治理研究方面........
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