I 摘要 国有企业是国民经济的重要支柱和主导力量，国有企业公司治理关系到国有 企业改革的效率与成败。规范公司治理是国有企业改革发展的关键环节和首要任 务。多年来，我国国有企业一直面临着所有者缺失、一股独大、内部人控制等诸 多治理困境，制约了国有企业的发展。在各种对策中，混合所有制改革为优化国 有企业公司治理提供了有效途径，国家对此高度重视。然而，对于混合所有制改 革究竟怎样优化国有企业公司治理，目前研究并不充分。基于此，本文的主要目 标是探索混合所有制改革优化国有企业公司治理的机制与路径。 本文首先梳理了国内外关于公司治理和混合所有制的学术成果，回顾了产权 理论、委托代理理论、利益相关者理论等相关的公司治理理论，分析了英美治理 模式、德日治理模式、新加坡淡马锡模式等可借鉴的公司治理模式。紧接着，针 对目前国有企业公司治理存在的问题，探索研究了混合所有制改革优化国有企业 公司治理的机制与路径，提出了目标、总体路径和核心机制，并针对问题细化了 具体措施。随后，以华通公司为例，介绍其混合所有制改革历程和优化公司治理 措施，并对其治理效果和经营业绩进行评价，为本文的研究予以佐证。 通过运用文献研究法、定性研究法、对比分析法、案例分析法、问卷调查法 等多种研究方法，得出如下研究结论：国有企业产生公司治理问题的原因在于国 有股权过于集中，股东会、董事会、监事会、经理层相互之间的委托代理关系没 处理好，党组织、员工等企业内部的利益相关者难以发挥作用。国有企业公司治 理的目标是保护和实现全体股东、党组织、管理者、员工、债权人、政府等利益 相关者的共同利益。混合所有制改革优化国有企业公司治理的机制与路径主要是 通过多元化股权结构、协同治理模式和“大监督”体系这三大核心机制，优化国有企 业的治理结构和治理机制。 关键词：公司治理，混合所有制，国有企业 ABSTRACT II ABSTRACT State owned enterprises are the important pillar and leading force of national economy. The corporate governance of state-owned enterprises is related to the efficiency and success of the reform of state-owned enterprises. Standardizing corporate governance is the key link and primary task of the reform and development of state-owned enterprises. For many years, China's state-owned enterprises have been faced with many governance dilemmas, such as the lack of owners, the dominance of one share and the control of insiders, which restrict the development of state-owned enterprises. In various countermeasures, the mixed ownership reform provides an effective way to optimize the corporate governance of state-owned enterprises, which the state attaches great importance to. However, there is not enough research on how to optimize the corporate governance of state-owned enterprises in the reform of mixed ownership. Based on this, the main goal of this paper is to explore the mechanism and path of mixed ownership reform to optimize the corporate governance of state-owned enterprises. This paper first reviews the academic achievements on corporate governance and mixed ownership at home and abroad, reviews the relevant corporate governance theories such as property rights theory, principal-agent theory and stakeholder theory, and analyzes the corporate governance models that can be used for reference, such as the British and American governance model, German Japanese governance model, Singapore Temasek model and so on. Then, in view of the problems existing in the corporate governance of state-owned enterprises, this paper explores and studies the mechanism and path of mixed ownership reform to optimize the corporate governance of state-owned enterprises, puts forward the goal, overall path and core mechanism, and refines specific measures for the problems. Then, taking Huatong company as an example, this paper introduces its mixed ownership reform process and optimization of corporate governance measures, and evaluates its governance effect and business performance to support the research of this paper. Through the use of literature research, qualitative research, comparative analysis, case analysis, questionnaire survey and other research methods, this paper draws the following conclusions: the reasons for the problems of corporate governance in ABSTRACT III state-owned enterprises lie in the concentration of state-owned shares, the failure to deal with the principal-agent relationship among the board of shareholders, the board of directors, the supervisory board and the managers, the party organizations, employees and other enterprises It is difficult for internal stakeholders to play a role. The goal of corporate governance of state-owned enterprises is to protect and realize the common interests of all shareholders, Party organizations, managers, employees, creditors, government and other stakeholders. The mechanism and path of mixed ownership reform to optimize the corporate governance of state-owned enterprises is to optimize the governance structure and mechanism of state-owned enterprises through the three core mechanisms of diversified ownership structure, collaborative governance mode and "big supervision" system. Keywords: corporate governance, mixed ownership, state-owned enterprises 目 录 IV 目 录 第一章 绪论 ....................... 1 1.1 研究背景及意义 ... 1 1.1.1 研究背景 ..... 1 1.1.2 研究意义 ..... 1 1.2 文献综述 ............... 2 1.2.1 公司治理研究现状 .................... 2 1.2.2 混合所有制研究现状 ................ 3 1.2.3 文献述评 ..... 5 1.3 研究内容和研究方法 .......................... 5 1.3.1 研究内容 ..... 5 1.3.2 研究方法 ..... 6 1.4 本文的主要创新点 .............................. 6 第二章 相关概念和理论 ... 7 2.1 国有企业的定义 ... 7 2.2 混合所有制概述 ... 7 2.2.1 混合所有制企业的概念 ............ 7 2.2.2 混合所有制经济的来源 ............ 8 2.2.3 混合所有制改革的方式 ............ 8 2.3 公司治理相关理论 .............................. 9 2.3.1 产权理论 ..... 9 2.3.2 委托代理理论 .......................... 10 2.3.3 利益相关者理论 ...................... 10 2.4 公司治理模式借鉴 ............................. 11 2.4.1 英美治理模式 ........................... 11 2.4.2 德日治理模式 .......................... 12 2.4.3 新加坡淡马锡模式 .................. 13 2.4.4 三种公司治理模式的比较 ...... 14 2.5 本章小结 ............. 15 第三章 国有企业公司治理存在的问题 ........ 16 3.1 股东会和董事会的形式主义 ............ 16 目 录 V 3.2 外部董事和监事会的监督缺位 ........ 17 3.3 党委会和董事会的冲突和混同 ........ 17 3.4 经理层的行政化 . 18 3.5 员工参与治理不足 ............................ 19 3.6 本章小结 ............. 20 第四章 混合所有制改革优化国有企业公司治理的机制与路径 .............................. 21 4.1 国有企业公司治理的目标 ................ 21 4.2 混合所有制改革优化国有企业公司治理的总体路径 ... 21 4.3 混合所有制改革优化国有企业公司治理的核心机制 ... 22 4.3.1 多元化股权结构 ...................... 22 4.3.2 协同治理模式 .......................... 23 4.3.3 “大监督”体系 ............................ 24 4.4 本章小结 ............. 26 第五章 国有企业优化治理结构和治理机制的具体举措 ........... 27 5.1 优化股权结构 ..... 27 5.2 强化董事会治理 . 28 5.3 完善监事会建设 . 29 5.4 发挥党组织作用 . 30 5.5 经理层去行政化 . 31 5.6 本章小结 ............. 32 第六章 华通公司治理案例分析 .................... 33 6.1 华通公司背景介绍 ............................ 33 6.1.1 华通公司基本情况 .................. 33 6.1.2 华通公司组织架构 .................. 34 6.2 华通公司混合所有制改革历程 ........ 34 6.2.1 成立混合所有制企业 .............. 35 6.2.2 进行股改上市 .......................... 35 6.2.3 实施员工持股 .......................... 36 6.3 华通公司的治理措施与成效 ............ 38 6.3.1 公司治理结构方面 .................. 38 6.3.2 党组织作用发挥方面 .............. 39 6.3.3 职能部门设置方面 .................. 41 6.3.4 规章制度建设方面 .................. 41 目 录 VI 6.3.5 华通公司的治理成效 .............. 42 6.4 华通公司治理满意度问卷调查 ........ 42 6.4.1 调查目的 ... 42 6.4.2 调查方法 ... 43 6.4.3 问卷设计 ... 43 6.4.4 问卷的发放与回收 .................. 43 6.4.5 调查结果 ... 44 6.5 华通公司的经营业绩与评价 ............ 45 6.6 本章小结 ............. 46 第七章 结论与不足 ......... 48 致 谢 49