【作者】 杨明；

【导师】 萧延高；

【作者基本信息】 电子科技大学 ， 工商管理， 2003， 硕士

【摘要】 国有企业从一般性竞争行业中逐步退出是我国国有资产实施战略性调整的一种必然选择,但退出不是消亡,而是要积极地进行产权制度改革,并在改革过程中关注企业人力资本的收益问题,也就是说,要建立起一种有效的长期的企业人力资本产权激励约束机制,从而提高企业运行效率。金鑫公司是一家中小型国有企业,属于一般性竞争行业,那么通过产权制度改革来实现金鑫公司国有资本的有限退出也就是一种合乎逻辑的现实选择。本论文基本分析思路也正在于:通过产权改革,建立有效的激励约束机制,充分调动企业经营者和员工的积极性,特别是发掘经营者的创造性,从而改变企业目前的经营困境,实现跨越式发展。我作为该企业的经营管理者,对企业的发展更是殚精竭虑,以期通过本论文的研究为企业的改革发展指明方向,这也是本论文写作的目的和意义所在。论文的结构分为六部分,具体介绍如下:前言部分,首先从我国国有企业普遍的经营困境以及企业不同的产权安排所具有的不同效率谈起,然后引出金鑫公司通过产权改革建立有效的激励约束机制的必然性,并由此进入本论文的研究主题。第一章,简要论述了产权和激励约束理论,以此为金鑫公司产权激励约束机制的建立提供理论基础。产权理论认为,产权是一种降低交易成本的制度安排,不同的产权结构所具有的效率是不同的,在企业的委托代理关系中,产权是解决代理成本和道德问题的一种有效手段,这在于产权所具有的激励约束功能,也就是说产权是引导人们实现外部性内部化的一种激励机制。同时,激励理论认为,人的需求是多方面的,而最有效的激励就是产权激励。第二章,简要介绍了金鑫公司的基本情况,重点分析了金鑫公司产权安排和激励约束机制的现状和存在的问题,关键在于产权结构单一(国有独资),激励约束机制不完善,影响了经营者和员工的积极性和创造性。基于此,金鑫公司必须进行产权改革,建立有效的产权激励和约束机制。改革的路径在于实现股权多元化,引入非国有资本,把<WP=5>大量股份转为非国有持股,但这种进程应该是渐进式的,可以先组建有限责任公司(股份由国有股份、经理层持股和企业员工持股构成),并在此基础上,待条件成熟时组建股份有限公司,最终实现“上市”。当然,金鑫公司的产权改革既有良好的机遇也存在严峻的挑战,应严肃对待,认真把握。第三章,详细设计了金鑫公司激励约束机制的具体操作方案。主要思路是:在产权改革之初,通过期股和员工持股计划分别实现对经理层和员工的激励约束,经过几年的发展后,实施经理层收购,强化经理层对公司的控制决策权,进一步完善激励约束机制,实现公司的持续、快速、健康发展。第四章,结合前面章节的理论分析对金鑫公司产权激励机制将产生的效果进行了预测分析,指出了在产权激励约束具体方案实施中应该关注的问题,提出了产权改革后金鑫公司的中长期发展战略,并对发展前景作出了展望。最后,结束语部分,对全文进行了系统性概括和总结。本论文坚持理论与实际的结合,思路清晰,前后呼应,逻辑较为严密。创新之处在于产权激励约束理论的具体运用,设计了期股、员工持股、经理层收购等激励约束机制的详细方案,可行性和操作性强,具有现实指导意义。同时,在方案设计上尽量避免了以前国有企业改制中出现的非激励因素,或者说负激励因素。尽管如此,由于作者日常工作较为繁忙,时间有限,更为关键的还在于作者知识结构(不论在广度和深度上)的缺陷,本论文尚有一些不足之处,谨请我的导师以及答辩委员会的各位评审专家和老师加以指导和斧正。更多还原

【Abstract】 It is necessary for stated-owned enterprises to withdraw from competitive trades, but withdrawal doesn’t mean waiting to die. Stated-owned enterprises must, through the process, carry out property right reform and take the yields of human resource capital into account so as to improve operating efficiency of the enterprises.JinXin Corporation is a medium(small)-sized stated-owned enterprise and lies in an ordinary competitive trade, so, for the stated-owned capital, partial withdrawal from the corporation through property right reform is a logical and realistic choice. This is just the basic idea of the paper. The logic is as follows: in order to further the development of the enterprise, we must stimulate the activity of the management and the employee, but if we want to achieve this goal, we must carry out the property right reform. I, as a manager of the corporation, hope to find a road for the development of the corporation. This is why I select this subject. In this paper, I detail this subject in six parts. In the preface of the paper, the necessity of property right reform for JinXin Corporation is induced from two aspects: one is the common operating dilemma in the stated-owned enterprises; the other is the fact that different property right structure have different efficiency even in the same enterprises. In the first part of the paper, the theory of property right and the theory of <WP=7>stimulus-control are introduced to form the theoretic basis of the paper. The theory of property right considers that property right is the constitution of decreasing transaction cost, and the efficiency of different property right structure is not identical. So property right reform is an effective way to settle the problem of proxy cost and moral hazard. The theory of stimulus thinks, in spite that everyone has multiple needs, the most effective stimulus is property right stimulus. In the second part, after introducing the basic facts of JinXin Corporation, I analyze the main problems in ownership structure and stimulus-control constitution of JinXin Corporation. I found the problems lie in unique ownership structure and imperfect stimulus-control mechanism. So, JinXin Corporation must construct multiple ownership structure through drawing in a lot of non-stated-owned capitals or converting stated-owned capitals into non-stated-owned capitals. The reform can be gradual: first constructing the limited liability corporation(the state , the management and the employee own the stock), then converting into limited company when the time is ripe , eventually listing in the stock market. In the third part of the paper, the detailed operating procedure of the reform is designed. My idea is that: in the beginning of the reform, future stock and the employee stock-ownership plan would be introduced to construct the basic stimulus-control scheme. After several years’ development, to improve the stimulus-control mechanism, the scheme of management buy-out would come <WP=8>into practice. In the fourth part of the paper, the effect of the property right reform and the reform of the stimulus-control constitution is forecasted, some problems that we must attach importance to in the operating procedure are pointed out, and the prospect is forecasted. At last, to summarize the paper, I make a review of this paper. The success of the paper lies in the combination of the theory and the reality. The theory of property right and the theory of stimulus-control are completely applied into the practice. Conforming to the specific conditions of JinXin Corporation, future stock, the employee stock-ownership plan, and management buy-out are introduced, and the detailed operating procedure is devised. But I must admit there are some imperfections in this paper, and I hope teachers would point out and help me to improve the paper.更多还原