【作者】 李响；

【导师】 余冬平；

【作者基本信息】 中央财经大学 ， 国防经济， 2022， 硕士

【摘要】 2013年以来,新一轮国有企业混合所有制改革拉开序幕,军工企业成为此次混改的重点,我国军工企业数量众多,情况不一,混改进程缓慢。因此,本文首先梳理了我国军工企业混合所有制改革的进程和相关政策要求,介绍当前军工企业混合所有制改革情况以及存在的问题;其次,结合欧洲国家军工企业所有制改革措施,从运作路径、体制路径、制度路径三个方面提出混改建议,以此推动军工企业优化股权结构,提高经营效益,加快混合所有制改革进程。本文通过研究发现,在运作路径上,军工企业应根据自身情况选择合适的混改方式。资产上市对企业实力要求高,程序复杂,适合那些实力雄厚且未涉及到核心军工资产业务的企业。如果企业自身实力达不到上市条件,可以通过民间资本参股方式获得发展资金,提高企业市场竞争力。股权激励可有效调动员工工作积极性,适用于绩效考核制度规范的竞争类军工企业。并购重组可以使企业在短时间内快速获得其他企业的技术和资源,提升企业在行业的地位,适用于军民融合类企业。在制度路径上,应针对军工企业在混改中出现的问题,加快军工资产上市业务的立法进程,提出可操作的政策指导意见,从法律和政策上保障民间股东和员工股东的利益,为军工企业混合所有制改革提供良好的制度环境。在体制路径上,国家可通过设立国有资本运营公司,完善以“管资本”为主的国有资本监管体制。而企业应建立市场化的经营管理体制,引入优秀的管理人员,制定合理的股权激励方案,以促进企业长远发展。本文的创新点在于,一方面借鉴欧洲典型国家军工企业所有制改革经验,从中总结出适用于我国军工企业混合所有制改革的一般经验。另一方面,将军工企业混合所有制改革路径分为运作路径、制度路径、体制路径,在运作路径中考虑到不同军工企业在业务性质、企业实力、混改进程上的差别,分析四种常用混改方式的优势和适用范围,帮助军工企业选择合适的混改方式。在制度路径上,从四种混改方式的角度出发,调整阻碍改革的规则,提出促进军工企业混合所有制改革的政策和法律制度建议。在体制路径上,分别从外部国家对军工企业的管理体制和内部企业自身建立市场化的经营体制两个方面,提出促进军工企业混合所有制改革的体制建议。更多还原

【Abstract】 Since 2013,a new round of mixed ownership reform of state-owned enterprises has kicked off,and military industrial enterprises have become the focus of this mixed ownership reform.Therefore,this paper firstly sorts out the process and relevant policy requirements of the mixed ownership reform of my country’s military industrial enterprises,and introduces the current situation and existing problems of the mixed ownership reform of military industrial enterprises.The three aspects of the system path put forward suggestions for mixed ownership reform,so as to promote the optimization of equity structure of military industrial enterprises,improve operating efficiency,and speed up the process of mixed ownership reform.Through research,this paper finds that in the choice of operation path,military enterprises should choose an appropriate mixed reform method according to their own conditions.The listing of assets has high requirements on the strength of the enterprise,and the procedures are complicated,which is suitable for those enterprises with strong strength that do not involve the core military asset business.Such enterprises can boldly carry out mixed ownership reform and promote asset listing.If the company’s own strength does not meet the listing requirements,it can obtain development funds through private capital participation to improve the market competitiveness of the company.Equity incentives can bind the interests of employees with the interests of the company and are suitable for competitive military enterprises.Mergers and acquisitions can enable enterprises to quickly obtain technologies and resources of other enterprises in a short period of time,and improve the status of enterprises in the industry,which is suitable for military-civilian integration enterprises.On the institutional path,we should speed up the legislative process for the listing business of military assets in response to the problems of military industrial enterprises in the mixed-ownership reform,put forward operational policy guidance,and protect the interests of private shareholders and employee shareholders from a legal and policy perspective.The mixed ownership reform of enterprises provides a good institutional environment.On the institutional path,the state can improve the state-owned capital supervision system focusing on "capital management" by establishing stateowned capital operating companies.Enterprises should establish a market-oriented management system,introduce excellent managers,and formulate reasonable equity incentive plans to promote the long-term development of enterprises.The innovation of this paper is that,on the one hand,it draws lessons from the experience of the ownership reform of military enterprises in typical European countries,and summarizes the general experience applicable to the mixed ownership reform of military enterprises in my country.On the other hand,the mixed ownership reform paths of military industrial enterprises are divided into operational paths,institutional paths,and institutional paths.In the operational paths,considering the differences in business nature,corporate strength,and mixed ownership process of different military industrial enterprises,four commonly used mixed ownership reforms are analyzed.The advantages and scope of application of the reform method can help military enterprises choose the appropriate mixed reform method.On the institutional path,from the perspective of four mixed-ownership reform methods,adjust the rules that hinder the reform,and put forward policy and legal system suggestions to promote the mixed-ownership reform of military industrial enterprises.On the institutional path,this paper puts forward institutional suggestions for promoting the reform of mixed ownership of military industrial enterprises from two aspects: the management system of military enterprises by external countries and the establishment of a market-oriented management system by internal enterprises.更多还原