【作者】 谢涛；

【导师】 罗珉；

【作者基本信息】 西南财经大学 ， EMBA（专业学位）， 2023， 硕士

【摘要】 国有企业是推进国家现代化、保障人民共同利益的重要力量,是我们党和国家事业发展的重要物质基础和政治基础。党的十八大之后,中共中央、国务院印发《关于深化国有企业改革的指导意见》,国务院办公厅、国务院国资委等机构又陆续配套出台了系列政策文件,形成了国企改革“1+N”政策体系,搭建了新时代国企改革的“四梁”和“八柱”。而发展混合所有制经济,是新形势下深化国企改革的一项重要举措,是增强国有经济活力、控制力、影响力的必然选择。国有企业发展混合经济的方式很多,引入非国有资本、公开发行股票并上市、开展员工持股等都是混改。开展混改,关键在以混促改、以混促发展,要以混改为契机,尽快形成完善的现代企业制度和健全的法人治理结构,以规范的股东行为和有效的内部激励约束机制来推动企业切实转换经营机制。本文以W国有企业为研究对象,考察了这家2011年底成立的混合所有制企业进行混改的全过程,并从改革10年来的成效和问题入手,为下一步深化改革提供理论支撑和可行性建议,同时对其他处于充分竞争行业的商业类国有企业开展混合所有制改革也具有一定的借鉴意义。本文首先在梳理国内外相关文献研究的基础上,阐述了国有企业的概念、混合所有制企业的概念以及国企混改的历史概况,分析了国企混改的4种路径与模式。然后对W国有企业的混改案例展开具体研究,介绍了W国有企业混合所有制改革的背景、动因及路径,并通过梳理其改革10年来的财务数据、向管理层和员工发放改革满意度调查问卷的形式,对W国有企业的混改成效进行了评价和分析,认为W国有企业混改后一是实行公司化运作,经营效率显著提高;二是完善创新机制,创新步伐明显加快;三是整合股东资源,产品质量和服务能力进一步提高;四是加强党建工作,企业文化夯实了持续发展基础。同时,本文也总结出W国有企业混合所有制改革存在的问题:第一,非公经济股东话语权较小,助力转换经营机制作用不明显;第二,企业发展到一定阶段,与战略投资者的协同效应逐渐减弱;第三,缺乏资本运作能力和激励约束长效机制,制约企业进一步做大做强。通过案例研究,本文得出以下结论:第一,国有控股混合所有制企业应适时深化混改;第二,引入投资者时要高度关注战略协同匹配度;第三,制定混改方案时要重点对治理框架进行优化设计;第四,混改的关键在于以“混”促“改”。最后,本文对包括W国有企业在内的处于充分竞争行业的商业类国有控股非上市混合所有制企业进一步深化改革提出以下建议:第一,坚持战略引领,聚合产业资源;第二,完善公司治理结构,切实转换经营机制;第三,开展股权激励,激发内生动力;第四,推进整体上市,放大资本功能。更多还原

【Abstract】 As an important force in promoting the modernization of the country and safeguarding the common interests of the people,state-owned enterprises(SOEs)are the important material and political foundations for the development of our Party and State.After the 18 th CPC National Congress,the CPC Central Committee and the State Council issued the Guidelines on Deepening the Reform of SOEs,and the General Office of the State Council,the State-owned Assets Supervision and Administration Commission of the State Council and other institutions issued a series of supporting policy documents in succession,establishing the "1+N" policy system of SOE reform and building the "four beams" and "eight pillars" for SOE reform in the new era.However,the development of mixed ownership economy is an important measure to deepen the reform of SOEs under the new situation,and is an inevitable choice to increase the vitality,control and influence of the state-owned economy.There are many ways for SOEs to develop a mixed economy.Introducing non-state capital,publicly issuing shares and going public,and holding of shares by employees are all mixed reforms.The key of the mixed ownership reform lies in promoting reform and development through mixed ownership.We should take the opportunity of the mixed ownership reform to establish a perfect modern enterprise system and a sound corporate governance structure as soon as possible,and promote the practical conversion of the enterprise’s operating mechanism with standardized shareholder behaviors and effective internal incentive and restraint mechanism.With W State-owned Enterprise as the research object,this paper investigates the whole process of mixed ownership reform in this mixed-ownership enterprise established at the end of 2011,and in view of the results and problems in the 10 years of reform,it provides theoretical support and feasible suggestions for the deepening reform at the next step.Moreover,it is of certain reference significance to other commercial SOEs in fully competitive industries to implment mixed ownership reform.This paper firstly,on the basis of reviewing relevant domestic and foreign literature studies,expounds on the concept of SOEs,the concept of mixed ownership enterprises and the history of the mixed ownership reform of SOEs,and analyzes four paths and models of the mixed ownership reform of SOEs.Then a specific study on the case of mixed ownership reform of W SOE is performed,introducing the background,motivation and path of the mixed ownership reform of W SOE.The effectiveness of the mixed reform of W SOE is evaluated and analyzed by reviewing its financial data over 10 years of reform and distributing questionnaires on satisfaction with the reform to the management and employees.This paper holds that the mixed ownership reform of W SOE will produce the following benefits: first,it will significantly improve the corporate operation efficiency;second,the innovation mechanism will be improved,and the pace of innovation will be noticeably accelerated;third,the integration of shareholder resources,product quality and service capabilities will be further improved;fourth,efforts on the Party building will be strengthened,and the corporate culture will strengthen the foundation for sustainable development.Meanwhile,problems encountered during the mixed ownership reform of W SOE are also summarized in this paper: first,Non-public economy shareholders have less say,without playing a significant role in promoting the transformation of management mechanism;second,at a certain stage of development,the synergy effect with strategic investors gradually weakens;third,the lack of capital operation capability and a long-term incentive-and-restraint mechanism restrain the enterprise from growing bigger and stronger.Through the case study,this paper draws the following conclusions: first,state-controlled mixed ownership enterprises should deepen the mixed ownership reform in due course;second,great importance should be attached to the matching degree of strategic coordination;third,the governance framework should be optimized when a mixed ownership reform plan is developed;fourth,the key to mixed ownership reform lies in promoting reform through mixed ownership.Finally,this paper makes the following suggestions for further deepening the reform of commercial state-controlled non-listed mixed-ownership enterprises in fully competitive industries,including W SOE: first,strategic leadership should be insisted on and industrial resources should be aggregated;second,the corporate governance structure should be improved and the operating mechanism should be effectively transformed;third,equity incentives should be provided to stimulate endogenous motivation;fourth,the overall listing and amplify capital functions should be promoted.更多还原