發布時間：2015-05-29
積(ji)極發(fa)展混合所有(you)制經(jing)濟，有(you)必(bi)要對(dui)公司制企業(ye)與股份制企業(ye)加(jia)以區(qu)分(fen)，有(you)必(bi)要對(dui)公司制改革在發(fa)展混合所有(you)制經(jing)濟進程中的意義和作(zuo)用重(zhong)新審視。
一
混合(he)所(suo)有(you)制(zhi)(zhi)與股(gu)份(fen)(fen)制(zhi)(zhi)的(de)關系，是(shi)新(xin)一輪國有(you)企(qi)業(ye)改革大幕(mu)開(kai)啟以(yi)來議論較多(duo)(duo)的(de)一個話(hua)題。有(you)觀(guan)點(dian)(dian)認(ren)為，混合(he)所(suo)有(you)制(zhi)(zhi)就是(shi)股(gu)份(fen)(fen)制(zhi)(zhi)。這一觀(guan)點(dian)(dian)著(zhu)眼(yan)于股(gu)份(fen)(fen)制(zhi)(zhi)是(shi)公有(you)制(zhi)(zhi)的(de)主要實現(xian)形式(shi)，強調(diao)發(fa)展(zhan)混合(he)所(suo)有(you)制(zhi)(zhi)經濟的(de)重點(dian)(dian)是(shi)繼續推(tui)進國有(you)企(qi)業(ye)的(de)股(gu)份(fen)(fen)制(zhi)(zhi)改革，這一觀(guan)點(dian)(dian)有(you)可取之處。但將混合(he)所(suo)有(you)制(zhi)(zhi)等同于股(gu)份(fen)(fen)制(zhi)(zhi)，既容易阻礙公有(you)制(zhi)(zhi)多(duo)(duo)種實現(xian)形式(shi)的(de)積極(ji)探索，也容易影響對公司制(zhi)(zhi)企(qi)業(ye)與股(gu)份(fen)(fen)制(zhi)(zhi)企(qi)業(ye)的(de)正確(que)認(ren)識。
有(you)限(xian)責(ze)(ze)任公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)和(he)(he)(he)股(gu)(gu)(gu)(gu)(gu)份(fen)(fen)(fen)有(you)限(xian)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)是(shi)(shi)兩種(zhong)(zhong)形(xing)式(shi)(shi)的(de)(de)(de)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)。通常講的(de)(de)(de)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)是(shi)(shi)相對(dui)于(yu)個人業(ye)(ye)主(zhu)(zhu)制(zhi)企(qi)(qi)業(ye)(ye)、合伙制(zhi)企(qi)(qi)業(ye)(ye)等而言的(de)(de)(de)一(yi)種(zhong)(zhong)企(qi)(qi)業(ye)(ye)組織形(xing)式(shi)(shi)。根據(ju)資本形(xing)式(shi)(shi)和(he)(he)(he)承擔責(ze)(ze)任的(de)(de)(de)不同，公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)又分(fen)為(wei)(wei)(wei)有(you)限(xian)責(ze)(ze)任公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)和(he)(he)(he)股(gu)(gu)(gu)(gu)(gu)份(fen)(fen)(fen)有(you)限(xian)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)兩種(zhong)(zhong)，股(gu)(gu)(gu)(gu)(gu)份(fen)(fen)(fen)有(you)限(xian)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)又分(fen)為(wei)(wei)(wei)上市(shi)(shi)(shi)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)和(he)(he)(he)非上市(shi)(shi)(shi)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)兩種(zhong)(zhong)，上市(shi)(shi)(shi)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)是(shi)(shi)指其股(gu)(gu)(gu)(gu)(gu)票(piao)在證券交易(yi)所上市(shi)(shi)(shi)交易(yi)的(de)(de)(de)股(gu)(gu)(gu)(gu)(gu)份(fen)(fen)(fen)有(you)限(xian)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)。有(you)限(xian)責(ze)(ze)任公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)與股(gu)(gu)(gu)(gu)(gu)份(fen)(fen)(fen)有(you)限(xian)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)是(shi)(shi)有(you)明(ming)確法律界定和(he)(he)(he)法律區別的(de)(de)(de)兩種(zhong)(zhong)企(qi)(qi)業(ye)(ye)組織形(xing)式(shi)(shi)，雖(sui)然(ran)都屬于(yu)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)這(zhe)個大(da)(da)范(fan)疇(chou)，但(dan)兩者不能混為(wei)(wei)(wei)一(yi)談。習慣上，一(yi)般將有(you)限(xian)責(ze)(ze)任公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)稱為(wei)(wei)(wei)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)制(zhi)企(qi)(qi)業(ye)(ye)，將股(gu)(gu)(gu)(gu)(gu)份(fen)(fen)(fen)有(you)限(xian)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)稱為(wei)(wei)(wei)股(gu)(gu)(gu)(gu)(gu)份(fen)(fen)(fen)制(zhi)企(qi)(qi)業(ye)(ye)。正因為(wei)(wei)(wei)如此，黨的(de)(de)(de)十七(qi)大(da)(da)作出的(de)(de)(de)《決定》在論述完善(shan)基本經濟制(zhi)度(du)時強(qiang)調(diao)，要“深化(hua)國有(you)企(qi)(qi)業(ye)(ye)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)制(zhi)股(gu)(gu)(gu)(gu)(gu)份(fen)(fen)(fen)制(zhi)改(gai)革。”近(jin)年(nian)來的(de)(de)(de)政府工作報告和(he)(he)(he)一(yi)些深化(hua)經濟體制(zhi)改(gai)革指導意見(jian)也多次強(qiang)調(diao)，要深化(hua)國有(you)企(qi)(qi)業(ye)(ye)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)制(zhi)股(gu)(gu)(gu)(gu)(gu)份(fen)(fen)(fen)制(zhi)改(gai)革。由此可見(jian)，深化(hua)國有(you)企(qi)(qi)業(ye)(ye)的(de)(de)(de)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)制(zhi)改(gai)革和(he)(he)(he)股(gu)(gu)(gu)(gu)(gu)份(fen)(fen)(fen)制(zhi)改(gai)革都應成為(wei)(wei)(wei)推進國有(you)企(qi)(qi)業(ye)(ye)市(shi)(shi)(shi)場(chang)化(hua)改(gai)革的(de)(de)(de)主(zhu)(zhu)要取向(xiang)和(he)(he)(he)重要任務。
二
有限(xian)責(ze)任公(gong)(gong)(gong)司(si)(si)(si)(si)與股(gu)(gu)份(fen)有限(xian)公(gong)(gong)(gong)司(si)(si)(si)(si)是(shi)(shi)有所(suo)(suo)區(qu)別(bie)的(de)(de)(de)兩種企(qi)(qi)業(ye)組(zu)織形式。一(yi)(yi)些觀(guan)點之所(suo)(suo)以將混合所(suo)(suo)有制(zhi)視為(wei)股(gu)(gu)份(fen)制(zhi)，其(qi)重(zhong)要原因可能在于，根據(ju)我國《公(gong)(gong)(gong)司(si)(si)(si)(si)法》的(de)(de)(de)規定，無論是(shi)(shi)有限(xian)責(ze)任公(gong)(gong)(gong)司(si)(si)(si)(si)還(huan)是(shi)(shi)股(gu)(gu)份(fen)有限(xian)企(qi)(qi)業(ye)，其(qi)出(chu)(chu)資(zi)人(ren)都以股(gu)(gu)東(dong)稱(cheng)謂，股(gu)(gu)東(dong)都以投入(ru)企(qi)(qi)業(ye)的(de)(de)(de)資(zi)本對(dui)公(gong)(gong)(gong)司(si)(si)(si)(si)承擔(dan)責(ze)任，董事會決議的(de)(de)(de)表(biao)決都是(shi)(shi)一(yi)(yi)人(ren)一(yi)(yi)票，公(gong)(gong)(gong)司(si)(si)(si)(si)以其(qi)全部資(zi)產對(dui)公(gong)(gong)(gong)司(si)(si)(si)(si)的(de)(de)(de)債(zhai)務承擔(dan)責(ze)任，而(er)且，公(gong)(gong)(gong)司(si)(si)(si)(si)制(zhi)企(qi)(qi)業(ye)股(gu)(gu)東(dong)的(de)(de)(de)出(chu)(chu)資(zi)比(bi)例(li)經常(chang)也被稱(cheng)為(wei)持股(gu)(gu)比(bi)例(li)，這就使(shi)得人(ren)們很容易將公(gong)(gong)(gong)司(si)(si)(si)(si)制(zhi)企(qi)(qi)業(ye)與股(gu)(gu)份(fen)制(zhi)企(qi)(qi)業(ye)混為(wei)一(yi)(yi)談。實(shi)際上，公(gong)(gong)(gong)司(si)(si)(si)(si)制(zhi)企(qi)(qi)業(ye)與股(gu)(gu)份(fen)制(zhi)企(qi)(qi)業(ye)在設立、組(zu)織機構、股(gu)(gu)權轉讓三個方面存在明(ming)顯區(qu)別(bie)和差異。
在(zai)設(she)(she)(she)立(li)(li)(li)(li)方面，第(di)一(yi)(yi)，資(zi)(zi)本(ben)(ben)(ben)劃分(fen)(fen)(fen)方式(shi)(shi)不(bu)(bu)(bu)同(tong)，公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)制(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)業(ye)(ye)(ye)的(de)(de)資(zi)(zi)本(ben)(ben)(ben)不(bu)(bu)(bu)必(bi)等(deng)額(e)(e)劃分(fen)(fen)(fen)，股(gu)(gu)(gu)(gu)份(fen)(fen)(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)業(ye)(ye)(ye)的(de)(de)資(zi)(zi)本(ben)(ben)(ben)必(bi)須劃分(fen)(fen)(fen)為(wei)等(deng)額(e)(e)股(gu)(gu)(gu)(gu)份(fen)(fen)(fen)(fen)(fen)，每股(gu)(gu)(gu)(gu)金額(e)(e)相等(deng)。這是(shi)(shi)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)制(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)業(ye)(ye)(ye)有(you)別于股(gu)(gu)(gu)(gu)份(fen)(fen)(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)業(ye)(ye)(ye)最重要的(de)(de)一(yi)(yi)點。第(di)二(er)，資(zi)(zi)本(ben)(ben)(ben)名稱(cheng)不(bu)(bu)(bu)同(tong)，公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)制(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)業(ye)(ye)(ye)股(gu)(gu)(gu)(gu)東(dong)所(suo)出(chu)資(zi)(zi)本(ben)(ben)(ben)稱(cheng)為(wei)出(chu)資(zi)(zi)額(e)(e)，股(gu)(gu)(gu)(gu)份(fen)(fen)(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)業(ye)(ye)(ye)所(suo)出(chu)資(zi)(zi)本(ben)(ben)(ben)稱(cheng)為(wei)所(suo)持股(gu)(gu)(gu)(gu)份(fen)(fen)(fen)(fen)(fen)，股(gu)(gu)(gu)(gu)份(fen)(fen)(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)業(ye)(ye)(ye)的(de)(de)股(gu)(gu)(gu)(gu)份(fen)(fen)(fen)(fen)(fen)采(cai)取(qu)股(gu)(gu)(gu)(gu)票(piao)的(de)(de)形式(shi)(shi)。相應地(di)，股(gu)(gu)(gu)(gu)權(quan)證明形式(shi)(shi)也不(bu)(bu)(bu)同(tong)，公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)制(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)業(ye)(ye)(ye)向股(gu)(gu)(gu)(gu)東(dong)簽發(fa)(fa)的(de)(de)是(shi)(shi)出(chu)資(zi)(zi)證明書，股(gu)(gu)(gu)(gu)份(fen)(fen)(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)業(ye)(ye)(ye)是(shi)(shi)股(gu)(gu)(gu)(gu)票(piao)。第(di)三，資(zi)(zi)本(ben)(ben)(ben)募(mu)(mu)集(ji)(ji)方式(shi)(shi)不(bu)(bu)(bu)同(tong)。公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)制(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)業(ye)(ye)(ye)只能在(zai)股(gu)(gu)(gu)(gu)東(dong)范圍之內募(mu)(mu)集(ji)(ji)資(zi)(zi)金，不(bu)(bu)(bu)得(de)向社會公(gong)(gong)(gong)(gong)開招股(gu)(gu)(gu)(gu)集(ji)(ji)資(zi)(zi)，股(gu)(gu)(gu)(gu)份(fen)(fen)(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)業(ye)(ye)(ye)可以采(cai)取(qu)發(fa)(fa)起(qi)(qi)設(she)(she)(she)立(li)(li)(li)(li)或者募(mu)(mu)集(ji)(ji)設(she)(she)(she)立(li)(li)(li)(li)的(de)(de)方式(shi)(shi)，發(fa)(fa)起(qi)(qi)設(she)(she)(she)立(li)(li)(li)(li)是(shi)(shi)指發(fa)(fa)起(qi)(qi)人(ren)(ren)(ren)認購(gou)(gou)(gou)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)應發(fa)(fa)行的(de)(de)全(quan)部股(gu)(gu)(gu)(gu)份(fen)(fen)(fen)(fen)(fen)而(er)(er)設(she)(she)(she)立(li)(li)(li)(li)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)，募(mu)(mu)集(ji)(ji)設(she)(she)(she)立(li)(li)(li)(li)是(shi)(shi)指發(fa)(fa)起(qi)(qi)人(ren)(ren)(ren)認購(gou)(gou)(gou)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)應當(dang)發(fa)(fa)行股(gu)(gu)(gu)(gu)份(fen)(fen)(fen)(fen)(fen)的(de)(de)一(yi)(yi)部分(fen)(fen)(fen)，其(qi)余部分(fen)(fen)(fen)向社會特定對(dui)象募(mu)(mu)集(ji)(ji)而(er)(er)設(she)(she)(she)立(li)(li)(li)(li)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)。第(di)四，出(chu)資(zi)(zi)方式(shi)(shi)不(bu)(bu)(bu)同(tong)。公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)制(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)業(ye)(ye)(ye)的(de)(de)股(gu)(gu)(gu)(gu)東(dong)應當(dang)按照其(qi)發(fa)(fa)起(qi)(qi)人(ren)(ren)(ren)協議和公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)章(zhang)程(cheng)中認購(gou)(gou)(gou)的(de)(de)出(chu)資(zi)(zi)數額(e)(e)足(zu)額(e)(e)繳(jiao)付(fu)出(chu)資(zi)(zi)，如不(bu)(bu)(bu)按期繳(jiao)付(fu)所(suo)認繳(jiao)的(de)(de)出(chu)資(zi)(zi)，應當(dang)向已(yi)出(chu)資(zi)(zi)的(de)(de)其(qi)他出(chu)資(zi)(zi)人(ren)(ren)(ren)承擔違約責任；股(gu)(gu)(gu)(gu)份(fen)(fen)(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)業(ye)(ye)(ye)發(fa)(fa)起(qi)(qi)設(she)(she)(she)立(li)(li)(li)(li)時，公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)章(zhang)程(cheng)中載明的(de)(de)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)全(quan)部資(zi)(zi)本(ben)(ben)(ben)必(bi)須在(zai)公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)設(she)(she)(she)立(li)(li)(li)(li)時全(quan)部發(fa)(fa)行，并(bing)由發(fa)(fa)起(qi)(qi)人(ren)(ren)(ren)全(quan)部認購(gou)(gou)(gou)。募(mu)(mu)集(ji)(ji)設(she)(she)(she)立(li)(li)(li)(li)的(de)(de)，發(fa)(fa)起(qi)(qi)人(ren)(ren)(ren)認購(gou)(gou)(gou)的(de)(de)股(gu)(gu)(gu)(gu)份(fen)(fen)(fen)(fen)(fen)不(bu)(bu)(bu)得(de)少于公(gong)(gong)(gong)(gong)司(si)(si)(si)(si)股(gu)(gu)(gu)(gu)份(fen)(fen)(fen)(fen)(fen)總(zong)數的(de)(de)35%，其(qi)余股(gu)(gu)(gu)(gu)份(fen)(fen)(fen)(fen)(fen)應向社會公(gong)(gong)(gong)(gong)開募(mu)(mu)集(ji)(ji)。
在組織機(ji)構方(fang)面，公(gong)(gong)司(si)制(zhi)(zhi)企(qi)業(ye)董(dong)事(shi)(shi)會成員為3-13人(ren)，股(gu)(gu)(gu)(gu)東(dong)人(ren)數較少或者規模較小的可(ke)以不(bu)設(she)(she)董(dong)事(shi)(shi)會和監(jian)(jian)事(shi)(shi)會，不(bu)設(she)(she)董(dong)事(shi)(shi)會的設(she)(she)一(yi)(yi)(yi)名(ming)執行(xing)董(dong)事(shi)(shi)，不(bu)設(she)(she)監(jian)(jian)事(shi)(shi)會的設(she)(she)1-2名(ming)監(jian)(jian)事(shi)(shi)。股(gu)(gu)(gu)(gu)份(fen)制(zhi)(zhi)企(qi)業(ye)需要設(she)(she)立股(gu)(gu)(gu)(gu)東(dong)會、董(dong)事(shi)(shi)會、監(jian)(jian)事(shi)(shi)會，董(dong)事(shi)(shi)會成員為5-19人(ren)。公(gong)(gong)司(si)制(zhi)(zhi)企(qi)業(ye)的股(gu)(gu)(gu)(gu)東(dong)會議由股(gu)(gu)(gu)(gu)東(dong)按(an)照出(chu)(chu)資比(bi)例行(xing)使表決權(quan)，股(gu)(gu)(gu)(gu)份(fen)制(zhi)(zhi)企(qi)業(ye)股(gu)(gu)(gu)(gu)東(dong)出(chu)(chu)席股(gu)(gu)(gu)(gu)東(dong)大會所(suo)持每一(yi)(yi)(yi)股(gu)(gu)(gu)(gu)份(fen)有一(yi)(yi)(yi)表決權(quan)，但是(shi)，公(gong)(gong)司(si)持有的本公(gong)(gong)司(si)股(gu)(gu)(gu)(gu)份(fen)沒(mei)有表決權(quan)。
在股(gu)(gu)(gu)(gu)權(quan)轉讓(rang)方面，公(gong)(gong)司制(zhi)(zhi)企業的(de)股(gu)(gu)(gu)(gu)東之間可以相互(hu)轉讓(rang)其(qi)全部(bu)(bu)或(huo)者部(bu)(bu)分股(gu)(gu)(gu)(gu)權(quan)，股(gu)(gu)(gu)(gu)東向股(gu)(gu)(gu)(gu)東以外人轉讓(rang)股(gu)(gu)(gu)(gu)權(quan)，應當經(jing)其(qi)他(ta)股(gu)(gu)(gu)(gu)東過(guo)半數同(tong)意，同(tong)等條件下其(qi)他(ta)股(gu)(gu)(gu)(gu)東有優先購買權(quan)。股(gu)(gu)(gu)(gu)份制(zhi)(zhi)企業的(de)發起人持有的(de)本公(gong)(gong)司股(gu)(gu)(gu)(gu)份，自(zi)公(gong)(gong)司成立之日(ri)起一(yi)年內(nei)不(bu)得轉讓(rang)；公(gong)(gong)司公(gong)(gong)開發行股(gu)(gu)(gu)(gu)份前已(yi)發行的(de)股(gu)(gu)(gu)(gu)份，自(zi)公(gong)(gong)司股(gu)(gu)(gu)(gu)票在證(zheng)券(quan)交易所上市之日(ri)起一(yi)年內(nei)不(bu)得轉讓(rang)。
三
企(qi)(qi)業(ye)(ye)(ye)(ye)不(bu)(bu)(bu)(bu)(bu)可(ke)能(neng)(neng)(neng)(neng)也不(bu)(bu)(bu)(bu)(bu)需要(yao)(yao)都(dou)(dou)(dou)采(cai)用股(gu)(gu)份(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)的(de)(de)(de)資(zi)(zi)(zi)本組織(zhi)形(xing)式(shi)。企(qi)(qi)業(ye)(ye)(ye)(ye)采(cai)取(qu)(qu)什么樣的(de)(de)(de)組織(zhi)形(xing)式(shi)，是(shi)(shi)(shi)(shi)(shi)(shi)采(cai)取(qu)(qu)公(gong)(gong)司(si)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)形(xing)式(shi)還是(shi)(shi)(shi)(shi)(shi)(shi)采(cai)取(qu)(qu)股(gu)(gu)份(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)形(xing)式(shi)，是(shi)(shi)(shi)(shi)(shi)(shi)否公(gong)(gong)開上(shang)(shang)(shang)市(shi)(shi)(shi)，取(qu)(qu)決于(yu)投(tou)資(zi)(zi)(zi)者的(de)(de)(de)綜合考慮(lv)。企(qi)(qi)業(ye)(ye)(ye)(ye)進(jin)行(xing)股(gu)(gu)份(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)改(gai)(gai)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)，產權結構就(jiu)(jiu)由單一產權變為多元投(tou)資(zi)(zi)(zi)主(zhu)(zhu)體，如果是(shi)(shi)(shi)(shi)(shi)(shi)改(gai)(gai)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)上(shang)(shang)(shang)市(shi)(shi)(shi)成為公(gong)(gong)眾(zhong)公(gong)(gong)司(si)，必須(xu)(xu)做到信息公(gong)(gong)開，必須(xu)(xu)接受(shou)社會監督，這(zhe)(zhe)對國(guo)有(you)(you)企(qi)(qi)業(ye)(ye)(ye)(ye)建立現代企(qi)(qi)業(ye)(ye)(ye)(ye)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)度、完善法(fa)人治理(li)結構能(neng)(neng)(neng)(neng)夠提(ti)供有(you)(you)效的(de)(de)(de)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)度保(bao)障，因(yin)(yin)此，股(gu)(gu)份(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)就(jiu)(jiu)成為公(gong)(gong)有(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)的(de)(de)(de)主(zhu)(zhu)要(yao)(yao)實(shi)現形(xing)式(shi)，國(guo)有(you)(you)企(qi)(qi)業(ye)(ye)(ye)(ye)進(jin)行(xing)股(gu)(gu)份(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)改(gai)(gai)革特(te)別是(shi)(shi)(shi)(shi)(shi)(shi)整體上(shang)(shang)(shang)市(shi)(shi)(shi)就(jiu)(jiu)成為主(zhu)(zhu)要(yao)(yao)取(qu)(qu)向(xiang)和改(gai)(gai)革模式(shi)。但國(guo)有(you)(you)企(qi)(qi)業(ye)(ye)(ye)(ye)進(jin)行(xing)股(gu)(gu)份(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)改(gai)(gai)革，必須(xu)(xu)能(neng)(neng)(neng)(neng)夠回報(bao)股(gu)(gu)東并(bing)且(qie)具有(you)(you)較好的(de)(de)(de)投(tou)資(zi)(zi)(zi)回報(bao)，如果改(gai)(gai)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)上(shang)(shang)(shang)市(shi)(shi)(shi)，必須(xu)(xu)符合上(shang)(shang)(shang)市(shi)(shi)(shi)條件(jian)，如果連續(xu)虧(kui)損將要(yao)(yao)摘牌退市(shi)(shi)(shi)，還存在控制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)權轉移的(de)(de)(de)壓力等，實(shi)際情況(kuang)是(shi)(shi)(shi)(shi)(shi)(shi)，并(bing)非所(suo)有(you)(you)國(guo)有(you)(you)企(qi)(qi)業(ye)(ye)(ye)(ye)都(dou)(dou)(dou)具有(you)(you)投(tou)資(zi)(zi)(zi)價值(zhi)，更不(bu)(bu)(bu)(bu)(bu)是(shi)(shi)(shi)(shi)(shi)(shi)都(dou)(dou)(dou)符合上(shang)(shang)(shang)市(shi)(shi)(shi)條件(jian)，特(te)別是(shi)(shi)(shi)(shi)(shi)(shi)承(cheng)擔公(gong)(gong)益性功能(neng)(neng)(neng)(neng)或主(zhu)(zhu)要(yao)(yao)承(cheng)擔保(bao)障性功能(neng)(neng)(neng)(neng)的(de)(de)(de)國(guo)有(you)(you)企(qi)(qi)業(ye)(ye)(ye)(ye)，由于(yu)贏利能(neng)(neng)(neng)(neng)力不(bu)(bu)(bu)(bu)(bu)強(qiang)，可(ke)能(neng)(neng)(neng)(neng)出現虧(kui)損甚至嚴(yan)重虧(kui)損，無(wu)法(fa)實(shi)現良(liang)好回報(bao)，無(wu)法(fa)吸引(yin)其他股(gu)(gu)東，也無(wu)法(fa)滿足(zu)上(shang)(shang)(shang)市(shi)(shi)(shi)要(yao)(yao)求。因(yin)(yin)此，國(guo)有(you)(you)企(qi)(qi)業(ye)(ye)(ye)(ye)發(fa)展混合所(suo)有(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)不(bu)(bu)(bu)(bu)(bu)可(ke)能(neng)(neng)(neng)(neng)都(dou)(dou)(dou)采(cai)取(qu)(qu)股(gu)(gu)份(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)特(te)別是(shi)(shi)(shi)(shi)(shi)(shi)改(gai)(gai)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)上(shang)(shang)(shang)市(shi)(shi)(shi)的(de)(de)(de)模式(shi)。適應建立現代企(qi)(qi)業(ye)(ye)(ye)(ye)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)度的(de)(de)(de)要(yao)(yao)求，國(guo)有(you)(you)企(qi)(qi)業(ye)(ye)(ye)(ye)也可(ke)以進(jin)行(xing)公(gong)(gong)司(si)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)改(gai)(gai)革。因(yin)(yin)此，中(zhong)(zhong)央歷來強(qiang)調，國(guo)有(you)(you)企(qi)(qi)業(ye)(ye)(ye)(ye)要(yao)(yao)加(jia)快推進(jin)公(gong)(gong)司(si)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)股(gu)(gu)份(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)改(gai)(gai)革，具備(bei)條件(jian)的(de)(de)(de)國(guo)有(you)(you)企(qi)(qi)業(ye)(ye)(ye)(ye)進(jin)行(xing)改(gai)(gai)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)上(shang)(shang)(shang)市(shi)(shi)(shi)。從(cong)我國(guo)國(guo)有(you)(you)企(qi)(qi)業(ye)(ye)(ye)(ye)目前的(de)(de)(de)實(shi)際情況(kuang)看，相當一部分國(guo)有(you)(you)企(qi)(qi)業(ye)(ye)(ye)(ye)并(bing)不(bu)(bu)(bu)(bu)(bu)是(shi)(shi)(shi)(shi)(shi)(shi)股(gu)(gu)份(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)業(ye)(ye)(ye)(ye)。實(shi)際上(shang)(shang)(shang)，股(gu)(gu)份(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)業(ye)(ye)(ye)(ye)在全部企(qi)(qi)業(ye)(ye)(ye)(ye)中(zhong)(zhong)占少(shao)數這(zhe)(zhe)種現象在市(shi)(shi)(shi)場經濟國(guo)家(jia)具有(you)(you)普遍性。這(zhe)(zhe)從(cong)一個方面也說明(ming)，發(fa)展混合所(suo)有(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經濟不(bu)(bu)(bu)(bu)(bu)等于(yu)也不(bu)(bu)(bu)(bu)(bu)可(ke)能(neng)(neng)(neng)(neng)都(dou)(dou)(dou)選擇股(gu)(gu)份(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)這(zhe)(zhe)種企(qi)(qi)業(ye)(ye)(ye)(ye)組織(zhi)形(xing)式(shi)。
四
公(gong)(gong)(gong)(gong)司(si)(si)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)也可(ke)(ke)以(yi)(yi)成為(wei)混合(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)濟(ji)(ji)的(de)(de)(de)(de)重(zhong)要實(shi)(shi)現形(xing)(xing)式(shi)。黨的(de)(de)(de)(de)十八屆三(san)中全會強調，積極(ji)發展(zhan)(zhan)國(guo)(guo)有(you)(you)(you)(you)資(zi)(zi)(zi)本(ben)(ben)(ben)(ben)、集體(ti)資(zi)(zi)(zi)本(ben)(ben)(ben)(ben)、非(fei)公(gong)(gong)(gong)(gong)有(you)(you)(you)(you)資(zi)(zi)(zi)本(ben)(ben)(ben)(ben)等(deng)(deng)交叉(cha)持股(gu)、相互(hu)(hu)融合(he)(he)的(de)(de)(de)(de)混合(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)濟(ji)(ji)。根(gen)據(ju)這一(yi)精神和(he)(he)要求(qiu)，只要能(neng)(neng)夠實(shi)(shi)現公(gong)(gong)(gong)(gong)有(you)(you)(you)(you)資(zi)(zi)(zi)本(ben)(ben)(ben)(ben)與非(fei)公(gong)(gong)(gong)(gong)有(you)(you)(you)(you)資(zi)(zi)(zi)本(ben)(ben)(ben)(ben)等(deng)(deng)的(de)(de)(de)(de)交叉(cha)持股(gu)和(he)(he)相互(hu)(hu)融合(he)(he)，都(dou)(dou)應(ying)(ying)(ying)該視(shi)為(wei)混合(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)業(ye)(ye)(ye)(ye)(ye)(ye)，都(dou)(dou)應(ying)(ying)(ying)該給予積極(ji)支持和(he)(he)鼓勵。公(gong)(gong)(gong)(gong)司(si)(si)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)業(ye)(ye)(ye)(ye)(ye)(ye)中，排除《公(gong)(gong)(gong)(gong)司(si)(si)法(fa)》分別(bie)作了特(te)別(bie)規定的(de)(de)(de)(de)一(yi)人有(you)(you)(you)(you)限責(ze)任公(gong)(gong)(gong)(gong)司(si)(si)和(he)(he)國(guo)(guo)有(you)(you)(you)(you)獨資(zi)(zi)(zi)企(qi)(qi)(qi)業(ye)(ye)(ye)(ye)(ye)(ye)，其他公(gong)(gong)(gong)(gong)司(si)(si)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)業(ye)(ye)(ye)(ye)(ye)(ye)的(de)(de)(de)(de)股(gu)東(dong)按法(fa)律(lv)規定必須在2人以(yi)(yi)上(shang)、50人以(yi)(yi)下，如(ru)果(guo)股(gu)東(dong)所(suo)(suo)(suo)出資(zi)(zi)(zi)本(ben)(ben)(ben)(ben)中既(ji)包(bao)括公(gong)(gong)(gong)(gong)有(you)(you)(you)(you)資(zi)(zi)(zi)本(ben)(ben)(ben)(ben)，又包(bao)括非(fei)公(gong)(gong)(gong)(gong)有(you)(you)(you)(you)資(zi)(zi)(zi)本(ben)(ben)(ben)(ben)，從(cong)混合(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)濟(ji)(ji)的(de)(de)(de)(de)內涵和(he)(he)要求(qiu)來看，應(ying)(ying)(ying)該屬于多(duo)(duo)元(yuan)投(tou)資(zi)(zi)(zi)主體(ti)的(de)(de)(de)(de)混合(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)濟(ji)(ji)。由(you)此可(ke)(ke)見，采(cai)用公(gong)(gong)(gong)(gong)司(si)(si)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)業(ye)(ye)(ye)(ye)(ye)(ye)的(de)(de)(de)(de)組織(zhi)形(xing)(xing)式(shi)，也可(ke)(ke)以(yi)(yi)實(shi)(shi)現發展(zhan)(zhan)混合(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)濟(ji)(ji)所(suo)(suo)(suo)要求(qiu)的(de)(de)(de)(de)公(gong)(gong)(gong)(gong)有(you)(you)(you)(you)資(zi)(zi)(zi)本(ben)(ben)(ben)(ben)與非(fei)公(gong)(gong)(gong)(gong)有(you)(you)(you)(you)資(zi)(zi)(zi)本(ben)(ben)(ben)(ben)等(deng)(deng)交叉(cha)持股(gu)、相互(hu)(hu)融合(he)(he)的(de)(de)(de)(de)目(mu)的(de)(de)(de)(de)，也可(ke)(ke)以(yi)(yi)達到國(guo)(guo)有(you)(you)(you)(you)資(zi)(zi)(zi)本(ben)(ben)(ben)(ben)放大功能(neng)(neng)、保值(zhi)增(zeng)值(zhi)、提高競(jing)爭力(li)的(de)(de)(de)(de)目(mu)的(de)(de)(de)(de)，應(ying)(ying)(ying)該成為(wei)發展(zhan)(zhan)混合(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)濟(ji)(ji)的(de)(de)(de)(de)一(yi)個重(zhong)要途徑，成為(wei)深化國(guo)(guo)有(you)(you)(you)(you)企(qi)(qi)(qi)業(ye)(ye)(ye)(ye)(ye)(ye)改(gai)革的(de)(de)(de)(de)一(yi)個重(zhong)要方(fang)向。正(zheng)因為(wei)如(ru)此，國(guo)(guo)內理論界和(he)(he)企(qi)(qi)(qi)業(ye)(ye)(ye)(ye)(ye)(ye)界通(tong)常將公(gong)(gong)(gong)(gong)司(si)(si)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)業(ye)(ye)(ye)(ye)(ye)(ye)和(he)(he)股(gu)份制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)業(ye)(ye)(ye)(ye)(ye)(ye)都(dou)(dou)歸(gui)之(zhi)為(wei)現代企(qi)(qi)(qi)業(ye)(ye)(ye)(ye)(ye)(ye)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)度(du)，并將現代企(qi)(qi)(qi)業(ye)(ye)(ye)(ye)(ye)(ye)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)度(du)確(que)定為(wei)國(guo)(guo)有(you)(you)(you)(you)企(qi)(qi)(qi)業(ye)(ye)(ye)(ye)(ye)(ye)改(gai)革的(de)(de)(de)(de)方(fang)向。把混合(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)等(deng)(deng)同于股(gu)份制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)，必然會排除和(he)(he)排斥公(gong)(gong)(gong)(gong)司(si)(si)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)這一(yi)實(shi)(shi)現混合(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)濟(ji)(ji)的(de)(de)(de)(de)重(zhong)要途徑和(he)(he)有(you)(you)(you)(you)效形(xing)(xing)式(shi)，顯然，是(shi)不可(ke)(ke)取、不適宜的(de)(de)(de)(de)。因此，積極(ji)發展(zhan)(zhan)混合(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)濟(ji)(ji)，既(ji)要繼(ji)續(xu)推(tui)進國(guo)(guo)有(you)(you)(you)(you)企(qi)(qi)(qi)業(ye)(ye)(ye)(ye)(ye)(ye)的(de)(de)(de)(de)股(gu)份制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)改(gai)革，允許(xu)更多(duo)(duo)國(guo)(guo)有(you)(you)(you)(you)經(jing)濟(ji)(ji)和(he)(he)其他所(suo)(suo)(suo)有(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)濟(ji)(ji)發展(zhan)(zhan)成為(wei)混合(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)濟(ji)(ji)，鼓勵發展(zhan)(zhan)私(si)營資(zi)(zi)(zi)本(ben)(ben)(ben)(ben)控(kong)股(gu)的(de)(de)(de)(de)混合(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)業(ye)(ye)(ye)(ye)(ye)(ye)，也要繼(ji)續(xu)深化國(guo)(guo)有(you)(you)(you)(you)企(qi)(qi)(qi)業(ye)(ye)(ye)(ye)(ye)(ye)的(de)(de)(de)(de)公(gong)(gong)(gong)(gong)司(si)(si)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)改(gai)革，發展(zhan)(zhan)公(gong)(gong)(gong)(gong)有(you)(you)(you)(you)資(zi)(zi)(zi)本(ben)(ben)(ben)(ben)與私(si)營資(zi)(zi)(zi)本(ben)(ben)(ben)(ben)等(deng)(deng)多(duo)(duo)元(yuan)投(tou)資(zi)(zi)(zi)主體(ti)的(de)(de)(de)(de)公(gong)(gong)(gong)(gong)司(si)(si)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)業(ye)(ye)(ye)(ye)(ye)(ye)，以(yi)(yi)拓展(zhan)(zhan)混合(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)濟(ji)(ji)的(de)(de)(de)(de)發展(zhan)(zhan)途徑，推(tui)進混合(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)濟(ji)(ji)的(de)(de)(de)(de)更快發展(zhan)(zhan)。
（本文章(zhang)摘自5月29日《經(jing)濟日報》）