摘要
当前解决我国国民经济与证券市场的深层次矛盾的关键是,将上市公司的国有股表决权证券化为类似于股票的国有股表决权证,并在沪深股市竞价发行后上市流通交易,与原有流通股一起共同构成统一的公司控制权市场。改进国家对公司的控制模式,分离主动表决权与被动表决权,制定《国有股被动表决权行使法》,政府只以被动表决权——即否决权行使方式行使有关政治、产业政策方面的保留权利;而将有关资源配置方面的权利售予流通股公众,由流通股股东控制公司经营权,调动流通股股东促进资源配置的积极性,形成国家依法监管与企业自主经营相结合的新型政企关系,找到公有制在市场经济中的微观实现形式。
Establishing New Relationship Between Government and Enterprise by Securitization of Right to Vote on State-owned Stocks of Listed Company.This paper discusses the measure of separation between ownership and control on the background of special institution in china.Author points out,to improve the opera- tion of corporate controlling fight market in China,we should do securitization of right to vote in state-owned stocks.Control fight transference will finds efficient cor- porate governance structure,and government should control corporate behavior by veto power.This will motivate the managers to make maximization the value of cor- porate.
出处
《制度经济学研究》
2004年第1期170-178,共9页
Research on Institutional Economics
关键词
公司治理
国有股表决权证券化
公司控制权市场
否决权
corporate governance
securitization of right to vote in state-owned stocks
market for corporate control
veto power
