3月(yue)5日,李克(ke)強總理在第十三(san)屆全(quan)國(guo)人大(da)所作的政府工(gong)作報告中指出:“推(tui)動國(guo)資國(guo)企改革(ge),……加快形成有(you)效制(zhi)(zhi)衡的法人治理結構,……穩妥推(tui)進混(hun)合所有(you)制(zhi)(zhi)改革(ge)”。這為國(guo)企混(hun)改進一步指明了方向(xiang)。
混合所有(you)(you)制(zhi)(zhi)的本質是產權(quan)多(duo)元化,對于國(guo)(guo)企(qi)混改來說,就(jiu)是要吸引更多(duo)的民資進入,而要有(you)(you)效(xiao)吸引民資進入,就(jiu)必須在國(guo)(guo)資和民資之(zhi)間形成有(you)(you)效(xiao)的制(zhi)(zhi)衡(heng)機制(zhi)(zhi),這其實就(jiu)是公司(si)治理的契約機制(zhi)(zhi)。
“制(zhi)(zhi)(zhi)(zhi)衡(heng)(heng)”之(zhi)“制(zhi)(zhi)(zhi)(zhi)”意(yi)為制(zhi)(zhi)(zhi)(zhi)約(yue),“制(zhi)(zhi)(zhi)(zhi)衡(heng)(heng)”之(zhi)“衡(heng)(heng)”意(yi)為平衡(heng)(heng)。公司治(zhi)理(li)中涉及很多利(li)益(yi)相關(guan)者,他們的(de)(de)權利(li)、利(li)益(yi)和(he)責任(ren)需要達(da)到平衡(heng)(heng),才(cai)(cai)能保持企(qi)(qi)業的(de)(de)長效(xiao)發展;而(er)(er)平衡(heng)(heng)都是通(tong)(tong)過不(bu)同(tong)利(li)益(yi)主體(ti)的(de)(de)相互(hu)(hu)作用和(he)相互(hu)(hu)制(zhi)(zhi)(zhi)(zhi)約(yue)才(cai)(cai)能形(xing)成,而(er)(er)不(bu)是通(tong)(tong)過一(yi)方對另一(yi)方的(de)(de)強制(zhi)(zhi)(zhi)(zhi)來實(shi)現。換言(yan)之(zhi),相互(hu)(hu)作用和(he)相互(hu)(hu)制(zhi)(zhi)(zhi)(zhi)約(yue)形(xing)成的(de)(de)平衡(heng)(heng)只能是契約(yue)的(de)(de)產物,這(zhe)種制(zhi)(zhi)(zhi)(zhi)衡(heng)(heng)應該是權利(li)制(zhi)(zhi)(zhi)(zhi)衡(heng)(heng)和(he)責任(ren)制(zhi)(zhi)(zhi)(zhi)衡(heng)(heng)的(de)(de)統一(yi),建立了這(zhe)樣的(de)(de)機制(zhi)(zhi)(zhi)(zhi),才(cai)(cai)能保證國企(qi)(qi)混改的(de)(de)成功。
權利制衡
在(zai)公司治理(li)(li)(li)結構中(zhong),關(guan)(guan)鍵(jian)是(shi)(shi)股(gu)東(dong)(dong)大會(hui)(hui)、董(dong)事(shi)會(hui)(hui)和經理(li)(li)(li)層(ceng)。他們之(zhi)(zhi)間的(de)(de)關(guan)(guan)系(xi)不是(shi)(shi)縱向等級關(guan)(guan)系(xi),而是(shi)(shi)彼此制(zhi)衡關(guan)(guan)系(xi)。董(dong)事(shi)會(hui)(hui)由股(gu)東(dong)(dong)大會(hui)(hui)選舉產(chan)生,總經理(li)(li)(li)由董(dong)事(shi)會(hui)(hui)選聘產(chan)生。就前者來說(shuo),董(dong)事(shi)會(hui)(hui)并(bing)不能(neng)僅由某個(ge)或(huo)某類股(gu)東(dong)(dong)(如(ru)大股(gu)東(dong)(dong))所左右,中(zhong)小股(gu)東(dong)(dong)在(zai)股(gu)東(dong)(dong)大會(hui)(hui)中(zhong)的(de)(de)權利必須得到尊重,這就要求(qiu)通過(guo)中(zhong)小股(gu)東(dong)(dong)保護(hu)制(zhi)度,以形成中(zhong)小股(gu)東(dong)(dong)對大股(gu)東(dong)(dong)的(de)(de)足夠制(zhi)衡。就后(hou)者來說(shuo),董(dong)事(shi)會(hui)(hui)任何成員都不能(neng)隨(sui)意干涉以總經理(li)(li)(li)為首的(de)(de)經理(li)(li)(li)層(ceng)的(de)(de)日(ri)常決策事(shi)務,原因就在(zai)于他們之(zhi)(zhi)間是(shi)(shi)契約關(guan)(guan)系(xi)。
股東(dong)之(zhi)間的(de)權利制衡:目(mu)前,國(guo)有控股公司的(de)董事會成(cheng)員,相(xiang)當一部(bu)分是國(guo)資委或組(zu)織部(bu)門提出人選,然(ran)后再通過股東(dong)大會“選舉(ju)(ju)”,而這種“選舉(ju)(ju)”幾乎沒有落選的(de)可能性。在這種情況下,股東(dong)大會選舉(ju)(ju)董事的(de)動力大大減(jian)弱,尤其(qi)是小股東(dong),通過股東(dong)大會表達自己訴求(qiu)以(yi)及(ji)選擇自己的(de)代理人成(cheng)為一種難(nan)以(yi)實現的(de)奢求(qiu)。
根據(ju)(ju)我(wo)們(men)的統計,2016年,在(zai)中(zhong)國上(shang)市公(gong)(gong)司中(zhong),有(you)中(zhong)小(xiao)股(gu)東提請召集(ji)臨時股(gu)東大會(hui)的公(gong)(gong)司比例僅(jin)(jin)為0.14%,有(you)中(zhong)小(xiao)股(gu)東提案的公(gong)(gong)司比例僅(jin)(jin)為0.42%,有(you)中(zhong)小(xiao)股(gu)東累積投票的公(gong)(gong)司比例僅(jin)(jin)為26.27%。這組數(shu)據(ju)(ju),反映出中(zhong)國中(zhong)小(xiao)股(gu)東保(bao)護的制度機制還很不健全,大股(gu)東的強(qiang)勢地位使得(de)股(gu)東之間的相互(hu)制衡幾近(jin)于無。
國(guo)(guo)(guo)企(qi)混(hun)改(gai),民(min)(min)資(zi)(zi)股(gu)東(dong)(dong)(dong)難以(yi)成為大(da)股(gu)東(dong)(dong)(dong),而民(min)(min)資(zi)(zi)又是國(guo)(guo)(guo)企(qi)混(hun)改(gai)的(de)不(bu)可缺(que)少的(de)主體。可以(yi)說,國(guo)(guo)(guo)企(qi)混(hun)改(gai)成功(gong)的(de)關(guan)鍵就(jiu)是國(guo)(guo)(guo)有大(da)股(gu)東(dong)(dong)(dong)和其他(ta)股(gu)東(dong)(dong)(dong)的(de)權利(li)平(ping)等和相互制衡,由此(ci)才能形(xing)成國(guo)(guo)(guo)資(zi)(zi)和民(min)(min)資(zi)(zi)的(de)合力。否則(ze),民(min)(min)資(zi)(zi)非但不(bu)愿意進入國(guo)(guo)(guo)企(qi)參與混(hun)改(gai),而且還(huan)會影響企(qi)業活力。
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