中國聯(lian)通混合所有制改(gai)革(ge)充分照(zhao)顧到企業員工的(de)利(li)益(yi),與上(shang)個世紀90年(nian)代國有企業股(gu)份制改(gai)革(ge)相比,是巨(ju)大的(de)進步(bu)。
對于(yu)中(zhong)國(guo)(guo)聯通(tong)混(hun)合所(suo)(suo)有(you)(you)(you)(you)(you)制(zhi)(zhi)改(gai)革(ge)(ge)(ge),爭議(yi)較多。有(you)(you)(you)(you)(you)人認為(wei)(wei)(wei),中(zhong)國(guo)(guo)聯通(tong)所(suo)(suo)有(you)(you)(you)(you)(you)制(zhi)(zhi)改(gai)革(ge)(ge)(ge)沒有(you)(you)(you)(you)(you)堅持(chi)(chi)國(guo)(guo)有(you)(you)(you)(you)(you)控股(gu)(gu)的(de)基本原則,反而在改(gai)革(ge)(ge)(ge)過程(cheng)中(zhong),通(tong)過職(zhi)工(gong)持(chi)(chi)股(gu)(gu)方式將國(guo)(guo)有(you)(you)(you)(you)(you)企(qi)業(ye)(ye)變成了(le)國(guo)(guo)有(you)(you)(you)(you)(you)企(qi)業(ye)(ye)職(zhi)工(gong)的(de)企(qi)業(ye)(ye),這是(shi)一種(zhong)明顯的(de)倒退。這項改(gai)革(ge)(ge)(ge)不(bu)利(li)于(yu)維(wei)護社(she)會主義(yi)公(gong)有(you)(you)(you)(you)(you)制(zhi)(zhi),不(bu)利(li)于(yu)國(guo)(guo)有(you)(you)(you)(you)(you)資產保值增值。也有(you)(you)(you)(you)(you)人認為(wei)(wei)(wei),中(zhong)國(guo)(guo)聯通(tong)對員工(gong)持(chi)(chi)股(gu)(gu)定(ding)價僅僅為(wei)(wei)(wei)停(ting)牌前股(gu)(gu)票價格的(de)一半(ban),但是(shi),這樣的(de)價格仍然高(gao)于(yu)每(mei)股(gu)(gu)凈資產,因此,這項員工(gong)激勵機制(zhi)(zhi)改(gai)革(ge)(ge)(ge)方案是(shi)可行(xing)的(de)。相(xiang)比較過去實(shi)行(xing)的(de)“管理(li)層(ceng)收(shou)購”,這是(shi)一個巨大(da)的(de)進步。筆者認為(wei)(wei)(wei),中(zhong)國(guo)(guo)聯通(tong)混(hun)合所(suo)(suo)有(you)(you)(you)(you)(you)制(zhi)(zhi)改(gai)革(ge)(ge)(ge)實(shi)現(xian)了(le)同(tong)股(gu)(gu)同(tong)權,而且改(gai)革(ge)(ge)(ge)充分照(zhao)顧到企(qi)業(ye)(ye)員工(gong)的(de)利(li)益,與上個世紀90年代國(guo)(guo)有(you)(you)(you)(you)(you)企(qi)業(ye)(ye)股(gu)(gu)份制(zhi)(zhi)改(gai)革(ge)(ge)(ge)相(xiang)比,是(shi)巨大(da)的(de)進步,而不(bu)是(shi)舊(jiu)瓶裝新(xin)酒。
世界上沒(mei)有(you)完(wan)全相同(tong)的(de)國(guo)(guo)(guo)(guo)有(you)企(qi)(qi)業,世界上也沒(mei)有(you)完(wan)全相同(tong)的(de)國(guo)(guo)(guo)(guo)有(you)企(qi)(qi)業改(gai)革(ge)方案。中(zhong)(zhong)(zhong)(zhong)國(guo)(guo)(guo)(guo)聯(lian)(lian)通之所以成為(wei)(wei)中(zhong)(zhong)(zhong)(zhong)國(guo)(guo)(guo)(guo)混合所有(you)制改(gai)革(ge)的(de)領(ling)頭羊(yang),是因為(wei)(wei)中(zhong)(zhong)(zhong)(zhong)國(guo)(guo)(guo)(guo)聯(lian)(lian)通在經營過程中(zhong)(zhong)(zhong)(zhong)遇到了困難(nan)。隨(sui)著語音服務(wu)、數據服務(wu)收入不斷下降,中(zhong)(zhong)(zhong)(zhong)國(guo)(guo)(guo)(guo)聯(lian)(lian)通在中(zhong)(zhong)(zhong)(zhong)國(guo)(guo)(guo)(guo)基礎通信產(chan)業領(ling)域處境越(yue)(yue)來越(yue)(yue)困難(nan),將中(zhong)(zhong)(zhong)(zhong)國(guo)(guo)(guo)(guo)聯(lian)(lian)通與中(zhong)(zhong)(zhong)(zhong)國(guo)(guo)(guo)(guo)電信、中(zhong)(zhong)(zhong)(zhong)國(guo)(guo)(guo)(guo)移動(dong)合并,當(dang)然(ran)可以解決中(zhong)(zhong)(zhong)(zhong)國(guo)(guo)(guo)(guo)聯(lian)(lian)通面臨的(de)問題。但(dan)是,如果把中(zhong)(zhong)(zhong)(zhong)國(guo)(guo)(guo)(guo)聯(lian)(lian)通作為(wei)(wei)國(guo)(guo)(guo)(guo)有(you)企(qi)(qi)業改(gai)革(ge)的(de)試(shi)驗田,引(yin)入戰略投資(zi)者,吸引(yin)民間資(zi)本(ben),增加職工持有(you)股份比(bi)例(li),那么(me),可以為(wei)(wei)中(zhong)(zhong)(zhong)(zhong)國(guo)(guo)(guo)(guo)聯(lian)(lian)通發(fa)展(zhan)開辟新的(de)道路。
中(zhong)(zhong)(zhong)國(guo)(guo)(guo)(guo)聯(lian)通(tong)(tong)(tong)在改革(ge)(ge)(ge)過(guo)程中(zhong)(zhong)(zhong)可(ke)(ke)以(yi)有(you)多種選擇。中(zhong)(zhong)(zhong)央之(zhi)所以(yi)選擇當前這種改革(ge)(ge)(ge)模式,一方(fang)面是通(tong)(tong)(tong)過(guo)混(hun)合所有(you)制(zhi)改革(ge)(ge)(ge),為(wei)民間(jian)投資者(zhe)提(ti)供參與國(guo)(guo)(guo)(guo)有(you)企(qi)業改革(ge)(ge)(ge)的機會,通(tong)(tong)(tong)過(guo)改變國(guo)(guo)(guo)(guo)有(you)企(qi)業股權結構,提(ti)高國(guo)(guo)(guo)(guo)有(you)企(qi)業治理能(neng)力和市場競爭能(neng)力,另一方(fang)面通(tong)(tong)(tong)過(guo)探索混(hun)合所有(you)制(zhi)改革(ge)(ge)(ge)路徑,為(wei)中(zhong)(zhong)(zhong)國(guo)(guo)(guo)(guo)其他國(guo)(guo)(guo)(guo)有(you)企(qi)業改革(ge)(ge)(ge)積累經(jing)驗,從而使中(zhong)(zhong)(zhong)國(guo)(guo)(guo)(guo)國(guo)(guo)(guo)(guo)有(you)企(qi)業以(yi)及(ji)國(guo)(guo)(guo)(guo)有(you)企(qi)業積累的龐大(da)資產能(neng)更好地(di)發揮作(zuo)用。如(ru)果中(zhong)(zhong)(zhong)國(guo)(guo)(guo)(guo)聯(lian)通(tong)(tong)(tong)實行混(hun)合所有(you)制(zhi)改革(ge)(ge)(ge)之(zhi)后,企(qi)業內(nei)部出(chu)現非常明顯的矛盾,戰(zhan)略(lve)投資者(zhe)戰(zhan)略(lve)決(jue)策與國(guo)(guo)(guo)(guo)家戰(zhan)略(lve)決(jue)策發生分歧(qi),那么,可(ke)(ke)以(yi)通(tong)(tong)(tong)過(guo)股權回(hui)購等方(fang)式,讓中(zhong)(zhong)(zhong)國(guo)(guo)(guo)(guo)聯(lian)通(tong)(tong)(tong)重(zhong)新成為(wei)傳統(tong)國(guo)(guo)(guo)(guo)有(you)企(qi)業。總(zong)而言之(zhi),中(zhong)(zhong)(zhong)國(guo)(guo)(guo)(guo)聯(lian)通(tong)(tong)(tong)作(zuo)為(wei)中(zhong)(zhong)(zhong)國(guo)(guo)(guo)(guo)國(guo)(guo)(guo)(guo)有(you)企(qi)業混(hun)合所有(you)制(zhi)改革(ge)(ge)(ge)先行者(zhe),有(you)可(ke)(ke)能(neng)會成功,也有(you)可(ke)(ke)能(neng)會徹底失敗(bai)。但不管成功還是失敗(bai),都(dou)會給中(zhong)(zhong)(zhong)國(guo)(guo)(guo)(guo)國(guo)(guo)(guo)(guo)有(you)企(qi)業改革(ge)(ge)(ge)帶來有(you)益的經(jing)驗。
中(zhong)(zhong)(zhong)國(guo)聯(lian)(lian)(lian)通(tong)(tong)改(gai)(gai)革(ge)的(de)確有(you)(you)許多值得進一(yi)(yi)步(bu)澄清的(de)地(di)方。雖然中(zhong)(zhong)(zhong)國(guo)聯(lian)(lian)(lian)通(tong)(tong)按照信息披(pi)露制(zhi)度發布系列公告,在(zai)一(yi)(yi)定(ding)程度上(shang)回答了(le)公眾疑問。但(dan)是(shi)(shi)從整體而言,中(zhong)(zhong)(zhong)國(guo)聯(lian)(lian)(lian)通(tong)(tong)改(gai)(gai)革(ge)還有(you)(you)待時間檢驗(yan)。中(zhong)(zhong)(zhong)國(guo)聯(lian)(lian)(lian)通(tong)(tong)股(gu)份制(zhi)改(gai)(gai)革(ge)不(bu)是(shi)(shi)通(tong)(tong)過(guo)掛(gua)牌競(jing)價(jia)收(shou)購,沒有(you)(you)遵從現行(xing)證(zheng)券交易規則,這(zhe)本身說明(ming)(ming)中(zhong)(zhong)(zhong)國(guo)聯(lian)(lian)(lian)通(tong)(tong)改(gai)(gai)革(ge)的(de)迫切(qie)性。改(gai)(gai)革(ge)之后市場的(de)反(fan)應并不(bu)能說明(ming)(ming)改(gai)(gai)革(ge)是(shi)(shi)否取得成功,而只(zhi)能說明(ming)(ming)投資(zi)者(zhe)(zhe)對混合所有(you)(you)制(zhi)改(gai)(gai)革(ge)可能產生的(de)經濟效(xiao)益(yi)充滿憧憬。中(zhong)(zhong)(zhong)國(guo)聯(lian)(lian)(lian)通(tong)(tong)恢復掛(gua)牌之后股(gu)票價(jia)格(ge)迅速上(shang)漲(zhang),不(bu)排除一(yi)(yi)些投資(zi)者(zhe)(zhe)搭便車,他們(men)看到戰(zhan)略投資(zi)者(zhe)(zhe)加盟讓(rang)中(zhong)(zhong)(zhong)國(guo)聯(lian)(lian)(lian)通(tong)(tong)“財大氣(qi)粗”,在(zai)未來市場競(jing)爭中(zhong)(zhong)(zhong)有(you)(you)可能會把握先機。這(zhe)是(shi)(shi)一(yi)(yi)種投資(zi)未來的(de)表現,但(dan)并不(bu)能說明(ming)(ming)投資(zi)者(zhe)(zhe)都(dou)(dou)是(shi)(shi)長期投資(zi)者(zhe)(zhe)或者(zhe)(zhe)價(jia)值投資(zi)者(zhe)(zhe)。中(zhong)(zhong)(zhong)國(guo)聯(lian)(lian)(lian)通(tong)(tong)改(gai)(gai)革(ge)之后,如何進行(xing)戰(zhan)略決策,治理結構(gou)調整之后,如何在(zai)中(zhong)(zhong)(zhong)國(guo)基礎通(tong)(tong)信產業領(ling)域(yu)競(jing)爭中(zhong)(zhong)(zhong)脫穎而出(chu),所有(you)(you)這(zhe)些都(dou)(dou)值得社會各界廣泛關注。
筆者之所(suo)以強調(diao)國有(you)(you)企業(ye)改(gai)(gai)革必(bi)須走民主決策的(de)(de)道路(lu),是因為(wei)國有(you)(you)企業(ye)本質上屬于全民企業(ye),其改(gai)(gai)革牽涉每一(yi)個公民切身利(li)益(yi),因此,不能暗(an)箱操作(zuo),更不能通(tong)(tong)(tong)過協議方式實現股權(quan)轉讓(rang)。此次中(zhong)國聯通(tong)(tong)(tong)混合所(suo)有(you)(you)制改(gai)(gai)革之所(suo)以大刀闊斧,對中(zhong)國聯通(tong)(tong)(tong)核心資產和(he)經營業(ye)務(wu)進行改(gai)(gai)革,并且(qie)徹底摒棄了(le)國家絕對持(chi)股的(de)(de)方案,可(ke)能是為(wei)了(le)增加(jia)中(zhong)國聯通(tong)(tong)(tong)股份制改(gai)(gai)革的(de)(de)吸引力。但是,這樣的(de)(de)改(gai)(gai)革的(de)(de)確存在市場風險。
但不管(guan)怎樣,中國(guo)(guo)政府有(you)足夠能力維護中國(guo)(guo)通(tong)(tong)信安全,有(you)足夠能力保護中國(guo)(guo)國(guo)(guo)有(you)資產。如(ru)果外國(guo)(guo)資本通(tong)(tong)過間(jian)接方式進入(ru)中國(guo)(guo)傳(chuan)統產業領域,試圖對中國(guo)(guo)通(tong)(tong)信市場(chang)施加影(ying)響(xiang)力,那么,中國(guo)(guo)政府一定(ding)會通(tong)(tong)過修改規則,確保國(guo)(guo)家利(li)益不受損害(hai)。對中國(guo)(guo)聯通(tong)(tong)股份所有(you)制改革(ge)過渡揣測完全沒有(you)必要,這場(chang)改革(ge)牽(qian)涉到普(pu)通(tong)(tong)公眾利(li)益,因此,他們有(you)權利(li)表達自己的意見。至于(yu)改革(ge)成效如(ru)何,讓(rang)我們騎驢(lv)看唱(chang)本走著(zhu)瞧。
中(zhong)(zhong)證(zheng)(zheng)網(wang)(wang)聲明:凡本網(wang)(wang)注(zhu)明“來(lai)源(yuan):中(zhong)(zhong)國證(zheng)(zheng)券報(bao)(bao)·中(zhong)(zhong)證(zheng)(zheng)網(wang)(wang)”的所有(you)作(zuo)(zuo)(zuo)(zuo)品(pin),版權均屬于中(zhong)(zhong)國證(zheng)(zheng)券報(bao)(bao)、中(zhong)(zhong)證(zheng)(zheng)網(wang)(wang)。中(zhong)(zhong)國證(zheng)(zheng)券報(bao)(bao)·中(zhong)(zhong)證(zheng)(zheng)網(wang)(wang)與作(zuo)(zuo)(zuo)(zuo)品(pin)作(zuo)(zuo)(zuo)(zuo)者(zhe)(zhe)聯(lian)合聲明,任何組織未經中(zhong)(zhong)國證(zheng)(zheng)券報(bao)(bao)、中(zhong)(zhong)證(zheng)(zheng)網(wang)(wang)以及(ji)作(zuo)(zuo)(zuo)(zuo)者(zhe)(zhe)書面授權不得轉載(zai)、摘編或利用其(qi)(qi)它方式(shi)使(shi)用上述作(zuo)(zuo)(zuo)(zuo)品(pin)。凡本網(wang)(wang)注(zhu)明來(lai)源(yuan)非中(zhong)(zhong)國證(zheng)(zheng)券報(bao)(bao)·中(zhong)(zhong)證(zheng)(zheng)網(wang)(wang)的作(zuo)(zuo)(zuo)(zuo)品(pin),均轉載(zai)自其(qi)(qi)它媒體(ti),轉載(zai)目的在于更好服(fu)務讀者(zhe)(zhe)、傳遞信息之需,并(bing)不代(dai)表本網(wang)(wang)贊同其(qi)(qi)觀點,本網(wang)(wang)亦不對其(qi)(qi)真實性(xing)負責,持異議者(zhe)(zhe)應與原出處單位主張權利。
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