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　　積極發(fa)展混(hun)合所(suo)有(you)制(zhi)經濟(ji)，有(you)必(bi)要對公(gong)(gong)司制(zhi)企業與股份制(zhi)企業加以區分(fen)，有(you)必(bi)要對公(gong)(gong)司制(zhi)改革在(zai)發(fa)展混(hun)合所(suo)有(you)制(zhi)經濟(ji)進程中(zhong)的意義和作用重新審視。

　　一

　　混合所(suo)(suo)(suo)有(you)(you)制(zhi)(zhi)(zhi)(zhi)與(yu)股份制(zhi)(zhi)(zhi)(zhi)的(de)關(guan)系，是新一輪國有(you)(you)企業(ye)改(gai)革大幕開啟以(yi)來議(yi)論較多的(de)一個話題。有(you)(you)觀(guan)點認為，混合所(suo)(suo)(suo)有(you)(you)制(zhi)(zhi)(zhi)(zhi)就是股份制(zhi)(zhi)(zhi)(zhi)。這一觀(guan)點著眼于(yu)股份制(zhi)(zhi)(zhi)(zhi)是公(gong)(gong)有(you)(you)制(zhi)(zhi)(zhi)(zhi)的(de)主(zhu)要實(shi)現形式，強調發展混合所(suo)(suo)(suo)有(you)(you)制(zhi)(zhi)(zhi)(zhi)經濟的(de)重點是繼續推(tui)進國有(you)(you)企業(ye)的(de)股份制(zhi)(zhi)(zhi)(zhi)改(gai)革，這一觀(guan)點有(you)(you)可取(qu)之處(chu)。但將混合所(suo)(suo)(suo)有(you)(you)制(zhi)(zhi)(zhi)(zhi)等(deng)同于(yu)股份制(zhi)(zhi)(zhi)(zhi)，既(ji)容(rong)易阻礙公(gong)(gong)有(you)(you)制(zhi)(zhi)(zhi)(zhi)多種實(shi)現形式的(de)積極探(tan)索，也容(rong)易影響(xiang)對公(gong)(gong)司制(zhi)(zhi)(zhi)(zhi)企業(ye)與(yu)股份制(zhi)(zhi)(zhi)(zhi)企業(ye)的(de)正確(que)認識。

　　有(you)(you)(you)(you)限(xian)(xian)(xian)責任公(gong)(gong)(gong)(gong)司(si)(si)和(he)(he)股(gu)(gu)份(fen)(fen)(fen)有(you)(you)(you)(you)限(xian)(xian)(xian)公(gong)(gong)(gong)(gong)司(si)(si)是兩種(zhong)(zhong)形(xing)式(shi)的(de)(de)(de)公(gong)(gong)(gong)(gong)司(si)(si)。通常講的(de)(de)(de)公(gong)(gong)(gong)(gong)司(si)(si)是相對于個人業(ye)(ye)主制(zhi)企(qi)(qi)業(ye)(ye)、合伙制(zhi)企(qi)(qi)業(ye)(ye)等(deng)而言的(de)(de)(de)一種(zhong)(zhong)企(qi)(qi)業(ye)(ye)組織(zhi)形(xing)式(shi)。根(gen)據資本形(xing)式(shi)和(he)(he)承擔(dan)責任的(de)(de)(de)不同，公(gong)(gong)(gong)(gong)司(si)(si)又(you)分為(wei)有(you)(you)(you)(you)限(xian)(xian)(xian)責任公(gong)(gong)(gong)(gong)司(si)(si)和(he)(he)股(gu)(gu)份(fen)(fen)(fen)有(you)(you)(you)(you)限(xian)(xian)(xian)公(gong)(gong)(gong)(gong)司(si)(si)兩種(zhong)(zhong)，股(gu)(gu)份(fen)(fen)(fen)有(you)(you)(you)(you)限(xian)(xian)(xian)公(gong)(gong)(gong)(gong)司(si)(si)又(you)分為(wei)上市(shi)(shi)公(gong)(gong)(gong)(gong)司(si)(si)和(he)(he)非上市(shi)(shi)公(gong)(gong)(gong)(gong)司(si)(si)兩種(zhong)(zhong)，上市(shi)(shi)公(gong)(gong)(gong)(gong)司(si)(si)是指其股(gu)(gu)票在證券(quan)交(jiao)易所(suo)上市(shi)(shi)交(jiao)易的(de)(de)(de)股(gu)(gu)份(fen)(fen)(fen)有(you)(you)(you)(you)限(xian)(xian)(xian)公(gong)(gong)(gong)(gong)司(si)(si)。有(you)(you)(you)(you)限(xian)(xian)(xian)責任公(gong)(gong)(gong)(gong)司(si)(si)與股(gu)(gu)份(fen)(fen)(fen)有(you)(you)(you)(you)限(xian)(xian)(xian)公(gong)(gong)(gong)(gong)司(si)(si)是有(you)(you)(you)(you)明確(que)法律界定(ding)和(he)(he)法律區(qu)別(bie)的(de)(de)(de)兩種(zhong)(zhong)企(qi)(qi)業(ye)(ye)組織(zhi)形(xing)式(shi)，雖然都屬于公(gong)(gong)(gong)(gong)司(si)(si)這個大范疇，但兩者(zhe)不能混為(wei)一談。習慣上，一般將有(you)(you)(you)(you)限(xian)(xian)(xian)責任公(gong)(gong)(gong)(gong)司(si)(si)稱(cheng)為(wei)公(gong)(gong)(gong)(gong)司(si)(si)制(zhi)企(qi)(qi)業(ye)(ye)，將股(gu)(gu)份(fen)(fen)(fen)有(you)(you)(you)(you)限(xian)(xian)(xian)公(gong)(gong)(gong)(gong)司(si)(si)稱(cheng)為(wei)股(gu)(gu)份(fen)(fen)(fen)制(zhi)企(qi)(qi)業(ye)(ye)。正因為(wei)如(ru)此，黨的(de)(de)(de)十七(qi)大作(zuo)出的(de)(de)(de)《決定(ding)》在論(lun)述(shu)完善基(ji)本經(jing)濟制(zhi)度時強調，要“深(shen)化國(guo)(guo)有(you)(you)(you)(you)企(qi)(qi)業(ye)(ye)公(gong)(gong)(gong)(gong)司(si)(si)制(zhi)股(gu)(gu)份(fen)(fen)(fen)制(zhi)改(gai)革。”近年來的(de)(de)(de)政(zheng)府工作(zuo)報告和(he)(he)一些(xie)深(shen)化經(jing)濟體制(zhi)改(gai)革指導意見也多次強調，要深(shen)化國(guo)(guo)有(you)(you)(you)(you)企(qi)(qi)業(ye)(ye)公(gong)(gong)(gong)(gong)司(si)(si)制(zhi)股(gu)(gu)份(fen)(fen)(fen)制(zhi)改(gai)革。由此可見，深(shen)化國(guo)(guo)有(you)(you)(you)(you)企(qi)(qi)業(ye)(ye)的(de)(de)(de)公(gong)(gong)(gong)(gong)司(si)(si)制(zhi)改(gai)革和(he)(he)股(gu)(gu)份(fen)(fen)(fen)制(zhi)改(gai)革都應成(cheng)為(wei)推進國(guo)(guo)有(you)(you)(you)(you)企(qi)(qi)業(ye)(ye)市(shi)(shi)場化改(gai)革的(de)(de)(de)主要取向(xiang)和(he)(he)重要任務。

　　二

　　有(you)限責任公(gong)(gong)(gong)司(si)(si)與(yu)(yu)股(gu)份有(you)限公(gong)(gong)(gong)司(si)(si)是(shi)有(you)所區別(bie)的(de)兩種企業(ye)(ye)(ye)組織形式。一些觀點之所以(yi)(yi)(yi)將混合所有(you)制視為股(gu)份制，其(qi)重要原(yuan)因可能在(zai)于，根據我國(guo)《公(gong)(gong)(gong)司(si)(si)法(fa)》的(de)規定，無論是(shi)有(you)限責任公(gong)(gong)(gong)司(si)(si)還是(shi)股(gu)份有(you)限企業(ye)(ye)(ye)，其(qi)出資人(ren)都以(yi)(yi)(yi)股(gu)東稱謂(wei)，股(gu)東都以(yi)(yi)(yi)投入企業(ye)(ye)(ye)的(de)資本(ben)對(dui)公(gong)(gong)(gong)司(si)(si)承擔(dan)責任，董事會決議的(de)表決都是(shi)一人(ren)一票，公(gong)(gong)(gong)司(si)(si)以(yi)(yi)(yi)其(qi)全部(bu)資產對(dui)公(gong)(gong)(gong)司(si)(si)的(de)債務(wu)承擔(dan)責任，而且，公(gong)(gong)(gong)司(si)(si)制企業(ye)(ye)(ye)股(gu)東的(de)出資比(bi)例經(jing)常也(ye)被稱為持(chi)股(gu)比(bi)例，這就(jiu)使得人(ren)們很容(rong)易將公(gong)(gong)(gong)司(si)(si)制企業(ye)(ye)(ye)與(yu)(yu)股(gu)份制企業(ye)(ye)(ye)混為一談。實際上，公(gong)(gong)(gong)司(si)(si)制企業(ye)(ye)(ye)與(yu)(yu)股(gu)份制企業(ye)(ye)(ye)在(zai)設立、組織機構、股(gu)權轉讓三(san)個(ge)方面存在(zai)明顯區別(bie)和差異。

　　在(zai)(zai)(zai)設(she)立(li)方(fang)(fang)面，第(di)一，資(zi)(zi)(zi)本(ben)(ben)劃(hua)分方(fang)(fang)式不(bu)(bu)同(tong)，公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)制(zhi)(zhi)(zhi)(zhi)企(qi)(qi)業(ye)(ye)(ye)(ye)的(de)(de)資(zi)(zi)(zi)本(ben)(ben)不(bu)(bu)必(bi)等(deng)額(e)(e)(e)劃(hua)分，股(gu)(gu)(gu)份(fen)制(zhi)(zhi)(zhi)(zhi)企(qi)(qi)業(ye)(ye)(ye)(ye)的(de)(de)資(zi)(zi)(zi)本(ben)(ben)必(bi)須(xu)劃(hua)分為等(deng)額(e)(e)(e)股(gu)(gu)(gu)份(fen)，每股(gu)(gu)(gu)金額(e)(e)(e)相等(deng)。這是(shi)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)制(zhi)(zhi)(zhi)(zhi)企(qi)(qi)業(ye)(ye)(ye)(ye)有(you)別于股(gu)(gu)(gu)份(fen)制(zhi)(zhi)(zhi)(zhi)企(qi)(qi)業(ye)(ye)(ye)(ye)最重要(yao)的(de)(de)一點。第(di)二，資(zi)(zi)(zi)本(ben)(ben)名稱(cheng)(cheng)不(bu)(bu)同(tong)，公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)制(zhi)(zhi)(zhi)(zhi)企(qi)(qi)業(ye)(ye)(ye)(ye)股(gu)(gu)(gu)東所出(chu)(chu)(chu)資(zi)(zi)(zi)本(ben)(ben)稱(cheng)(cheng)為出(chu)(chu)(chu)資(zi)(zi)(zi)額(e)(e)(e)，股(gu)(gu)(gu)份(fen)制(zhi)(zhi)(zhi)(zhi)企(qi)(qi)業(ye)(ye)(ye)(ye)所出(chu)(chu)(chu)資(zi)(zi)(zi)本(ben)(ben)稱(cheng)(cheng)為所持股(gu)(gu)(gu)份(fen)，股(gu)(gu)(gu)份(fen)制(zhi)(zhi)(zhi)(zhi)企(qi)(qi)業(ye)(ye)(ye)(ye)的(de)(de)股(gu)(gu)(gu)份(fen)采(cai)取(qu)股(gu)(gu)(gu)票的(de)(de)形式。相應(ying)(ying)地，股(gu)(gu)(gu)權(quan)證明形式也不(bu)(bu)同(tong)，公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)制(zhi)(zhi)(zhi)(zhi)企(qi)(qi)業(ye)(ye)(ye)(ye)向股(gu)(gu)(gu)東簽發(fa)(fa)的(de)(de)是(shi)出(chu)(chu)(chu)資(zi)(zi)(zi)證明書，股(gu)(gu)(gu)份(fen)制(zhi)(zhi)(zhi)(zhi)企(qi)(qi)業(ye)(ye)(ye)(ye)是(shi)股(gu)(gu)(gu)票。第(di)三(san)，資(zi)(zi)(zi)本(ben)(ben)募(mu)(mu)集(ji)(ji)方(fang)(fang)式不(bu)(bu)同(tong)。公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)制(zhi)(zhi)(zhi)(zhi)企(qi)(qi)業(ye)(ye)(ye)(ye)只能在(zai)(zai)(zai)股(gu)(gu)(gu)東范圍之內(nei)募(mu)(mu)集(ji)(ji)資(zi)(zi)(zi)金，不(bu)(bu)得(de)向社會公(gong)(gong)(gong)(gong)(gong)開招股(gu)(gu)(gu)集(ji)(ji)資(zi)(zi)(zi)，股(gu)(gu)(gu)份(fen)制(zhi)(zhi)(zhi)(zhi)企(qi)(qi)業(ye)(ye)(ye)(ye)可以(yi)采(cai)取(qu)發(fa)(fa)起(qi)(qi)(qi)(qi)設(she)立(li)或者募(mu)(mu)集(ji)(ji)設(she)立(li)的(de)(de)方(fang)(fang)式，發(fa)(fa)起(qi)(qi)(qi)(qi)設(she)立(li)是(shi)指(zhi)發(fa)(fa)起(qi)(qi)(qi)(qi)人(ren)(ren)認(ren)購(gou)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)應(ying)(ying)發(fa)(fa)行(xing)的(de)(de)全(quan)部(bu)股(gu)(gu)(gu)份(fen)而(er)設(she)立(li)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)，募(mu)(mu)集(ji)(ji)設(she)立(li)是(shi)指(zhi)發(fa)(fa)起(qi)(qi)(qi)(qi)人(ren)(ren)認(ren)購(gou)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)應(ying)(ying)當(dang)發(fa)(fa)行(xing)股(gu)(gu)(gu)份(fen)的(de)(de)一部(bu)分，其(qi)(qi)余部(bu)分向社會特定對象募(mu)(mu)集(ji)(ji)而(er)設(she)立(li)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)。第(di)四，出(chu)(chu)(chu)資(zi)(zi)(zi)方(fang)(fang)式不(bu)(bu)同(tong)。公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)制(zhi)(zhi)(zhi)(zhi)企(qi)(qi)業(ye)(ye)(ye)(ye)的(de)(de)股(gu)(gu)(gu)東應(ying)(ying)當(dang)按照其(qi)(qi)發(fa)(fa)起(qi)(qi)(qi)(qi)人(ren)(ren)協議和公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)章(zhang)程中(zhong)認(ren)購(gou)的(de)(de)出(chu)(chu)(chu)資(zi)(zi)(zi)數額(e)(e)(e)足(zu)額(e)(e)(e)繳付出(chu)(chu)(chu)資(zi)(zi)(zi)，如不(bu)(bu)按期(qi)繳付所認(ren)繳的(de)(de)出(chu)(chu)(chu)資(zi)(zi)(zi)，應(ying)(ying)當(dang)向已(yi)出(chu)(chu)(chu)資(zi)(zi)(zi)的(de)(de)其(qi)(qi)他(ta)出(chu)(chu)(chu)資(zi)(zi)(zi)人(ren)(ren)承擔(dan)違約(yue)責任；股(gu)(gu)(gu)份(fen)制(zhi)(zhi)(zhi)(zhi)企(qi)(qi)業(ye)(ye)(ye)(ye)發(fa)(fa)起(qi)(qi)(qi)(qi)設(she)立(li)時(shi)，公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)章(zhang)程中(zhong)載(zai)明的(de)(de)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)全(quan)部(bu)資(zi)(zi)(zi)本(ben)(ben)必(bi)須(xu)在(zai)(zai)(zai)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)設(she)立(li)時(shi)全(quan)部(bu)發(fa)(fa)行(xing)，并(bing)由發(fa)(fa)起(qi)(qi)(qi)(qi)人(ren)(ren)全(quan)部(bu)認(ren)購(gou)。募(mu)(mu)集(ji)(ji)設(she)立(li)的(de)(de)，發(fa)(fa)起(qi)(qi)(qi)(qi)人(ren)(ren)認(ren)購(gou)的(de)(de)股(gu)(gu)(gu)份(fen)不(bu)(bu)得(de)少于公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)股(gu)(gu)(gu)份(fen)總數的(de)(de)35%，其(qi)(qi)余股(gu)(gu)(gu)份(fen)應(ying)(ying)向社會公(gong)(gong)(gong)(gong)(gong)開募(mu)(mu)集(ji)(ji)。

　　在組(zu)織機構方面(mian)，公司制(zhi)(zhi)企業董(dong)(dong)(dong)事(shi)(shi)(shi)(shi)(shi)會成員為3-13人(ren)，股東(dong)(dong)人(ren)數較(jiao)(jiao)少或者(zhe)規模較(jiao)(jiao)小(xiao)的(de)(de)可以不(bu)(bu)設(she)董(dong)(dong)(dong)事(shi)(shi)(shi)(shi)(shi)會和監(jian)事(shi)(shi)(shi)(shi)(shi)會，不(bu)(bu)設(she)董(dong)(dong)(dong)事(shi)(shi)(shi)(shi)(shi)會的(de)(de)設(she)一(yi)名(ming)執行董(dong)(dong)(dong)事(shi)(shi)(shi)(shi)(shi)，不(bu)(bu)設(she)監(jian)事(shi)(shi)(shi)(shi)(shi)會的(de)(de)設(she)1-2名(ming)監(jian)事(shi)(shi)(shi)(shi)(shi)。股份(fen)(fen)制(zhi)(zhi)企業需要(yao)設(she)立股東(dong)(dong)會、董(dong)(dong)(dong)事(shi)(shi)(shi)(shi)(shi)會、監(jian)事(shi)(shi)(shi)(shi)(shi)會，董(dong)(dong)(dong)事(shi)(shi)(shi)(shi)(shi)會成員為5-19人(ren)。公司制(zhi)(zhi)企業的(de)(de)股東(dong)(dong)會議由股東(dong)(dong)按(an)照出資比例行使表決(jue)權，股份(fen)(fen)制(zhi)(zhi)企業股東(dong)(dong)出席股東(dong)(dong)大會所持(chi)每一(yi)股份(fen)(fen)有一(yi)表決(jue)權，但(dan)是(shi)，公司持(chi)有的(de)(de)本公司股份(fen)(fen)沒(mei)有表決(jue)權。

　　在(zai)股(gu)(gu)權轉(zhuan)(zhuan)讓(rang)方(fang)面，公(gong)司(si)(si)制企(qi)(qi)業的(de)股(gu)(gu)東(dong)之(zhi)間可以相互轉(zhuan)(zhuan)讓(rang)其(qi)全(quan)部或者部分股(gu)(gu)權，股(gu)(gu)東(dong)向股(gu)(gu)東(dong)以外人轉(zhuan)(zhuan)讓(rang)股(gu)(gu)權，應當經其(qi)他股(gu)(gu)東(dong)過半數同意，同等條(tiao)件下其(qi)他股(gu)(gu)東(dong)有(you)優先(xian)購買權。股(gu)(gu)份(fen)(fen)制企(qi)(qi)業的(de)發起人持有(you)的(de)本(ben)公(gong)司(si)(si)股(gu)(gu)份(fen)(fen)，自公(gong)司(si)(si)成立之(zhi)日(ri)起一年內(nei)不得轉(zhuan)(zhuan)讓(rang)；公(gong)司(si)(si)公(gong)開發行股(gu)(gu)份(fen)(fen)前(qian)已發行的(de)股(gu)(gu)份(fen)(fen)，自公(gong)司(si)(si)股(gu)(gu)票在(zai)證(zheng)券(quan)交(jiao)易所上市之(zhi)日(ri)起一年內(nei)不得轉(zhuan)(zhuan)讓(rang)。

　　三

　　企(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)不(bu)(bu)可(ke)(ke)能(neng)(neng)也不(bu)(bu)需(xu)要(yao)(yao)都采(cai)用股(gu)(gu)份(fen)(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)的資本組織形(xing)(xing)(xing)(xing)式。企(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)采(cai)取(qu)什(shen)么樣的組織形(xing)(xing)(xing)(xing)式，是(shi)采(cai)取(qu)公(gong)(gong)司制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)形(xing)(xing)(xing)(xing)式還是(shi)采(cai)取(qu)股(gu)(gu)份(fen)(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)形(xing)(xing)(xing)(xing)式，是(shi)否公(gong)(gong)開(kai)上(shang)市(shi)(shi)，取(qu)決于投(tou)資者的綜合考慮(lv)。企(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)進(jin)行股(gu)(gu)份(fen)(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)改(gai)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)，產權結構(gou)就由單一產權變為(wei)多元投(tou)資主體，如果是(shi)改(gai)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)上(shang)市(shi)(shi)成為(wei)公(gong)(gong)眾公(gong)(gong)司，必(bi)須(xu)做到信息公(gong)(gong)開(kai)，必(bi)須(xu)接(jie)受社會監督，這(zhe)對國(guo)(guo)(guo)(guo)(guo)有(you)(you)(you)(you)企(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)建立現(xian)代(dai)企(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)度、完善法(fa)(fa)人治理結構(gou)能(neng)(neng)夠(gou)提供有(you)(you)(you)(you)效的制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)度保障，因此，股(gu)(gu)份(fen)(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)就成為(wei)公(gong)(gong)有(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)的主要(yao)(yao)實(shi)(shi)(shi)(shi)現(xian)形(xing)(xing)(xing)(xing)式，國(guo)(guo)(guo)(guo)(guo)有(you)(you)(you)(you)企(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)進(jin)行股(gu)(gu)份(fen)(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)改(gai)革(ge)(ge)特(te)別是(shi)整體上(shang)市(shi)(shi)就成為(wei)主要(yao)(yao)取(qu)向(xiang)和(he)改(gai)革(ge)(ge)模式。但國(guo)(guo)(guo)(guo)(guo)有(you)(you)(you)(you)企(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)進(jin)行股(gu)(gu)份(fen)(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)改(gai)革(ge)(ge)，必(bi)須(xu)能(neng)(neng)夠(gou)回報股(gu)(gu)東并且具有(you)(you)(you)(you)較好的投(tou)資回報，如果改(gai)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)上(shang)市(shi)(shi)，必(bi)須(xu)符合上(shang)市(shi)(shi)條(tiao)件，如果連(lian)續虧損將要(yao)(yao)摘牌退(tui)市(shi)(shi)，還存在(zai)控(kong)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)權轉移(yi)的壓力等(deng)，實(shi)(shi)(shi)(shi)際情況(kuang)是(shi)，并非所有(you)(you)(you)(you)國(guo)(guo)(guo)(guo)(guo)有(you)(you)(you)(you)企(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)都具有(you)(you)(you)(you)投(tou)資價值(zhi)，更不(bu)(bu)是(shi)都符合上(shang)市(shi)(shi)條(tiao)件，特(te)別是(shi)承(cheng)擔公(gong)(gong)益(yi)性功能(neng)(neng)或主要(yao)(yao)承(cheng)擔保障性功能(neng)(neng)的國(guo)(guo)(guo)(guo)(guo)有(you)(you)(you)(you)企(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)，由于贏利能(neng)(neng)力不(bu)(bu)強，可(ke)(ke)能(neng)(neng)出現(xian)虧損甚至嚴重虧損，無法(fa)(fa)實(shi)(shi)(shi)(shi)現(xian)良好回報，無法(fa)(fa)吸引其他股(gu)(gu)東，也無法(fa)(fa)滿足上(shang)市(shi)(shi)要(yao)(yao)求。因此，國(guo)(guo)(guo)(guo)(guo)有(you)(you)(you)(you)企(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)發展混(hun)合所有(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)不(bu)(bu)可(ke)(ke)能(neng)(neng)都采(cai)取(qu)股(gu)(gu)份(fen)(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)特(te)別是(shi)改(gai)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)上(shang)市(shi)(shi)的模式。適應建立現(xian)代(dai)企(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)度的要(yao)(yao)求，國(guo)(guo)(guo)(guo)(guo)有(you)(you)(you)(you)企(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)也可(ke)(ke)以進(jin)行公(gong)(gong)司制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)改(gai)革(ge)(ge)。因此，中(zhong)央歷來強調，國(guo)(guo)(guo)(guo)(guo)有(you)(you)(you)(you)企(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)要(yao)(yao)加快推進(jin)公(gong)(gong)司制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)股(gu)(gu)份(fen)(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)改(gai)革(ge)(ge)，具備條(tiao)件的國(guo)(guo)(guo)(guo)(guo)有(you)(you)(you)(you)企(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)進(jin)行改(gai)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)上(shang)市(shi)(shi)。從(cong)我國(guo)(guo)(guo)(guo)(guo)國(guo)(guo)(guo)(guo)(guo)有(you)(you)(you)(you)企(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)目前的實(shi)(shi)(shi)(shi)際情況(kuang)看，相(xiang)當一部分國(guo)(guo)(guo)(guo)(guo)有(you)(you)(you)(you)企(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)并不(bu)(bu)是(shi)股(gu)(gu)份(fen)(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)。實(shi)(shi)(shi)(shi)際上(shang)，股(gu)(gu)份(fen)(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)在(zai)全(quan)部企(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)中(zhong)占少(shao)數這(zhe)種現(xian)象(xiang)在(zai)市(shi)(shi)場經(jing)濟(ji)國(guo)(guo)(guo)(guo)(guo)家具有(you)(you)(you)(you)普遍性。這(zhe)從(cong)一個方面(mian)也說明，發展混(hun)合所有(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)濟(ji)不(bu)(bu)等(deng)于也不(bu)(bu)可(ke)(ke)能(neng)(neng)都選擇(ze)股(gu)(gu)份(fen)(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)這(zhe)種企(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)組織形(xing)(xing)(xing)(xing)式。

　　四

　　公(gong)(gong)司(si)(si)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)也(ye)可(ke)(ke)以(yi)(yi)成為(wei)(wei)混(hun)(hun)(hun)(hun)合(he)(he)(he)(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)濟(ji)(ji)的(de)(de)(de)(de)重(zhong)要實(shi)現形式(shi)。黨的(de)(de)(de)(de)十八屆三(san)中全(quan)會強調，積(ji)極發(fa)(fa)(fa)展國(guo)有(you)(you)(you)(you)(you)(you)(you)資(zi)(zi)(zi)(zi)本(ben)(ben)(ben)、集體(ti)資(zi)(zi)(zi)(zi)本(ben)(ben)(ben)、非(fei)公(gong)(gong)有(you)(you)(you)(you)(you)(you)(you)資(zi)(zi)(zi)(zi)本(ben)(ben)(ben)等(deng)(deng)交叉持股(gu)(gu)、相(xiang)(xiang)互融合(he)(he)(he)(he)(he)的(de)(de)(de)(de)混(hun)(hun)(hun)(hun)合(he)(he)(he)(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)濟(ji)(ji)。根據(ju)這(zhe)一(yi)(yi)精神和(he)(he)(he)(he)(he)要求(qiu)，只要能(neng)夠實(shi)現公(gong)(gong)有(you)(you)(you)(you)(you)(you)(you)資(zi)(zi)(zi)(zi)本(ben)(ben)(ben)與非(fei)公(gong)(gong)有(you)(you)(you)(you)(you)(you)(you)資(zi)(zi)(zi)(zi)本(ben)(ben)(ben)等(deng)(deng)的(de)(de)(de)(de)交叉持股(gu)(gu)和(he)(he)(he)(he)(he)相(xiang)(xiang)互融合(he)(he)(he)(he)(he)，都應該視(shi)為(wei)(wei)混(hun)(hun)(hun)(hun)合(he)(he)(he)(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)業(ye)(ye)(ye)，都應該給(gei)予積(ji)極支(zhi)持和(he)(he)(he)(he)(he)鼓勵(li)。公(gong)(gong)司(si)(si)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)業(ye)(ye)(ye)中，排除(chu)《公(gong)(gong)司(si)(si)法》分別作了特(te)別規定(ding)的(de)(de)(de)(de)一(yi)(yi)人有(you)(you)(you)(you)(you)(you)(you)限(xian)責任公(gong)(gong)司(si)(si)和(he)(he)(he)(he)(he)國(guo)有(you)(you)(you)(you)(you)(you)(you)獨(du)資(zi)(zi)(zi)(zi)企(qi)(qi)(qi)業(ye)(ye)(ye)，其(qi)他(ta)公(gong)(gong)司(si)(si)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)業(ye)(ye)(ye)的(de)(de)(de)(de)股(gu)(gu)東按法律規定(ding)必(bi)須在2人以(yi)(yi)上、50人以(yi)(yi)下，如果股(gu)(gu)東所(suo)(suo)(suo)出資(zi)(zi)(zi)(zi)本(ben)(ben)(ben)中既包括公(gong)(gong)有(you)(you)(you)(you)(you)(you)(you)資(zi)(zi)(zi)(zi)本(ben)(ben)(ben)，又包括非(fei)公(gong)(gong)有(you)(you)(you)(you)(you)(you)(you)資(zi)(zi)(zi)(zi)本(ben)(ben)(ben)，從(cong)混(hun)(hun)(hun)(hun)合(he)(he)(he)(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)濟(ji)(ji)的(de)(de)(de)(de)內涵(han)和(he)(he)(he)(he)(he)要求(qiu)來(lai)看，應該屬于多元(yuan)投資(zi)(zi)(zi)(zi)主體(ti)的(de)(de)(de)(de)混(hun)(hun)(hun)(hun)合(he)(he)(he)(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)濟(ji)(ji)。由此(ci)(ci)可(ke)(ke)見，采用公(gong)(gong)司(si)(si)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)業(ye)(ye)(ye)的(de)(de)(de)(de)組織形式(shi)，也(ye)可(ke)(ke)以(yi)(yi)實(shi)現發(fa)(fa)(fa)展混(hun)(hun)(hun)(hun)合(he)(he)(he)(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)(you)(you)(you)制(zhi)(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)有(you)(you)(you)(you)(you)(you)(you)資(zi)(zi)(zi)(zi)本(ben)(ben)(ben)與非(fei)公(gong)(gong)有(you)(you)(you)(you)(you)(you)(you)資(zi)(zi)(zi)(zi)本(ben)(ben)(ben)等(deng)(deng)交叉持股(gu)(gu)、相(xiang)(xiang)互融合(he)(he)(he)(he)(he)的(de)(de)(de)(de)目的(de)(de)(de)(de)，也(ye)可(ke)(ke)以(yi)(yi)達到國(guo)有(you)(you)(you)(you)(you)(you)(you)資(zi)(zi)(zi)(zi)本(ben)(ben)(ben)放大功能(neng)、保值增(zeng)值、提高(gao)競爭力的(de)(de)(de)(de)目的(de)(de)(de)(de)，應該成為(wei)(wei)發(fa)(fa)(fa)展混(hun)(hun)(hun)(hun)合(he)(he)(he)(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)濟(ji)(ji)的(de)(de)(de)(de)一(yi)(yi)個重(zhong)要途(tu)(tu)徑，成為(wei)(wei)深化(hua)國(guo)有(you)(you)(you)(you)(you)(you)(you)企(qi)(qi)(qi)業(ye)(ye)(ye)改革(ge)(ge)的(de)(de)(de)(de)一(yi)(yi)個重(zhong)要方向(xiang)。正因為(wei)(wei)如此(ci)(ci)，國(guo)內理(li)論界和(he)(he)(he)(he)(he)企(qi)(qi)(qi)業(ye)(ye)(ye)界通常將公(gong)(gong)司(si)(si)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)業(ye)(ye)(ye)和(he)(he)(he)(he)(he)股(gu)(gu)份制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)業(ye)(ye)(ye)都歸之為(wei)(wei)現代企(qi)(qi)(qi)業(ye)(ye)(ye)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)度，并將現代企(qi)(qi)(qi)業(ye)(ye)(ye)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)度確定(ding)為(wei)(wei)國(guo)有(you)(you)(you)(you)(you)(you)(you)企(qi)(qi)(qi)業(ye)(ye)(ye)改革(ge)(ge)的(de)(de)(de)(de)方向(xiang)。把(ba)混(hun)(hun)(hun)(hun)合(he)(he)(he)(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)等(deng)(deng)同(tong)于股(gu)(gu)份制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)，必(bi)然會排除(chu)和(he)(he)(he)(he)(he)排斥公(gong)(gong)司(si)(si)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)這(zhe)一(yi)(yi)實(shi)現混(hun)(hun)(hun)(hun)合(he)(he)(he)(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)濟(ji)(ji)的(de)(de)(de)(de)重(zhong)要途(tu)(tu)徑和(he)(he)(he)(he)(he)有(you)(you)(you)(you)(you)(you)(you)效形式(shi)，顯然，是不可(ke)(ke)取(qu)、不適宜的(de)(de)(de)(de)。因此(ci)(ci)，積(ji)極發(fa)(fa)(fa)展混(hun)(hun)(hun)(hun)合(he)(he)(he)(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)濟(ji)(ji)，既要繼續推進國(guo)有(you)(you)(you)(you)(you)(you)(you)企(qi)(qi)(qi)業(ye)(ye)(ye)的(de)(de)(de)(de)股(gu)(gu)份制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)改革(ge)(ge)，允許(xu)更多國(guo)有(you)(you)(you)(you)(you)(you)(you)經(jing)濟(ji)(ji)和(he)(he)(he)(he)(he)其(qi)他(ta)所(suo)(suo)(suo)有(you)(you)(you)(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)濟(ji)(ji)發(fa)(fa)(fa)展成為(wei)(wei)混(hun)(hun)(hun)(hun)合(he)(he)(he)(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)濟(ji)(ji)，鼓勵(li)發(fa)(fa)(fa)展私營(ying)(ying)資(zi)(zi)(zi)(zi)本(ben)(ben)(ben)控(kong)股(gu)(gu)的(de)(de)(de)(de)混(hun)(hun)(hun)(hun)合(he)(he)(he)(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)業(ye)(ye)(ye)，也(ye)要繼續深化(hua)國(guo)有(you)(you)(you)(you)(you)(you)(you)企(qi)(qi)(qi)業(ye)(ye)(ye)的(de)(de)(de)(de)公(gong)(gong)司(si)(si)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)改革(ge)(ge)，發(fa)(fa)(fa)展公(gong)(gong)有(you)(you)(you)(you)(you)(you)(you)資(zi)(zi)(zi)(zi)本(ben)(ben)(ben)與私營(ying)(ying)資(zi)(zi)(zi)(zi)本(ben)(ben)(ben)等(deng)(deng)多元(yuan)投資(zi)(zi)(zi)(zi)主體(ti)的(de)(de)(de)(de)公(gong)(gong)司(si)(si)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)業(ye)(ye)(ye)，以(yi)(yi)拓展混(hun)(hun)(hun)(hun)合(he)(he)(he)(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)濟(ji)(ji)的(de)(de)(de)(de)發(fa)(fa)(fa)展途(tu)(tu)徑，推進混(hun)(hun)(hun)(hun)合(he)(he)(he)(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)濟(ji)(ji)的(de)(de)(de)(de)更快發(fa)(fa)(fa)展。

　　（本文(wen)章摘(zhai)自5月29日《經濟日報》）