發布時間：2015-05-29
積極發展(zhan)混合所有(you)(you)制(zhi)(zhi)經濟(ji)，有(you)(you)必要(yao)對公司(si)制(zhi)(zhi)企(qi)(qi)業(ye)(ye)與股份制(zhi)(zhi)企(qi)(qi)業(ye)(ye)加以(yi)區分，有(you)(you)必要(yao)對公司(si)制(zhi)(zhi)改革在(zai)發展(zhan)混合所有(you)(you)制(zhi)(zhi)經濟(ji)進程(cheng)中的意義和作用重新審視(shi)。
一
混(hun)合所有(you)(you)(you)制(zhi)(zhi)與(yu)股份(fen)制(zhi)(zhi)的(de)(de)(de)(de)關系(xi)，是新一輪國有(you)(you)(you)企(qi)業(ye)改(gai)革大幕(mu)開啟(qi)以來(lai)議(yi)論較(jiao)多的(de)(de)(de)(de)一個話題。有(you)(you)(you)觀(guan)(guan)點認為，混(hun)合所有(you)(you)(you)制(zhi)(zhi)就是股份(fen)制(zhi)(zhi)。這一觀(guan)(guan)點著眼(yan)于(yu)股份(fen)制(zhi)(zhi)是公有(you)(you)(you)制(zhi)(zhi)的(de)(de)(de)(de)主要實現形(xing)式，強調發展混(hun)合所有(you)(you)(you)制(zhi)(zhi)經濟的(de)(de)(de)(de)重點是繼續推進(jin)國有(you)(you)(you)企(qi)業(ye)的(de)(de)(de)(de)股份(fen)制(zhi)(zhi)改(gai)革，這一觀(guan)(guan)點有(you)(you)(you)可取之處。但將混(hun)合所有(you)(you)(you)制(zhi)(zhi)等(deng)同(tong)于(yu)股份(fen)制(zhi)(zhi)，既(ji)容(rong)易阻礙公有(you)(you)(you)制(zhi)(zhi)多種實現形(xing)式的(de)(de)(de)(de)積極(ji)探索，也容(rong)易影響對(dui)公司制(zhi)(zhi)企(qi)業(ye)與(yu)股份(fen)制(zhi)(zhi)企(qi)業(ye)的(de)(de)(de)(de)正確認識。
有(you)(you)限(xian)(xian)(xian)責(ze)任(ren)(ren)公(gong)(gong)(gong)司(si)(si)(si)和股(gu)(gu)(gu)(gu)(gu)份(fen)有(you)(you)限(xian)(xian)(xian)公(gong)(gong)(gong)司(si)(si)(si)是兩(liang)(liang)種(zhong)(zhong)形式(shi)的(de)(de)(de)公(gong)(gong)(gong)司(si)(si)(si)。通常講(jiang)的(de)(de)(de)公(gong)(gong)(gong)司(si)(si)(si)是相對于個(ge)人業(ye)(ye)(ye)主制(zhi)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)、合伙制(zhi)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)等而言的(de)(de)(de)一(yi)種(zhong)(zhong)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)組織(zhi)形式(shi)。根(gen)據(ju)資(zi)本(ben)形式(shi)和承擔責(ze)任(ren)(ren)的(de)(de)(de)不同，公(gong)(gong)(gong)司(si)(si)(si)又分為(wei)(wei)(wei)有(you)(you)限(xian)(xian)(xian)責(ze)任(ren)(ren)公(gong)(gong)(gong)司(si)(si)(si)和股(gu)(gu)(gu)(gu)(gu)份(fen)有(you)(you)限(xian)(xian)(xian)公(gong)(gong)(gong)司(si)(si)(si)兩(liang)(liang)種(zhong)(zhong)，股(gu)(gu)(gu)(gu)(gu)份(fen)有(you)(you)限(xian)(xian)(xian)公(gong)(gong)(gong)司(si)(si)(si)又分為(wei)(wei)(wei)上(shang)(shang)(shang)市(shi)公(gong)(gong)(gong)司(si)(si)(si)和非上(shang)(shang)(shang)市(shi)公(gong)(gong)(gong)司(si)(si)(si)兩(liang)(liang)種(zhong)(zhong)，上(shang)(shang)(shang)市(shi)公(gong)(gong)(gong)司(si)(si)(si)是指其股(gu)(gu)(gu)(gu)(gu)票在證券(quan)交(jiao)易(yi)所上(shang)(shang)(shang)市(shi)交(jiao)易(yi)的(de)(de)(de)股(gu)(gu)(gu)(gu)(gu)份(fen)有(you)(you)限(xian)(xian)(xian)公(gong)(gong)(gong)司(si)(si)(si)。有(you)(you)限(xian)(xian)(xian)責(ze)任(ren)(ren)公(gong)(gong)(gong)司(si)(si)(si)與股(gu)(gu)(gu)(gu)(gu)份(fen)有(you)(you)限(xian)(xian)(xian)公(gong)(gong)(gong)司(si)(si)(si)是有(you)(you)明確(que)法(fa)律(lv)界定和法(fa)律(lv)區別的(de)(de)(de)兩(liang)(liang)種(zhong)(zhong)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)組織(zhi)形式(shi)，雖(sui)然都屬于公(gong)(gong)(gong)司(si)(si)(si)這個(ge)大范疇(chou)，但兩(liang)(liang)者(zhe)不能混(hun)為(wei)(wei)(wei)一(yi)談。習慣上(shang)(shang)(shang)，一(yi)般(ban)將有(you)(you)限(xian)(xian)(xian)責(ze)任(ren)(ren)公(gong)(gong)(gong)司(si)(si)(si)稱(cheng)為(wei)(wei)(wei)公(gong)(gong)(gong)司(si)(si)(si)制(zhi)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)，將股(gu)(gu)(gu)(gu)(gu)份(fen)有(you)(you)限(xian)(xian)(xian)公(gong)(gong)(gong)司(si)(si)(si)稱(cheng)為(wei)(wei)(wei)股(gu)(gu)(gu)(gu)(gu)份(fen)制(zhi)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)。正因為(wei)(wei)(wei)如此，黨的(de)(de)(de)十七大作(zuo)出的(de)(de)(de)《決定》在論述完善基本(ben)經濟(ji)制(zhi)度時強調，要(yao)“深化國(guo)有(you)(you)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)公(gong)(gong)(gong)司(si)(si)(si)制(zhi)股(gu)(gu)(gu)(gu)(gu)份(fen)制(zhi)改(gai)革(ge)。”近年來的(de)(de)(de)政(zheng)府(fu)工作(zuo)報告(gao)和一(yi)些(xie)深化經濟(ji)體制(zhi)改(gai)革(ge)指導意見也多次強調，要(yao)深化國(guo)有(you)(you)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)公(gong)(gong)(gong)司(si)(si)(si)制(zhi)股(gu)(gu)(gu)(gu)(gu)份(fen)制(zhi)改(gai)革(ge)。由此可見，深化國(guo)有(you)(you)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)的(de)(de)(de)公(gong)(gong)(gong)司(si)(si)(si)制(zhi)改(gai)革(ge)和股(gu)(gu)(gu)(gu)(gu)份(fen)制(zhi)改(gai)革(ge)都應成為(wei)(wei)(wei)推進國(guo)有(you)(you)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)市(shi)場化改(gai)革(ge)的(de)(de)(de)主要(yao)取向和重要(yao)任(ren)(ren)務(wu)。
二
有(you)(you)限(xian)責任公(gong)(gong)司(si)(si)(si)與(yu)股(gu)(gu)(gu)份(fen)有(you)(you)限(xian)公(gong)(gong)司(si)(si)(si)是(shi)有(you)(you)所(suo)區別(bie)的(de)(de)兩種企(qi)(qi)業(ye)(ye)組織形(xing)式。一(yi)些觀點(dian)之所(suo)以(yi)將混(hun)合所(suo)有(you)(you)制(zhi)視為股(gu)(gu)(gu)份(fen)制(zhi)，其(qi)重要(yao)原因可能在于，根據(ju)我(wo)國《公(gong)(gong)司(si)(si)(si)法》的(de)(de)規定，無論是(shi)有(you)(you)限(xian)責任公(gong)(gong)司(si)(si)(si)還是(shi)股(gu)(gu)(gu)份(fen)有(you)(you)限(xian)企(qi)(qi)業(ye)(ye)，其(qi)出資(zi)(zi)人都(dou)以(yi)股(gu)(gu)(gu)東稱謂(wei)，股(gu)(gu)(gu)東都(dou)以(yi)投入企(qi)(qi)業(ye)(ye)的(de)(de)資(zi)(zi)本對公(gong)(gong)司(si)(si)(si)承(cheng)(cheng)擔責任，董事會決議的(de)(de)表(biao)決都(dou)是(shi)一(yi)人一(yi)票，公(gong)(gong)司(si)(si)(si)以(yi)其(qi)全部資(zi)(zi)產對公(gong)(gong)司(si)(si)(si)的(de)(de)債(zhai)務承(cheng)(cheng)擔責任，而且，公(gong)(gong)司(si)(si)(si)制(zhi)企(qi)(qi)業(ye)(ye)股(gu)(gu)(gu)東的(de)(de)出資(zi)(zi)比例(li)經常也被稱為持股(gu)(gu)(gu)比例(li)，這就使得人們很容易(yi)將公(gong)(gong)司(si)(si)(si)制(zhi)企(qi)(qi)業(ye)(ye)與(yu)股(gu)(gu)(gu)份(fen)制(zhi)企(qi)(qi)業(ye)(ye)混(hun)為一(yi)談。實際上，公(gong)(gong)司(si)(si)(si)制(zhi)企(qi)(qi)業(ye)(ye)與(yu)股(gu)(gu)(gu)份(fen)制(zhi)企(qi)(qi)業(ye)(ye)在設立、組織機(ji)構、股(gu)(gu)(gu)權轉讓三個方面存(cun)在明顯(xian)區別(bie)和差異。
在設(she)(she)立(li)(li)方(fang)面，第一，資(zi)本(ben)(ben)(ben)劃(hua)分(fen)(fen)方(fang)式不(bu)同(tong)，公(gong)(gong)司(si)制(zhi)(zhi)(zhi)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)的(de)(de)資(zi)本(ben)(ben)(ben)不(bu)必(bi)等(deng)額(e)劃(hua)分(fen)(fen)，股(gu)(gu)(gu)(gu)份(fen)(fen)制(zhi)(zhi)(zhi)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)的(de)(de)資(zi)本(ben)(ben)(ben)必(bi)須(xu)劃(hua)分(fen)(fen)為等(deng)額(e)股(gu)(gu)(gu)(gu)份(fen)(fen)，每股(gu)(gu)(gu)(gu)金(jin)額(e)相(xiang)(xiang)等(deng)。這是(shi)(shi)公(gong)(gong)司(si)制(zhi)(zhi)(zhi)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)有(you)別于(yu)股(gu)(gu)(gu)(gu)份(fen)(fen)制(zhi)(zhi)(zhi)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)最重要的(de)(de)一點(dian)。第二，資(zi)本(ben)(ben)(ben)名稱不(bu)同(tong)，公(gong)(gong)司(si)制(zhi)(zhi)(zhi)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)股(gu)(gu)(gu)(gu)東(dong)所出(chu)(chu)(chu)(chu)資(zi)本(ben)(ben)(ben)稱為出(chu)(chu)(chu)(chu)資(zi)額(e)，股(gu)(gu)(gu)(gu)份(fen)(fen)制(zhi)(zhi)(zhi)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)所出(chu)(chu)(chu)(chu)資(zi)本(ben)(ben)(ben)稱為所持股(gu)(gu)(gu)(gu)份(fen)(fen)，股(gu)(gu)(gu)(gu)份(fen)(fen)制(zhi)(zhi)(zhi)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)的(de)(de)股(gu)(gu)(gu)(gu)份(fen)(fen)采取股(gu)(gu)(gu)(gu)票的(de)(de)形(xing)式。相(xiang)(xiang)應(ying)地，股(gu)(gu)(gu)(gu)權(quan)證(zheng)明(ming)形(xing)式也(ye)不(bu)同(tong)，公(gong)(gong)司(si)制(zhi)(zhi)(zhi)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)向(xiang)(xiang)股(gu)(gu)(gu)(gu)東(dong)簽發(fa)的(de)(de)是(shi)(shi)出(chu)(chu)(chu)(chu)資(zi)證(zheng)明(ming)書，股(gu)(gu)(gu)(gu)份(fen)(fen)制(zhi)(zhi)(zhi)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)是(shi)(shi)股(gu)(gu)(gu)(gu)票。第三，資(zi)本(ben)(ben)(ben)募(mu)集(ji)方(fang)式不(bu)同(tong)。公(gong)(gong)司(si)制(zhi)(zhi)(zhi)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)只能在股(gu)(gu)(gu)(gu)東(dong)范圍之內(nei)募(mu)集(ji)資(zi)金(jin)，不(bu)得(de)向(xiang)(xiang)社(she)會(hui)(hui)公(gong)(gong)開招股(gu)(gu)(gu)(gu)集(ji)資(zi)，股(gu)(gu)(gu)(gu)份(fen)(fen)制(zhi)(zhi)(zhi)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)可以采取發(fa)起(qi)設(she)(she)立(li)(li)或者(zhe)募(mu)集(ji)設(she)(she)立(li)(li)的(de)(de)方(fang)式，發(fa)起(qi)設(she)(she)立(li)(li)是(shi)(shi)指發(fa)起(qi)人(ren)(ren)認購(gou)公(gong)(gong)司(si)應(ying)發(fa)行(xing)(xing)的(de)(de)全部(bu)股(gu)(gu)(gu)(gu)份(fen)(fen)而(er)設(she)(she)立(li)(li)公(gong)(gong)司(si)，募(mu)集(ji)設(she)(she)立(li)(li)是(shi)(shi)指發(fa)起(qi)人(ren)(ren)認購(gou)公(gong)(gong)司(si)應(ying)當(dang)發(fa)行(xing)(xing)股(gu)(gu)(gu)(gu)份(fen)(fen)的(de)(de)一部(bu)分(fen)(fen)，其(qi)余部(bu)分(fen)(fen)向(xiang)(xiang)社(she)會(hui)(hui)特定對(dui)象募(mu)集(ji)而(er)設(she)(she)立(li)(li)公(gong)(gong)司(si)。第四，出(chu)(chu)(chu)(chu)資(zi)方(fang)式不(bu)同(tong)。公(gong)(gong)司(si)制(zhi)(zhi)(zhi)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)的(de)(de)股(gu)(gu)(gu)(gu)東(dong)應(ying)當(dang)按(an)照其(qi)發(fa)起(qi)人(ren)(ren)協議(yi)和公(gong)(gong)司(si)章程中(zhong)認購(gou)的(de)(de)出(chu)(chu)(chu)(chu)資(zi)數(shu)(shu)額(e)足額(e)繳付出(chu)(chu)(chu)(chu)資(zi)，如不(bu)按(an)期繳付所認繳的(de)(de)出(chu)(chu)(chu)(chu)資(zi)，應(ying)當(dang)向(xiang)(xiang)已出(chu)(chu)(chu)(chu)資(zi)的(de)(de)其(qi)他出(chu)(chu)(chu)(chu)資(zi)人(ren)(ren)承(cheng)擔違約責任；股(gu)(gu)(gu)(gu)份(fen)(fen)制(zhi)(zhi)(zhi)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)發(fa)起(qi)設(she)(she)立(li)(li)時(shi)，公(gong)(gong)司(si)章程中(zhong)載明(ming)的(de)(de)公(gong)(gong)司(si)全部(bu)資(zi)本(ben)(ben)(ben)必(bi)須(xu)在公(gong)(gong)司(si)設(she)(she)立(li)(li)時(shi)全部(bu)發(fa)行(xing)(xing)，并(bing)由發(fa)起(qi)人(ren)(ren)全部(bu)認購(gou)。募(mu)集(ji)設(she)(she)立(li)(li)的(de)(de)，發(fa)起(qi)人(ren)(ren)認購(gou)的(de)(de)股(gu)(gu)(gu)(gu)份(fen)(fen)不(bu)得(de)少于(yu)公(gong)(gong)司(si)股(gu)(gu)(gu)(gu)份(fen)(fen)總數(shu)(shu)的(de)(de)35%，其(qi)余股(gu)(gu)(gu)(gu)份(fen)(fen)應(ying)向(xiang)(xiang)社(she)會(hui)(hui)公(gong)(gong)開募(mu)集(ji)。
在組織機構方(fang)面，公(gong)司(si)(si)制企業(ye)董(dong)事(shi)會(hui)(hui)成員(yuan)為3-13人(ren)(ren)，股(gu)(gu)東人(ren)(ren)數較少或(huo)者規模較小的(de)可(ke)以不設(she)董(dong)事(shi)會(hui)(hui)和監(jian)(jian)事(shi)會(hui)(hui)，不設(she)董(dong)事(shi)會(hui)(hui)的(de)設(she)一(yi)名執行董(dong)事(shi)，不設(she)監(jian)(jian)事(shi)會(hui)(hui)的(de)設(she)1-2名監(jian)(jian)事(shi)。股(gu)(gu)份制企業(ye)需要設(she)立股(gu)(gu)東會(hui)(hui)、董(dong)事(shi)會(hui)(hui)、監(jian)(jian)事(shi)會(hui)(hui)，董(dong)事(shi)會(hui)(hui)成員(yuan)為5-19人(ren)(ren)。公(gong)司(si)(si)制企業(ye)的(de)股(gu)(gu)東會(hui)(hui)議由(you)股(gu)(gu)東按照出資比(bi)例行使表決權(quan)，股(gu)(gu)份制企業(ye)股(gu)(gu)東出席(xi)股(gu)(gu)東大會(hui)(hui)所(suo)持(chi)每一(yi)股(gu)(gu)份有一(yi)表決權(quan)，但是(shi)，公(gong)司(si)(si)持(chi)有的(de)本公(gong)司(si)(si)股(gu)(gu)份沒(mei)有表決權(quan)。
在股(gu)(gu)權轉(zhuan)讓(rang)方面，公(gong)司(si)(si)(si)制企(qi)業的股(gu)(gu)東(dong)(dong)之(zhi)(zhi)(zhi)間(jian)可以(yi)相(xiang)互(hu)轉(zhuan)讓(rang)其全部或者(zhe)部分股(gu)(gu)權，股(gu)(gu)東(dong)(dong)向(xiang)股(gu)(gu)東(dong)(dong)以(yi)外(wai)人(ren)轉(zhuan)讓(rang)股(gu)(gu)權，應(ying)當經其他股(gu)(gu)東(dong)(dong)過半數同意，同等條(tiao)件(jian)下其他股(gu)(gu)東(dong)(dong)有優先購買權。股(gu)(gu)份(fen)制企(qi)業的發起人(ren)持(chi)有的本(ben)公(gong)司(si)(si)(si)股(gu)(gu)份(fen)，自(zi)公(gong)司(si)(si)(si)成立之(zhi)(zhi)(zhi)日(ri)(ri)起一(yi)年內不得(de)轉(zhuan)讓(rang)；公(gong)司(si)(si)(si)公(gong)開發行(xing)股(gu)(gu)份(fen)前(qian)已(yi)發行(xing)的股(gu)(gu)份(fen)，自(zi)公(gong)司(si)(si)(si)股(gu)(gu)票在證(zheng)券交易所上市之(zhi)(zhi)(zhi)日(ri)(ri)起一(yi)年內不得(de)轉(zhuan)讓(rang)。
三
企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)(ye)不(bu)(bu)(bu)(bu)可(ke)能(neng)也不(bu)(bu)(bu)(bu)需要(yao)(yao)都采(cai)用股(gu)(gu)(gu)份(fen)(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)的(de)資本組織(zhi)形(xing)(xing)式(shi)。企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)(ye)采(cai)取(qu)什么樣的(de)組織(zhi)形(xing)(xing)式(shi)，是(shi)(shi)(shi)采(cai)取(qu)公(gong)司(si)制(zhi)(zhi)(zhi)(zhi)形(xing)(xing)式(shi)還(huan)是(shi)(shi)(shi)采(cai)取(qu)股(gu)(gu)(gu)份(fen)(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)形(xing)(xing)式(shi)，是(shi)(shi)(shi)否公(gong)開上(shang)(shang)(shang)(shang)市(shi)(shi)，取(qu)決于投(tou)資者的(de)綜合(he)考慮。企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)(ye)進(jin)(jin)行股(gu)(gu)(gu)份(fen)(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)改(gai)(gai)制(zhi)(zhi)(zhi)(zhi)，產權(quan)結構就由單一(yi)產權(quan)變為多元投(tou)資主(zhu)體(ti)，如(ru)果是(shi)(shi)(shi)改(gai)(gai)制(zhi)(zhi)(zhi)(zhi)上(shang)(shang)(shang)(shang)市(shi)(shi)成(cheng)為公(gong)眾公(gong)司(si)，必須做到(dao)信息公(gong)開，必須接(jie)受(shou)社會監(jian)督，這(zhe)對國(guo)有(you)(you)(you)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)(ye)建(jian)立現(xian)(xian)(xian)代企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)(ye)制(zhi)(zhi)(zhi)(zhi)度、完善(shan)法人治理結構能(neng)夠提供有(you)(you)(you)效的(de)制(zhi)(zhi)(zhi)(zhi)度保障(zhang)，因此(ci)，股(gu)(gu)(gu)份(fen)(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)就成(cheng)為公(gong)有(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)的(de)主(zhu)要(yao)(yao)實(shi)現(xian)(xian)(xian)形(xing)(xing)式(shi)，國(guo)有(you)(you)(you)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)(ye)進(jin)(jin)行股(gu)(gu)(gu)份(fen)(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)改(gai)(gai)革(ge)(ge)特(te)別是(shi)(shi)(shi)整體(ti)上(shang)(shang)(shang)(shang)市(shi)(shi)就成(cheng)為主(zhu)要(yao)(yao)取(qu)向和改(gai)(gai)革(ge)(ge)模式(shi)。但國(guo)有(you)(you)(you)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)(ye)進(jin)(jin)行股(gu)(gu)(gu)份(fen)(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)改(gai)(gai)革(ge)(ge)，必須能(neng)夠回報股(gu)(gu)(gu)東并(bing)且具有(you)(you)(you)較(jiao)好的(de)投(tou)資回報，如(ru)果改(gai)(gai)制(zhi)(zhi)(zhi)(zhi)上(shang)(shang)(shang)(shang)市(shi)(shi)，必須符合(he)上(shang)(shang)(shang)(shang)市(shi)(shi)條件，如(ru)果連續虧損(sun)將(jiang)要(yao)(yao)摘牌退市(shi)(shi)，還(huan)存(cun)在控制(zhi)(zhi)(zhi)(zhi)權(quan)轉移(yi)的(de)壓力等(deng)，實(shi)際情況(kuang)是(shi)(shi)(shi)，并(bing)非所(suo)有(you)(you)(you)國(guo)有(you)(you)(you)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)(ye)都具有(you)(you)(you)投(tou)資價值(zhi)，更(geng)不(bu)(bu)(bu)(bu)是(shi)(shi)(shi)都符合(he)上(shang)(shang)(shang)(shang)市(shi)(shi)條件，特(te)別是(shi)(shi)(shi)承擔公(gong)益(yi)性(xing)功能(neng)或(huo)主(zhu)要(yao)(yao)承擔保障(zhang)性(xing)功能(neng)的(de)國(guo)有(you)(you)(you)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)(ye)，由于贏利能(neng)力不(bu)(bu)(bu)(bu)強(qiang)，可(ke)能(neng)出現(xian)(xian)(xian)虧損(sun)甚(shen)至嚴重虧損(sun)，無(wu)法實(shi)現(xian)(xian)(xian)良好回報，無(wu)法吸引其他(ta)股(gu)(gu)(gu)東，也無(wu)法滿(man)足上(shang)(shang)(shang)(shang)市(shi)(shi)要(yao)(yao)求。因此(ci)，國(guo)有(you)(you)(you)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)(ye)發展(zhan)混(hun)合(he)所(suo)有(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)不(bu)(bu)(bu)(bu)可(ke)能(neng)都采(cai)取(qu)股(gu)(gu)(gu)份(fen)(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)特(te)別是(shi)(shi)(shi)改(gai)(gai)制(zhi)(zhi)(zhi)(zhi)上(shang)(shang)(shang)(shang)市(shi)(shi)的(de)模式(shi)。適應建(jian)立現(xian)(xian)(xian)代企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)(ye)制(zhi)(zhi)(zhi)(zhi)度的(de)要(yao)(yao)求，國(guo)有(you)(you)(you)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)(ye)也可(ke)以進(jin)(jin)行公(gong)司(si)制(zhi)(zhi)(zhi)(zhi)改(gai)(gai)革(ge)(ge)。因此(ci)，中央歷來強(qiang)調，國(guo)有(you)(you)(you)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)(ye)要(yao)(yao)加(jia)快推進(jin)(jin)公(gong)司(si)制(zhi)(zhi)(zhi)(zhi)股(gu)(gu)(gu)份(fen)(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)改(gai)(gai)革(ge)(ge)，具備條件的(de)國(guo)有(you)(you)(you)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)(ye)進(jin)(jin)行改(gai)(gai)制(zhi)(zhi)(zhi)(zhi)上(shang)(shang)(shang)(shang)市(shi)(shi)。從(cong)我國(guo)國(guo)有(you)(you)(you)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)(ye)目前(qian)的(de)實(shi)際情況(kuang)看，相當一(yi)部(bu)分國(guo)有(you)(you)(you)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)(ye)并(bing)不(bu)(bu)(bu)(bu)是(shi)(shi)(shi)股(gu)(gu)(gu)份(fen)(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)(ye)。實(shi)際上(shang)(shang)(shang)(shang)，股(gu)(gu)(gu)份(fen)(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)(ye)在全(quan)部(bu)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)(ye)中占少數(shu)這(zhe)種現(xian)(xian)(xian)象在市(shi)(shi)場經濟國(guo)家具有(you)(you)(you)普遍性(xing)。這(zhe)從(cong)一(yi)個方面也說(shuo)明，發展(zhan)混(hun)合(he)所(suo)有(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)經濟不(bu)(bu)(bu)(bu)等(deng)于也不(bu)(bu)(bu)(bu)可(ke)能(neng)都選擇股(gu)(gu)(gu)份(fen)(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)這(zhe)種企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)(ye)組織(zhi)形(xing)(xing)式(shi)。
四
公(gong)(gong)(gong)(gong)司(si)(si)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)也可(ke)(ke)(ke)以(yi)成為(wei)混(hun)(hun)(hun)(hun)合(he)(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)(jing)(jing)(jing)(jing)濟(ji)(ji)(ji)(ji)的(de)(de)(de)(de)重(zhong)要(yao)(yao)實(shi)現(xian)(xian)形(xing)式(shi)(shi)。黨(dang)的(de)(de)(de)(de)十八屆三中(zhong)全會強調，積(ji)極(ji)發(fa)展(zhan)(zhan)國(guo)有(you)(you)(you)(you)(you)(you)(you)(you)資(zi)(zi)(zi)(zi)本(ben)(ben)(ben)(ben)、集(ji)體(ti)資(zi)(zi)(zi)(zi)本(ben)(ben)(ben)(ben)、非(fei)(fei)公(gong)(gong)(gong)(gong)有(you)(you)(you)(you)(you)(you)(you)(you)資(zi)(zi)(zi)(zi)本(ben)(ben)(ben)(ben)等(deng)交(jiao)(jiao)叉(cha)持股(gu)(gu)(gu)(gu)(gu)(gu)、相(xiang)互融合(he)(he)(he)的(de)(de)(de)(de)混(hun)(hun)(hun)(hun)合(he)(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)(jing)(jing)(jing)(jing)濟(ji)(ji)(ji)(ji)。根(gen)據(ju)這(zhe)一(yi)精神和(he)(he)(he)要(yao)(yao)求，只要(yao)(yao)能夠實(shi)現(xian)(xian)公(gong)(gong)(gong)(gong)有(you)(you)(you)(you)(you)(you)(you)(you)資(zi)(zi)(zi)(zi)本(ben)(ben)(ben)(ben)與非(fei)(fei)公(gong)(gong)(gong)(gong)有(you)(you)(you)(you)(you)(you)(you)(you)資(zi)(zi)(zi)(zi)本(ben)(ben)(ben)(ben)等(deng)的(de)(de)(de)(de)交(jiao)(jiao)叉(cha)持股(gu)(gu)(gu)(gu)(gu)(gu)和(he)(he)(he)相(xiang)互融合(he)(he)(he)，都應(ying)該(gai)視為(wei)混(hun)(hun)(hun)(hun)合(he)(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)，都應(ying)該(gai)給(gei)予積(ji)極(ji)支(zhi)持和(he)(he)(he)鼓勵(li)。公(gong)(gong)(gong)(gong)司(si)(si)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)中(zhong)，排(pai)除《公(gong)(gong)(gong)(gong)司(si)(si)法》分別作了特別規定(ding)的(de)(de)(de)(de)一(yi)人(ren)有(you)(you)(you)(you)(you)(you)(you)(you)限責任公(gong)(gong)(gong)(gong)司(si)(si)和(he)(he)(he)國(guo)有(you)(you)(you)(you)(you)(you)(you)(you)獨資(zi)(zi)(zi)(zi)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)，其他(ta)公(gong)(gong)(gong)(gong)司(si)(si)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)的(de)(de)(de)(de)股(gu)(gu)(gu)(gu)(gu)(gu)東按(an)法律規定(ding)必須(xu)在2人(ren)以(yi)上(shang)、50人(ren)以(yi)下，如果股(gu)(gu)(gu)(gu)(gu)(gu)東所(suo)(suo)(suo)出資(zi)(zi)(zi)(zi)本(ben)(ben)(ben)(ben)中(zhong)既(ji)包括(kuo)公(gong)(gong)(gong)(gong)有(you)(you)(you)(you)(you)(you)(you)(you)資(zi)(zi)(zi)(zi)本(ben)(ben)(ben)(ben)，又包括(kuo)非(fei)(fei)公(gong)(gong)(gong)(gong)有(you)(you)(you)(you)(you)(you)(you)(you)資(zi)(zi)(zi)(zi)本(ben)(ben)(ben)(ben)，從混(hun)(hun)(hun)(hun)合(he)(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)(jing)(jing)(jing)(jing)濟(ji)(ji)(ji)(ji)的(de)(de)(de)(de)內涵和(he)(he)(he)要(yao)(yao)求來看，應(ying)該(gai)屬于多元投(tou)資(zi)(zi)(zi)(zi)主(zhu)體(ti)的(de)(de)(de)(de)混(hun)(hun)(hun)(hun)合(he)(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)(jing)(jing)(jing)(jing)濟(ji)(ji)(ji)(ji)。由此可(ke)(ke)(ke)見，采用公(gong)(gong)(gong)(gong)司(si)(si)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)的(de)(de)(de)(de)組織形(xing)式(shi)(shi)，也可(ke)(ke)(ke)以(yi)實(shi)現(xian)(xian)發(fa)展(zhan)(zhan)混(hun)(hun)(hun)(hun)合(he)(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)(jing)(jing)(jing)(jing)濟(ji)(ji)(ji)(ji)所(suo)(suo)(suo)要(yao)(yao)求的(de)(de)(de)(de)公(gong)(gong)(gong)(gong)有(you)(you)(you)(you)(you)(you)(you)(you)資(zi)(zi)(zi)(zi)本(ben)(ben)(ben)(ben)與非(fei)(fei)公(gong)(gong)(gong)(gong)有(you)(you)(you)(you)(you)(you)(you)(you)資(zi)(zi)(zi)(zi)本(ben)(ben)(ben)(ben)等(deng)交(jiao)(jiao)叉(cha)持股(gu)(gu)(gu)(gu)(gu)(gu)、相(xiang)互融合(he)(he)(he)的(de)(de)(de)(de)目的(de)(de)(de)(de)，也可(ke)(ke)(ke)以(yi)達到國(guo)有(you)(you)(you)(you)(you)(you)(you)(you)資(zi)(zi)(zi)(zi)本(ben)(ben)(ben)(ben)放大功能、保值(zhi)增值(zhi)、提高競爭(zheng)力(li)的(de)(de)(de)(de)目的(de)(de)(de)(de)，應(ying)該(gai)成為(wei)發(fa)展(zhan)(zhan)混(hun)(hun)(hun)(hun)合(he)(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)(jing)(jing)(jing)(jing)濟(ji)(ji)(ji)(ji)的(de)(de)(de)(de)一(yi)個重(zhong)要(yao)(yao)途(tu)(tu)徑(jing)，成為(wei)深化(hua)國(guo)有(you)(you)(you)(you)(you)(you)(you)(you)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)改(gai)革的(de)(de)(de)(de)一(yi)個重(zhong)要(yao)(yao)方向。正因為(wei)如此，國(guo)內理(li)論(lun)界和(he)(he)(he)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)界通常(chang)將公(gong)(gong)(gong)(gong)司(si)(si)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)和(he)(he)(he)股(gu)(gu)(gu)(gu)(gu)(gu)份制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)都歸之為(wei)現(xian)(xian)代企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)度，并將現(xian)(xian)代企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)度確(que)定(ding)為(wei)國(guo)有(you)(you)(you)(you)(you)(you)(you)(you)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)改(gai)革的(de)(de)(de)(de)方向。把混(hun)(hun)(hun)(hun)合(he)(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)等(deng)同于股(gu)(gu)(gu)(gu)(gu)(gu)份制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)，必然會排(pai)除和(he)(he)(he)排(pai)斥(chi)公(gong)(gong)(gong)(gong)司(si)(si)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)這(zhe)一(yi)實(shi)現(xian)(xian)混(hun)(hun)(hun)(hun)合(he)(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)(jing)(jing)(jing)(jing)濟(ji)(ji)(ji)(ji)的(de)(de)(de)(de)重(zhong)要(yao)(yao)途(tu)(tu)徑(jing)和(he)(he)(he)有(you)(you)(you)(you)(you)(you)(you)(you)效(xiao)形(xing)式(shi)(shi)，顯然，是不可(ke)(ke)(ke)取、不適宜的(de)(de)(de)(de)。因此，積(ji)極(ji)發(fa)展(zhan)(zhan)混(hun)(hun)(hun)(hun)合(he)(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)(jing)(jing)(jing)(jing)濟(ji)(ji)(ji)(ji)，既(ji)要(yao)(yao)繼(ji)續(xu)(xu)推(tui)(tui)進國(guo)有(you)(you)(you)(you)(you)(you)(you)(you)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)的(de)(de)(de)(de)股(gu)(gu)(gu)(gu)(gu)(gu)份制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)改(gai)革，允(yun)許更多國(guo)有(you)(you)(you)(you)(you)(you)(you)(you)經(jing)(jing)(jing)(jing)(jing)濟(ji)(ji)(ji)(ji)和(he)(he)(he)其他(ta)所(suo)(suo)(suo)有(you)(you)(you)(you)(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)(jing)(jing)(jing)(jing)濟(ji)(ji)(ji)(ji)發(fa)展(zhan)(zhan)成為(wei)混(hun)(hun)(hun)(hun)合(he)(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)(jing)(jing)(jing)(jing)濟(ji)(ji)(ji)(ji)，鼓勵(li)發(fa)展(zhan)(zhan)私營資(zi)(zi)(zi)(zi)本(ben)(ben)(ben)(ben)控(kong)股(gu)(gu)(gu)(gu)(gu)(gu)的(de)(de)(de)(de)混(hun)(hun)(hun)(hun)合(he)(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)(qi)業(ye)(ye)(ye)，也要(yao)(yao)繼(ji)續(xu)(xu)深化(hua)國(guo)有(you)(you)(you)(you)(you)(you)(you)(you)企(qi)(qi)(qi)(qi)業(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(fa)展(zhan)(zhan)公(gong)(gong)(gong)(gong)有(you)(you)(you)(you)(you)(you)(you)(you)資(zi)(zi)(zi)(zi)本(ben)(ben)(ben)(ben)與私營資(zi)(zi)(zi)(zi)本(ben)(ben)(ben)(ben)等(deng)多元投(tou)資(zi)(zi)(zi)(zi)主(zhu)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)(qi)業(ye)(ye)(ye)，以(yi)拓(tuo)展(zhan)(zhan)混(hun)(hun)(hun)(hun)合(he)(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)(jing)(jing)(jing)(jing)濟(ji)(ji)(ji)(ji)的(de)(de)(de)(de)發(fa)展(zhan)(zhan)途(tu)(tu)徑(jing)，推(tui)(tui)進混(hun)(hun)(hun)(hun)合(he)(he)(he)所(suo)(suo)(suo)有(you)(you)(you)(you)(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經(jing)(jing)(jing)(jing)(jing)濟(ji)(ji)(ji)(ji)的(de)(de)(de)(de)更快發(fa)展(zhan)(zhan)。
（本(ben)文章(zhang)摘(zhai)自5月29日《經濟(ji)日報》）