發布時間：2015-05-29
積極發(fa)展混合所有(you)(you)(you)制(zhi)經濟，有(you)(you)(you)必要對公(gong)司制(zhi)企(qi)業(ye)與股份制(zhi)企(qi)業(ye)加以(yi)區分(fen)，有(you)(you)(you)必要對公(gong)司制(zhi)改革在發(fa)展混合所有(you)(you)(you)制(zhi)經濟進程中(zhong)的意義和作用重新(xin)審(shen)視。
一
混(hun)合(he)所(suo)有(you)(you)(you)制(zhi)(zhi)與股(gu)(gu)(gu)份(fen)制(zhi)(zhi)的(de)關系，是新一(yi)(yi)輪(lun)國(guo)(guo)有(you)(you)(you)企(qi)業(ye)改革大幕開啟以(yi)來議論較多的(de)一(yi)(yi)個話題(ti)。有(you)(you)(you)觀(guan)點認為，混(hun)合(he)所(suo)有(you)(you)(you)制(zhi)(zhi)就是股(gu)(gu)(gu)份(fen)制(zhi)(zhi)。這(zhe)一(yi)(yi)觀(guan)點著眼于股(gu)(gu)(gu)份(fen)制(zhi)(zhi)是公(gong)(gong)有(you)(you)(you)制(zhi)(zhi)的(de)主要實現(xian)形(xing)式，強(qiang)調(diao)發(fa)展混(hun)合(he)所(suo)有(you)(you)(you)制(zhi)(zhi)經濟的(de)重(zhong)點是繼續(xu)推進國(guo)(guo)有(you)(you)(you)企(qi)業(ye)的(de)股(gu)(gu)(gu)份(fen)制(zhi)(zhi)改革，這(zhe)一(yi)(yi)觀(guan)點有(you)(you)(you)可取之處。但將混(hun)合(he)所(suo)有(you)(you)(you)制(zhi)(zhi)等同于股(gu)(gu)(gu)份(fen)制(zhi)(zhi)，既容易阻礙公(gong)(gong)有(you)(you)(you)制(zhi)(zhi)多種實現(xian)形(xing)式的(de)積極探索，也容易影響對公(gong)(gong)司制(zhi)(zhi)企(qi)業(ye)與股(gu)(gu)(gu)份(fen)制(zhi)(zhi)企(qi)業(ye)的(de)正確認識(shi)。
有(you)(you)(you)(you)限(xian)責(ze)(ze)(ze)任(ren)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)和(he)股(gu)(gu)(gu)(gu)份(fen)(fen)(fen)(fen)有(you)(you)(you)(you)限(xian)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)是兩(liang)(liang)種形式(shi)的(de)(de)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)。通常(chang)講的(de)(de)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)是相對于個人業(ye)(ye)(ye)主制(zhi)(zhi)(zhi)(zhi)企(qi)(qi)業(ye)(ye)(ye)、合伙(huo)制(zhi)(zhi)(zhi)(zhi)企(qi)(qi)業(ye)(ye)(ye)等而言的(de)(de)一種企(qi)(qi)業(ye)(ye)(ye)組織(zhi)形式(shi)。根據資(zi)本(ben)形式(shi)和(he)承(cheng)擔(dan)責(ze)(ze)(ze)任(ren)的(de)(de)不(bu)(bu)同(tong)，公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)又分(fen)為(wei)(wei)有(you)(you)(you)(you)限(xian)責(ze)(ze)(ze)任(ren)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)和(he)股(gu)(gu)(gu)(gu)份(fen)(fen)(fen)(fen)有(you)(you)(you)(you)限(xian)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)兩(liang)(liang)種，股(gu)(gu)(gu)(gu)份(fen)(fen)(fen)(fen)有(you)(you)(you)(you)限(xian)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)又分(fen)為(wei)(wei)上(shang)市(shi)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)和(he)非上(shang)市(shi)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)兩(liang)(liang)種，上(shang)市(shi)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)是指其股(gu)(gu)(gu)(gu)票(piao)在(zai)證(zheng)券交易(yi)所(suo)上(shang)市(shi)交易(yi)的(de)(de)股(gu)(gu)(gu)(gu)份(fen)(fen)(fen)(fen)有(you)(you)(you)(you)限(xian)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)。有(you)(you)(you)(you)限(xian)責(ze)(ze)(ze)任(ren)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)與股(gu)(gu)(gu)(gu)份(fen)(fen)(fen)(fen)有(you)(you)(you)(you)限(xian)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)是有(you)(you)(you)(you)明確法律界定(ding)和(he)法律區別的(de)(de)兩(liang)(liang)種企(qi)(qi)業(ye)(ye)(ye)組織(zhi)形式(shi)，雖然都屬于公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)這個大范疇，但兩(liang)(liang)者不(bu)(bu)能(neng)混為(wei)(wei)一談(tan)。習慣上(shang)，一般將有(you)(you)(you)(you)限(xian)責(ze)(ze)(ze)任(ren)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)稱為(wei)(wei)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)制(zhi)(zhi)(zhi)(zhi)企(qi)(qi)業(ye)(ye)(ye)，將股(gu)(gu)(gu)(gu)份(fen)(fen)(fen)(fen)有(you)(you)(you)(you)限(xian)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)稱為(wei)(wei)股(gu)(gu)(gu)(gu)份(fen)(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)企(qi)(qi)業(ye)(ye)(ye)。正因為(wei)(wei)如此(ci)，黨(dang)的(de)(de)十(shi)七大作(zuo)出的(de)(de)《決定(ding)》在(zai)論述完善基本(ben)經濟制(zhi)(zhi)(zhi)(zhi)度時強(qiang)調，要(yao)“深(shen)化國有(you)(you)(you)(you)企(qi)(qi)業(ye)(ye)(ye)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)制(zhi)(zhi)(zhi)(zhi)股(gu)(gu)(gu)(gu)份(fen)(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)改(gai)革。”近年來的(de)(de)政府工作(zuo)報告和(he)一些深(shen)化經濟體制(zhi)(zhi)(zhi)(zhi)改(gai)革指導(dao)意見也多次強(qiang)調，要(yao)深(shen)化國有(you)(you)(you)(you)企(qi)(qi)業(ye)(ye)(ye)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)制(zhi)(zhi)(zhi)(zhi)股(gu)(gu)(gu)(gu)份(fen)(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)改(gai)革。由(you)此(ci)可(ke)見，深(shen)化國有(you)(you)(you)(you)企(qi)(qi)業(ye)(ye)(ye)的(de)(de)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)制(zhi)(zhi)(zhi)(zhi)改(gai)革和(he)股(gu)(gu)(gu)(gu)份(fen)(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)改(gai)革都應成為(wei)(wei)推進國有(you)(you)(you)(you)企(qi)(qi)業(ye)(ye)(ye)市(shi)場化改(gai)革的(de)(de)主要(yao)取向和(he)重要(yao)任(ren)務(wu)。
二
有(you)(you)限責(ze)任(ren)公(gong)(gong)司(si)(si)與(yu)股(gu)(gu)份(fen)(fen)(fen)有(you)(you)限公(gong)(gong)司(si)(si)是有(you)(you)所區別的(de)兩種企(qi)(qi)業(ye)(ye)(ye)(ye)組(zu)織(zhi)形式。一些(xie)觀點之所以(yi)將(jiang)混(hun)合(he)所有(you)(you)制視為股(gu)(gu)份(fen)(fen)(fen)制，其重要原因可能在于，根(gen)據(ju)我國(guo)《公(gong)(gong)司(si)(si)法》的(de)規定，無論是有(you)(you)限責(ze)任(ren)公(gong)(gong)司(si)(si)還(huan)是股(gu)(gu)份(fen)(fen)(fen)有(you)(you)限企(qi)(qi)業(ye)(ye)(ye)(ye)，其出資(zi)人都(dou)以(yi)股(gu)(gu)東(dong)稱謂，股(gu)(gu)東(dong)都(dou)以(yi)投(tou)入企(qi)(qi)業(ye)(ye)(ye)(ye)的(de)資(zi)本對公(gong)(gong)司(si)(si)承擔(dan)責(ze)任(ren)，董事(shi)會決(jue)議(yi)的(de)表決(jue)都(dou)是一人一票，公(gong)(gong)司(si)(si)以(yi)其全部資(zi)產對公(gong)(gong)司(si)(si)的(de)債務(wu)承擔(dan)責(ze)任(ren)，而且，公(gong)(gong)司(si)(si)制企(qi)(qi)業(ye)(ye)(ye)(ye)股(gu)(gu)東(dong)的(de)出資(zi)比例經常也被稱為持(chi)股(gu)(gu)比例，這就使得(de)人們很容易將(jiang)公(gong)(gong)司(si)(si)制企(qi)(qi)業(ye)(ye)(ye)(ye)與(yu)股(gu)(gu)份(fen)(fen)(fen)制企(qi)(qi)業(ye)(ye)(ye)(ye)混(hun)為一談。實際(ji)上，公(gong)(gong)司(si)(si)制企(qi)(qi)業(ye)(ye)(ye)(ye)與(yu)股(gu)(gu)份(fen)(fen)(fen)制企(qi)(qi)業(ye)(ye)(ye)(ye)在設立(li)、組(zu)織(zhi)機構、股(gu)(gu)權轉讓三個方面(mian)存在明(ming)顯區別和(he)差異。
在設(she)(she)立(li)(li)(li)方面(mian)，第一(yi)，資(zi)(zi)本劃分(fen)方式(shi)(shi)(shi)不(bu)(bu)(bu)(bu)同(tong)，公(gong)(gong)司(si)(si)制(zhi)企(qi)(qi)業(ye)(ye)的(de)(de)(de)(de)(de)資(zi)(zi)本不(bu)(bu)(bu)(bu)必(bi)等額(e)劃分(fen)，股(gu)份(fen)(fen)(fen)(fen)制(zhi)企(qi)(qi)業(ye)(ye)的(de)(de)(de)(de)(de)資(zi)(zi)本必(bi)須劃分(fen)為等額(e)股(gu)份(fen)(fen)(fen)(fen)，每股(gu)金額(e)相(xiang)等。這是(shi)公(gong)(gong)司(si)(si)制(zhi)企(qi)(qi)業(ye)(ye)有(you)別于股(gu)份(fen)(fen)(fen)(fen)制(zhi)企(qi)(qi)業(ye)(ye)最重要的(de)(de)(de)(de)(de)一(yi)點。第二(er)，資(zi)(zi)本名稱(cheng)(cheng)不(bu)(bu)(bu)(bu)同(tong)，公(gong)(gong)司(si)(si)制(zhi)企(qi)(qi)業(ye)(ye)股(gu)東(dong)(dong)所出(chu)(chu)資(zi)(zi)本稱(cheng)(cheng)為出(chu)(chu)資(zi)(zi)額(e)，股(gu)份(fen)(fen)(fen)(fen)制(zhi)企(qi)(qi)業(ye)(ye)所出(chu)(chu)資(zi)(zi)本稱(cheng)(cheng)為所持股(gu)份(fen)(fen)(fen)(fen)，股(gu)份(fen)(fen)(fen)(fen)制(zhi)企(qi)(qi)業(ye)(ye)的(de)(de)(de)(de)(de)股(gu)份(fen)(fen)(fen)(fen)采取(qu)股(gu)票的(de)(de)(de)(de)(de)形式(shi)(shi)(shi)。相(xiang)應(ying)(ying)地(di)，股(gu)權證(zheng)明形式(shi)(shi)(shi)也(ye)不(bu)(bu)(bu)(bu)同(tong)，公(gong)(gong)司(si)(si)制(zhi)企(qi)(qi)業(ye)(ye)向(xiang)股(gu)東(dong)(dong)簽發(fa)(fa)的(de)(de)(de)(de)(de)是(shi)出(chu)(chu)資(zi)(zi)證(zheng)明書，股(gu)份(fen)(fen)(fen)(fen)制(zhi)企(qi)(qi)業(ye)(ye)是(shi)股(gu)票。第三，資(zi)(zi)本募集(ji)方式(shi)(shi)(shi)不(bu)(bu)(bu)(bu)同(tong)。公(gong)(gong)司(si)(si)制(zhi)企(qi)(qi)業(ye)(ye)只(zhi)能在股(gu)東(dong)(dong)范圍之內募集(ji)資(zi)(zi)金，不(bu)(bu)(bu)(bu)得向(xiang)社會公(gong)(gong)開(kai)招股(gu)集(ji)資(zi)(zi)，股(gu)份(fen)(fen)(fen)(fen)制(zhi)企(qi)(qi)業(ye)(ye)可以采取(qu)發(fa)(fa)起(qi)(qi)設(she)(she)立(li)(li)(li)或者募集(ji)設(she)(she)立(li)(li)(li)的(de)(de)(de)(de)(de)方式(shi)(shi)(shi)，發(fa)(fa)起(qi)(qi)設(she)(she)立(li)(li)(li)是(shi)指(zhi)發(fa)(fa)起(qi)(qi)人(ren)認(ren)購(gou)公(gong)(gong)司(si)(si)應(ying)(ying)發(fa)(fa)行的(de)(de)(de)(de)(de)全(quan)(quan)部股(gu)份(fen)(fen)(fen)(fen)而設(she)(she)立(li)(li)(li)公(gong)(gong)司(si)(si)，募集(ji)設(she)(she)立(li)(li)(li)是(shi)指(zhi)發(fa)(fa)起(qi)(qi)人(ren)認(ren)購(gou)公(gong)(gong)司(si)(si)應(ying)(ying)當(dang)發(fa)(fa)行股(gu)份(fen)(fen)(fen)(fen)的(de)(de)(de)(de)(de)一(yi)部分(fen)，其余部分(fen)向(xiang)社會特定(ding)對象募集(ji)而設(she)(she)立(li)(li)(li)公(gong)(gong)司(si)(si)。第四，出(chu)(chu)資(zi)(zi)方式(shi)(shi)(shi)不(bu)(bu)(bu)(bu)同(tong)。公(gong)(gong)司(si)(si)制(zhi)企(qi)(qi)業(ye)(ye)的(de)(de)(de)(de)(de)股(gu)東(dong)(dong)應(ying)(ying)當(dang)按照其發(fa)(fa)起(qi)(qi)人(ren)協議和公(gong)(gong)司(si)(si)章(zhang)(zhang)程中認(ren)購(gou)的(de)(de)(de)(de)(de)出(chu)(chu)資(zi)(zi)數額(e)足(zu)額(e)繳(jiao)付(fu)出(chu)(chu)資(zi)(zi)，如(ru)不(bu)(bu)(bu)(bu)按期繳(jiao)付(fu)所認(ren)繳(jiao)的(de)(de)(de)(de)(de)出(chu)(chu)資(zi)(zi)，應(ying)(ying)當(dang)向(xiang)已出(chu)(chu)資(zi)(zi)的(de)(de)(de)(de)(de)其他出(chu)(chu)資(zi)(zi)人(ren)承擔(dan)違約責任；股(gu)份(fen)(fen)(fen)(fen)制(zhi)企(qi)(qi)業(ye)(ye)發(fa)(fa)起(qi)(qi)設(she)(she)立(li)(li)(li)時(shi)，公(gong)(gong)司(si)(si)章(zhang)(zhang)程中載明的(de)(de)(de)(de)(de)公(gong)(gong)司(si)(si)全(quan)(quan)部資(zi)(zi)本必(bi)須在公(gong)(gong)司(si)(si)設(she)(she)立(li)(li)(li)時(shi)全(quan)(quan)部發(fa)(fa)行，并由發(fa)(fa)起(qi)(qi)人(ren)全(quan)(quan)部認(ren)購(gou)。募集(ji)設(she)(she)立(li)(li)(li)的(de)(de)(de)(de)(de)，發(fa)(fa)起(qi)(qi)人(ren)認(ren)購(gou)的(de)(de)(de)(de)(de)股(gu)份(fen)(fen)(fen)(fen)不(bu)(bu)(bu)(bu)得少于公(gong)(gong)司(si)(si)股(gu)份(fen)(fen)(fen)(fen)總數的(de)(de)(de)(de)(de)35%，其余股(gu)份(fen)(fen)(fen)(fen)應(ying)(ying)向(xiang)社會公(gong)(gong)開(kai)募集(ji)。
在組織機構方面，公(gong)(gong)(gong)司(si)制(zhi)企(qi)(qi)業(ye)董(dong)事(shi)(shi)會(hui)(hui)(hui)成員(yuan)為3-13人(ren)，股(gu)(gu)(gu)(gu)(gu)東(dong)人(ren)數較少(shao)或者規模(mo)較小的(de)可以不(bu)設董(dong)事(shi)(shi)會(hui)(hui)(hui)和(he)監(jian)事(shi)(shi)會(hui)(hui)(hui)，不(bu)設董(dong)事(shi)(shi)會(hui)(hui)(hui)的(de)設一名(ming)執行董(dong)事(shi)(shi)，不(bu)設監(jian)事(shi)(shi)會(hui)(hui)(hui)的(de)設1-2名(ming)監(jian)事(shi)(shi)。股(gu)(gu)(gu)(gu)(gu)份制(zhi)企(qi)(qi)業(ye)需要設立股(gu)(gu)(gu)(gu)(gu)東(dong)會(hui)(hui)(hui)、董(dong)事(shi)(shi)會(hui)(hui)(hui)、監(jian)事(shi)(shi)會(hui)(hui)(hui)，董(dong)事(shi)(shi)會(hui)(hui)(hui)成員(yuan)為5-19人(ren)。公(gong)(gong)(gong)司(si)制(zhi)企(qi)(qi)業(ye)的(de)股(gu)(gu)(gu)(gu)(gu)東(dong)會(hui)(hui)(hui)議由(you)股(gu)(gu)(gu)(gu)(gu)東(dong)按照出資(zi)比例行使表(biao)決(jue)權，股(gu)(gu)(gu)(gu)(gu)份制(zhi)企(qi)(qi)業(ye)股(gu)(gu)(gu)(gu)(gu)東(dong)出席股(gu)(gu)(gu)(gu)(gu)東(dong)大會(hui)(hui)(hui)所持每一股(gu)(gu)(gu)(gu)(gu)份有一表(biao)決(jue)權，但是，公(gong)(gong)(gong)司(si)持有的(de)本(ben)公(gong)(gong)(gong)司(si)股(gu)(gu)(gu)(gu)(gu)份沒有表(biao)決(jue)權。
在股(gu)(gu)(gu)(gu)權轉(zhuan)讓方面，公(gong)司(si)(si)制(zhi)企業的(de)股(gu)(gu)(gu)(gu)東(dong)之(zhi)間可以相互轉(zhuan)讓其(qi)全部(bu)或者部(bu)分(fen)股(gu)(gu)(gu)(gu)權，股(gu)(gu)(gu)(gu)東(dong)向股(gu)(gu)(gu)(gu)東(dong)以外人(ren)轉(zhuan)讓股(gu)(gu)(gu)(gu)權，應(ying)當經其(qi)他(ta)股(gu)(gu)(gu)(gu)東(dong)過(guo)半(ban)數同意，同等條(tiao)件(jian)下其(qi)他(ta)股(gu)(gu)(gu)(gu)東(dong)有優先(xian)購買權。股(gu)(gu)(gu)(gu)份(fen)制(zhi)企業的(de)發起人(ren)持有的(de)本公(gong)司(si)(si)股(gu)(gu)(gu)(gu)份(fen)，自公(gong)司(si)(si)成立之(zhi)日起一年(nian)內不得(de)轉(zhuan)讓；公(gong)司(si)(si)公(gong)開發行(xing)股(gu)(gu)(gu)(gu)份(fen)前(qian)已發行(xing)的(de)股(gu)(gu)(gu)(gu)份(fen)，自公(gong)司(si)(si)股(gu)(gu)(gu)(gu)票(piao)在證券(quan)交(jiao)易(yi)所(suo)上市(shi)之(zhi)日起一年(nian)內不得(de)轉(zhuan)讓。
三
企(qi)(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)不可能(neng)(neng)(neng)也不需要(yao)(yao)都(dou)采(cai)(cai)用股份(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)的(de)(de)資(zi)本(ben)組織(zhi)形(xing)式(shi)。企(qi)(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)采(cai)(cai)取(qu)什么樣的(de)(de)組織(zhi)形(xing)式(shi)，是(shi)(shi)(shi)采(cai)(cai)取(qu)公(gong)(gong)司制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)形(xing)式(shi)還是(shi)(shi)(shi)采(cai)(cai)取(qu)股份(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)形(xing)式(shi)，是(shi)(shi)(shi)否公(gong)(gong)開上(shang)市(shi)(shi)(shi)，取(qu)決于投資(zi)者的(de)(de)綜合(he)(he)考(kao)慮。企(qi)(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)進(jin)行(xing)股份(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)改(gai)(gai)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)，產權結(jie)構(gou)就由單一產權變為多元投資(zi)主體(ti)，如(ru)(ru)果是(shi)(shi)(shi)改(gai)(gai)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)上(shang)市(shi)(shi)(shi)成(cheng)(cheng)為公(gong)(gong)眾公(gong)(gong)司，必須(xu)做到信息公(gong)(gong)開，必須(xu)接(jie)受(shou)社會監督，這(zhe)對(dui)國(guo)(guo)(guo)(guo)有(you)(you)企(qi)(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)建(jian)(jian)立現代企(qi)(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)度、完善法人治理結(jie)構(gou)能(neng)(neng)(neng)夠(gou)提供(gong)有(you)(you)效(xiao)的(de)(de)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)度保障(zhang)，因此(ci)，股份(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)就成(cheng)(cheng)為公(gong)(gong)有(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)的(de)(de)主要(yao)(yao)實(shi)現形(xing)式(shi)，國(guo)(guo)(guo)(guo)有(you)(you)企(qi)(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)進(jin)行(xing)股份(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)改(gai)(gai)革(ge)特別是(shi)(shi)(shi)整(zheng)體(ti)上(shang)市(shi)(shi)(shi)就成(cheng)(cheng)為主要(yao)(yao)取(qu)向和改(gai)(gai)革(ge)模式(shi)。但國(guo)(guo)(guo)(guo)有(you)(you)企(qi)(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)進(jin)行(xing)股份(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)改(gai)(gai)革(ge)，必須(xu)能(neng)(neng)(neng)夠(gou)回(hui)報(bao)(bao)股東并且具(ju)有(you)(you)較好的(de)(de)投資(zi)回(hui)報(bao)(bao)，如(ru)(ru)果改(gai)(gai)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)上(shang)市(shi)(shi)(shi)，必須(xu)符合(he)(he)上(shang)市(shi)(shi)(shi)條件(jian)，如(ru)(ru)果連(lian)續虧(kui)損(sun)(sun)將要(yao)(yao)摘牌退(tui)市(shi)(shi)(shi)，還存在(zai)控制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)權轉移的(de)(de)壓力等，實(shi)際(ji)情況(kuang)是(shi)(shi)(shi)，并非(fei)所有(you)(you)國(guo)(guo)(guo)(guo)有(you)(you)企(qi)(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)都(dou)具(ju)有(you)(you)投資(zi)價值，更(geng)不是(shi)(shi)(shi)都(dou)符合(he)(he)上(shang)市(shi)(shi)(shi)條件(jian)，特別是(shi)(shi)(shi)承(cheng)擔公(gong)(gong)益性(xing)功(gong)能(neng)(neng)(neng)或主要(yao)(yao)承(cheng)擔保障(zhang)性(xing)功(gong)能(neng)(neng)(neng)的(de)(de)國(guo)(guo)(guo)(guo)有(you)(you)企(qi)(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)，由于贏利能(neng)(neng)(neng)力不強(qiang)，可能(neng)(neng)(neng)出現虧(kui)損(sun)(sun)甚至嚴(yan)重虧(kui)損(sun)(sun)，無法實(shi)現良好回(hui)報(bao)(bao)，無法吸引其他(ta)股東，也無法滿足上(shang)市(shi)(shi)(shi)要(yao)(yao)求。因此(ci)，國(guo)(guo)(guo)(guo)有(you)(you)企(qi)(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)發(fa)展混合(he)(he)所有(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)不可能(neng)(neng)(neng)都(dou)采(cai)(cai)取(qu)股份(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)特別是(shi)(shi)(shi)改(gai)(gai)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)上(shang)市(shi)(shi)(shi)的(de)(de)模式(shi)。適應建(jian)(jian)立現代企(qi)(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)度的(de)(de)要(yao)(yao)求，國(guo)(guo)(guo)(guo)有(you)(you)企(qi)(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)也可以進(jin)行(xing)公(gong)(gong)司制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)改(gai)(gai)革(ge)。因此(ci)，中央(yang)歷來(lai)強(qiang)調，國(guo)(guo)(guo)(guo)有(you)(you)企(qi)(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)要(yao)(yao)加快(kuai)推進(jin)公(gong)(gong)司制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)股份(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)改(gai)(gai)革(ge)，具(ju)備(bei)條件(jian)的(de)(de)國(guo)(guo)(guo)(guo)有(you)(you)企(qi)(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)進(jin)行(xing)改(gai)(gai)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)上(shang)市(shi)(shi)(shi)。從我國(guo)(guo)(guo)(guo)國(guo)(guo)(guo)(guo)有(you)(you)企(qi)(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)目前的(de)(de)實(shi)際(ji)情況(kuang)看，相當一部(bu)分(fen)國(guo)(guo)(guo)(guo)有(you)(you)企(qi)(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)并不是(shi)(shi)(shi)股份(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)。實(shi)際(ji)上(shang)，股份(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)企(qi)(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)在(zai)全部(bu)企(qi)(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)中占少數這(zhe)種現象(xiang)在(zai)市(shi)(shi)(shi)場經濟國(guo)(guo)(guo)(guo)家具(ju)有(you)(you)普遍性(xing)。這(zhe)從一個(ge)方面也說明，發(fa)展混合(he)(he)所有(you)(you)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)經濟不等于也不可能(neng)(neng)(neng)都(dou)選擇股份(fen)(fen)(fen)制(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)這(zhe)種企(qi)(qi)(qi)(qi)(qi)(qi)(qi)業(ye)(ye)組織(zhi)形(xing)式(shi)。
四
公(gong)(gong)(gong)司(si)(si)(si)制(zhi)(zhi)(zhi)(zhi)也(ye)(ye)(ye)可(ke)(ke)以(yi)(yi)成(cheng)為(wei)(wei)混(hun)(hun)(hun)合(he)(he)(he)(he)所(suo)(suo)(suo)(suo)有(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)經(jing)(jing)(jing)濟(ji)(ji)(ji)(ji)的(de)(de)(de)(de)(de)(de)(de)重(zhong)(zhong)要(yao)(yao)實現(xian)形(xing)式(shi)。黨的(de)(de)(de)(de)(de)(de)(de)十八屆三(san)中(zhong)全會(hui)強調，積極(ji)發(fa)(fa)展國(guo)(guo)有(you)(you)(you)(you)資(zi)(zi)(zi)本(ben)(ben)、集(ji)體資(zi)(zi)(zi)本(ben)(ben)、非公(gong)(gong)(gong)有(you)(you)(you)(you)資(zi)(zi)(zi)本(ben)(ben)等交(jiao)叉持股(gu)、相(xiang)互(hu)融合(he)(he)(he)(he)的(de)(de)(de)(de)(de)(de)(de)混(hun)(hun)(hun)合(he)(he)(he)(he)所(suo)(suo)(suo)(suo)有(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)經(jing)(jing)(jing)濟(ji)(ji)(ji)(ji)。根據這一(yi)(yi)精(jing)神和要(yao)(yao)求(qiu)(qiu)(qiu)，只要(yao)(yao)能夠實現(xian)公(gong)(gong)(gong)有(you)(you)(you)(you)資(zi)(zi)(zi)本(ben)(ben)與(yu)非公(gong)(gong)(gong)有(you)(you)(you)(you)資(zi)(zi)(zi)本(ben)(ben)等的(de)(de)(de)(de)(de)(de)(de)交(jiao)叉持股(gu)和相(xiang)互(hu)融合(he)(he)(he)(he)，都應(ying)該(gai)視為(wei)(wei)混(hun)(hun)(hun)合(he)(he)(he)(he)所(suo)(suo)(suo)(suo)有(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)企(qi)(qi)業(ye)(ye)，都應(ying)該(gai)給予積極(ji)支持和鼓(gu)(gu)勵。公(gong)(gong)(gong)司(si)(si)(si)制(zhi)(zhi)(zhi)(zhi)企(qi)(qi)業(ye)(ye)中(zhong)，排除(chu)(chu)《公(gong)(gong)(gong)司(si)(si)(si)法》分(fen)別作了特別規定的(de)(de)(de)(de)(de)(de)(de)一(yi)(yi)人有(you)(you)(you)(you)限責任公(gong)(gong)(gong)司(si)(si)(si)和國(guo)(guo)有(you)(you)(you)(you)獨資(zi)(zi)(zi)企(qi)(qi)業(ye)(ye)，其(qi)他公(gong)(gong)(gong)司(si)(si)(si)制(zhi)(zhi)(zhi)(zhi)企(qi)(qi)業(ye)(ye)的(de)(de)(de)(de)(de)(de)(de)股(gu)東按(an)法律規定必(bi)須在2人以(yi)(yi)上、50人以(yi)(yi)下(xia)，如果(guo)股(gu)東所(suo)(suo)(suo)(suo)出資(zi)(zi)(zi)本(ben)(ben)中(zhong)既包(bao)括(kuo)公(gong)(gong)(gong)有(you)(you)(you)(you)資(zi)(zi)(zi)本(ben)(ben)，又包(bao)括(kuo)非公(gong)(gong)(gong)有(you)(you)(you)(you)資(zi)(zi)(zi)本(ben)(ben)，從(cong)混(hun)(hun)(hun)合(he)(he)(he)(he)所(suo)(suo)(suo)(suo)有(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)經(jing)(jing)(jing)濟(ji)(ji)(ji)(ji)的(de)(de)(de)(de)(de)(de)(de)內涵和要(yao)(yao)求(qiu)(qiu)(qiu)來看，應(ying)該(gai)屬于多(duo)元投(tou)資(zi)(zi)(zi)主(zhu)體的(de)(de)(de)(de)(de)(de)(de)混(hun)(hun)(hun)合(he)(he)(he)(he)所(suo)(suo)(suo)(suo)有(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)經(jing)(jing)(jing)濟(ji)(ji)(ji)(ji)。由此可(ke)(ke)見，采用公(gong)(gong)(gong)司(si)(si)(si)制(zhi)(zhi)(zhi)(zhi)企(qi)(qi)業(ye)(ye)的(de)(de)(de)(de)(de)(de)(de)組(zu)織形(xing)式(shi)，也(ye)(ye)(ye)可(ke)(ke)以(yi)(yi)實現(xian)發(fa)(fa)展混(hun)(hun)(hun)合(he)(he)(he)(he)所(suo)(suo)(suo)(suo)有(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)經(jing)(jing)(jing)濟(ji)(ji)(ji)(ji)所(suo)(suo)(suo)(suo)要(yao)(yao)求(qiu)(qiu)(qiu)的(de)(de)(de)(de)(de)(de)(de)公(gong)(gong)(gong)有(you)(you)(you)(you)資(zi)(zi)(zi)本(ben)(ben)與(yu)非公(gong)(gong)(gong)有(you)(you)(you)(you)資(zi)(zi)(zi)本(ben)(ben)等交(jiao)叉持股(gu)、相(xiang)互(hu)融合(he)(he)(he)(he)的(de)(de)(de)(de)(de)(de)(de)目的(de)(de)(de)(de)(de)(de)(de)，也(ye)(ye)(ye)可(ke)(ke)以(yi)(yi)達到國(guo)(guo)有(you)(you)(you)(you)資(zi)(zi)(zi)本(ben)(ben)放大功能、保值增值、提高競爭力的(de)(de)(de)(de)(de)(de)(de)目的(de)(de)(de)(de)(de)(de)(de)，應(ying)該(gai)成(cheng)為(wei)(wei)發(fa)(fa)展混(hun)(hun)(hun)合(he)(he)(he)(he)所(suo)(suo)(suo)(suo)有(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)經(jing)(jing)(jing)濟(ji)(ji)(ji)(ji)的(de)(de)(de)(de)(de)(de)(de)一(yi)(yi)個重(zhong)(zhong)要(yao)(yao)途(tu)徑(jing)(jing)，成(cheng)為(wei)(wei)深化(hua)(hua)國(guo)(guo)有(you)(you)(you)(you)企(qi)(qi)業(ye)(ye)改革的(de)(de)(de)(de)(de)(de)(de)一(yi)(yi)個重(zhong)(zhong)要(yao)(yao)方向。正因為(wei)(wei)如此，國(guo)(guo)內理論界和企(qi)(qi)業(ye)(ye)界通常將公(gong)(gong)(gong)司(si)(si)(si)制(zhi)(zhi)(zhi)(zhi)企(qi)(qi)業(ye)(ye)和股(gu)份制(zhi)(zhi)(zhi)(zhi)企(qi)(qi)業(ye)(ye)都歸之為(wei)(wei)現(xian)代企(qi)(qi)業(ye)(ye)制(zhi)(zhi)(zhi)(zhi)度(du)，并將現(xian)代企(qi)(qi)業(ye)(ye)制(zhi)(zhi)(zhi)(zhi)度(du)確(que)定為(wei)(wei)國(guo)(guo)有(you)(you)(you)(you)企(qi)(qi)業(ye)(ye)改革的(de)(de)(de)(de)(de)(de)(de)方向。把混(hun)(hun)(hun)合(he)(he)(he)(he)所(suo)(suo)(suo)(suo)有(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)等同于股(gu)份制(zhi)(zhi)(zhi)(zhi)，必(bi)然會(hui)排除(chu)(chu)和排斥公(gong)(gong)(gong)司(si)(si)(si)制(zhi)(zhi)(zhi)(zhi)這一(yi)(yi)實現(xian)混(hun)(hun)(hun)合(he)(he)(he)(he)所(suo)(suo)(suo)(suo)有(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)經(jing)(jing)(jing)濟(ji)(ji)(ji)(ji)的(de)(de)(de)(de)(de)(de)(de)重(zhong)(zhong)要(yao)(yao)途(tu)徑(jing)(jing)和有(you)(you)(you)(you)效形(xing)式(shi)，顯然，是不(bu)可(ke)(ke)取、不(bu)適宜的(de)(de)(de)(de)(de)(de)(de)。因此，積極(ji)發(fa)(fa)展混(hun)(hun)(hun)合(he)(he)(he)(he)所(suo)(suo)(suo)(suo)有(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)經(jing)(jing)(jing)濟(ji)(ji)(ji)(ji)，既要(yao)(yao)繼續(xu)推(tui)進(jin)國(guo)(guo)有(you)(you)(you)(you)企(qi)(qi)業(ye)(ye)的(de)(de)(de)(de)(de)(de)(de)股(gu)份制(zhi)(zhi)(zhi)(zhi)改革，允許更(geng)多(duo)國(guo)(guo)有(you)(you)(you)(you)經(jing)(jing)(jing)濟(ji)(ji)(ji)(ji)和其(qi)他所(suo)(suo)(suo)(suo)有(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)經(jing)(jing)(jing)濟(ji)(ji)(ji)(ji)發(fa)(fa)展成(cheng)為(wei)(wei)混(hun)(hun)(hun)合(he)(he)(he)(he)所(suo)(suo)(suo)(suo)有(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)經(jing)(jing)(jing)濟(ji)(ji)(ji)(ji)，鼓(gu)(gu)勵發(fa)(fa)展私營資(zi)(zi)(zi)本(ben)(ben)控股(gu)的(de)(de)(de)(de)(de)(de)(de)混(hun)(hun)(hun)合(he)(he)(he)(he)所(suo)(suo)(suo)(suo)有(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)企(qi)(qi)業(ye)(ye)，也(ye)(ye)(ye)要(yao)(yao)繼續(xu)深化(hua)(hua)國(guo)(guo)有(you)(you)(you)(you)企(qi)(qi)業(ye)(ye)的(de)(de)(de)(de)(de)(de)(de)公(gong)(gong)(gong)司(si)(si)(si)制(zhi)(zhi)(zhi)(zhi)改革，發(fa)(fa)展公(gong)(gong)(gong)有(you)(you)(you)(you)資(zi)(zi)(zi)本(ben)(ben)與(yu)私營資(zi)(zi)(zi)本(ben)(ben)等多(duo)元投(tou)資(zi)(zi)(zi)主(zhu)體的(de)(de)(de)(de)(de)(de)(de)公(gong)(gong)(gong)司(si)(si)(si)制(zhi)(zhi)(zhi)(zhi)企(qi)(qi)業(ye)(ye)，以(yi)(yi)拓展混(hun)(hun)(hun)合(he)(he)(he)(he)所(suo)(suo)(suo)(suo)有(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)經(jing)(jing)(jing)濟(ji)(ji)(ji)(ji)的(de)(de)(de)(de)(de)(de)(de)發(fa)(fa)展途(tu)徑(jing)(jing)，推(tui)進(jin)混(hun)(hun)(hun)合(he)(he)(he)(he)所(suo)(suo)(suo)(suo)有(you)(you)(you)(you)制(zhi)(zhi)(zhi)(zhi)經(jing)(jing)(jing)濟(ji)(ji)(ji)(ji)的(de)(de)(de)(de)(de)(de)(de)更(geng)快發(fa)(fa)展。
（本(ben)文(wen)章摘自5月29日《經(jing)濟日報》）