The Construction of Long-Term Mechanisms for State-Owned Mixed Ownership Enterprises Based on the Perspective of Property Rights
To enhance the governance efficiency of state-owned mixed ownership enterprises and better facilitate the functions of the state capital,it is essential to commit to the Marxist view on property rights while drawing on the beneficial components of Western property rights theory to explore long-term mechanisms for property rights allocation of state-owned mixed ownership enterprises and accelerate the construction of modern corporate system with Chinese characteristics that align with the laws of modern enterprise development.This paper focuses on the mechanisms of balancing major shareholders'control rights,coordinating control rights and benefit rights,and applying incentive constraints for the moderate integration of labor and capital elements.In particular,the construction of the mechanism of the balance of major shareholders'control rights should focus on strengthening constraints and supervision of the operation of control rights and building pyramidal ownership.The construction of the mechanism of the coordination of control rights and benefit rights should take the basic concepts of mutually beneficial cooperation and the complementation of advantages to realize that non-state-owned shareholders possess appropriate control rights and management rights,and the deep division of labor among capital that gives full play to the advantages of risk-sharing.The construction of the mechanism of the incentive constraints of the moderate integration of labor and capital elements should take the improvement of normative system documents as a guide,regard the assessment and evaluation as an important form of discipline,and establish medium-and long-term incentive constraints mechanism for sharing the fruits of development and the risks of competition.Compared to previous literature,the main contributions of this paper are as follows.First,from the perspective of the integrative and synergistic development of state-owned and non-state-owned capital for strengthening the construction of mechanisms in mixed ownership enterprises,it explains the theoretical logic and path for constructing long-term mechanisms for state-owned mixed ownership enterprises.Second,this paper analyzes the configuration of rights and the mechanisms of the role of rights among state-owned shareholders,non-state-owned shareholders,and employees of companies with shareholdings in mixed ownership enterprises from the perspective of property rights theory and focuses on the target requirements of strengthening,expanding,and increasing the returns on state capital and enhancing the strength,quality,and size of SOEs.
mixed ownership enterprisesproperty rights systemcorporate governancelong-term mechanisms
万方数据
维普
