国有控股公司利益相关者合作与财权安排

按照利益相关者合作逻辑在公司建立共同治理机制,是现代市场经济的内在要求,是公司治理研究的前沿课题。公司财权安排是公司治理结构所解决的关键性问题。目前,我国国有控股公司的财权安排基本上是遵循"股东至上"逻辑,造成财务决策效率低,内部人控制问题严重。要突破"股东至上"逻辑,就必须按照利益相关者合作逻辑,在国有控股公司的财务方面建立共同治理机制,包括共同的财务收益分享机制、共同的财务决策机制和共同的财务监督机制,使各利益相关者都有平等机会参与公司财权的分配。

Cooperation of Stakeholders and Property Arrangement in State-holding Companies

According to the logic and principle of stakeholder cooperation,it is intrinsic requirement for modern market economy and forefront question of corporate governance research to establish co-governance mechanism in companies.Corporate property arrangement is the vital problem that the corporate governance structure tries to sort out.Currently,the property arrangement in our state-holding companies is basically abide by the logic of "shareholder paramount",which leads to low decision-making efficiency in finance and causes serious problems in insider control.In order to make a breakthrough in the logic of "shareholder first",we must establish co-governance mechanism in corporate finance,including joint financial earning sharing mechanism,joint financial decision-making mechanism and joint financial supervision mechanism according to the logic of stakeholder cooperation,so that all the stakeholders can enjoy a equal opportunity and right to participate in the distribution of corporate property.