所有权与进入权分离--国企改制的性质与效率分析

国企改制就是把国有企业转变为古典企业或现代企业,从而体现企业自主意志、消除隐性所有权和剪去进入权的所有权尾巴。改制的本质是所有权与进入权分离。改制为古典企业, 所有权和进入权两者的配置效率和激励效率的增加都是确定的;改制为现代企业,所有权的配置效率和进入权的配置和激励效率增加都是确定的,而所有权的激励效率则是不确定的,它取决于证券、经理、产品等诸市场的有效性。因此,国企改制的路径是渐进的,并且应以所有权改革促进市场建设,从而逐步推进国有大型企业改制为现代公司。

The Separation of Ownership and Access--An Inquiry into the Nature and Efficiency of China SOE's System Reform

The system reform of state-owned enterprises (SOE's) means the transformation of SOE's into the classical or modern firms so as to give expression to the firms self-determination, to e-liminate employees'implicit ownership and to remove the implicit ownership tail from the employees' access. The system reform of SOE's is in nature a separation of ownership and access. When SOE's are transformed into the classical firms, both allocative and motivational efficiency, resulted from the reform of both ownership and access will certainly be improved. When SOE's are changed into the modern firms, the improvement of allocative efficiency caused by ownership reform is certain, as well as the improvement of both allocative and motivational efficiency caused by access reform. But the increase of motivational efficiency resulted from the ownership reform is uncertain, because the motivational efficiency with the ownership reform depends on the efficacy of a series of markets such as security market, manager market, and product market. Therefore, the system reform of SOE's is an incremental process, and the construction of these markets can be promoted through ownership reform so as to transform gradually the large-scale SOE's into the modern corporations.