摘要
国有企业归全体人民所有，随着经济社会的不断发展和进步，国有企业成为
推进国家现代化、保障人民共同利益的重要力量。党的十八大报告指出，毫不动
摇巩固公有制经济并使之获得长足发展，多措并举推进公有制，不断推动国资国
企改革，理顺国有资产管理体制机制，国有资本投资运营要全面为国家战略目标
服务，更多投向关系国家安全、国民经济命脉的重要行业和关键领域，重点提供
公共服务、发展重要前瞻性战略性产业、保护生态环境、支持科技进步、保障国
家安全，不断增强国有经济活力、控制力以及影响力。中国经济的主角之一是国
有企业，国有企业改革是一个不断尝试和推进的过程，随着我国经济体制改革的
不断深入，国企改革发展在很大程度上决定了我国经济体制改革的成效，其本质
为生产力与生产关系相互作用，这个过程与我国社会主义市场经济的要求相一
致

甘肃陇神戎发药业系西北永新集团控股子公司，是一家集新药研发、中药材
加工和生产经营为一体的制药企业，国企员工面临着薪酬管制，一定程度上工作
积极性不高甚至较大范围离职等问题，结合企业实际，甘肃陇神戎发药业需要通
过员工持股的方式推动企业改制上市。本文基于现代企业产权理论、公司治理结
构的内涵以及有效公司治理的意义分析现代公司治理结构以及利益相关者理论，
从上市改制途径、上市改制进展情况、上市改制的效果三个方面分析甘肃省属国
有企业改革的实践，对甘肃省属国有企业的改革经验进行总结。通过介绍甘肃陇
神戎发药业的发展现状及上市改制背景，针对员工持股过程中出现的问题，分析
该企业员工持股和国有股东利益，并提出和评价较优的改制上市方式

论文从员工持股的视角出发，对甘肃陇神戎发药业改制上市进行研究，不仅
是现阶段薪酬重塑、提高员工工作积极性、加快企业改制上市步伐的现实需要，
更是对其他企业尤其是甘肃省属国有企业改制上市的重要参考

关键词：国有企业 ;改制上市 ;员工持股 ;戎发药业III
ABSTRACT
The party 18 report points out, it is to consolidate and develop unswervingly the
public sector of the economy, carry out various forms for realizing public ownership,
deepen the reform of state-owned enterprises, perfect all kinds of state-owned assets
management system, promote state-owned capital more to the relationship between
national security and national economy important industries and key areas, constantly
enhance the vitality of state-owned economy, control and influence. State-owned
enterprises (soes) is the leading role of the Chinese economy, state-owned enterprises
reform, development and also determine the success or failure of the economic system
reform. The reform of state-owned enterprises is a process of trial and
recommendation, its essence is interaction between productivity and production
relations, driven by the central level, local level, the process is in accordance with the
objective demand of the socialist market economy.
Gansu, gansu god RongFa pharmaceutical department of northwest yunghsin
group subsidiary, is a collection of new drug research and development, Chinese
herbal medicine processing and production and operation as one of the
pharmaceutical companies, facing the soe employees faced with compensation control,
work enthusiasm is not high, to a certain extent even larger departure, combined with
the enterprise actual, gansu province, gansu god RongFa pharmaceutical industry
need to promote enterprise restructuring listed by means of employee shareholding. In
this article, through analyzing the connotation of modern enterprise property rights
theory, corporate governance structure and the analysis of the significance of effective
corporate governance of modern corporate governance structure and the stakeholder
theory, from the listing transformation way, listing transformation progress, listing
transformation effect analysis in three aspects: the gansu provincial practice of the
reform of state-owned enterprises, the gansu provincial state-owned enterprise reform
experience is summarized. Through the introduction of the current situation of the
development of gansu province, gansu god RongFa pharmaceutical and listing
transformation background, in view of the problems appeared in the process of
employee shareholding, analysis the enterprise employee ownership and state-owned
shareholder interests, and to put forward and the evaluation of a better way of
restructuring listed.
Paper starting from the perspective of employee shareholding, study of gansu
province, gansu god RongFa pharmaceutical industry restructuring listed, is not only
the compensation current reshaping, improve the staff&39;s work enthusiasm, to speed up
the pace of enterprise restructuring listed the realistic need, but also for other
enterprises especially the gansu provincial state-owned enterprise restructuring listed
important reference.
Key words:State-owned enterprises ;The restructuring listed;Employee shareholding；
RongFa pharmaceutical co.IV
目录
摘要 Ⅰ
ABSTRACT....... Ⅲ
第 1 章绪 论...........1
1.1 选题背景及意义1
1.2 研究方法及论文结构...2
第 2 章我国国有企业上市改制的理论视角...........4
2.1 现代企业产权制度理论...........5
2.2 现代公司治理结构.......6
2.3 利益相关者理论...........8
第 3 章甘肃陇神戎发药业发展现状及上市改制背景.....10
3.1 甘肃陇神戎发药业发展现状.10
3.2 甘肃陇神戎发药业上市的环境背景..11
3.2.1 甘肃省属国有企业上市改制途径...........12
3.2.2 甘肃省属国有企业上市改制进展情况...14
3.2.3 甘肃省属国有企业上市改制的效果.......15
3.2.4 甘肃省属国有企业上市改制的方式.......16
3.2.5 甘肃省属国有企业上市员工持股试点方式.......19
3.3 甘肃陇神戎发药业上市的企业背景.21
3.3.1 甘肃陇神戎发药业改制前期准备情况.....21
3.3.2 甘肃陇神戎发药业管理层增资扩股情况.21
第 4 章甘肃陇神戎发药业员工持股利益分析及应对思路.........24
4.1 甘肃陇神戎发药业员工持股利益分析.........24
4.1.1 甘肃陇神戎发药业员工持股利益分析......25
4.1.2 甘肃陇神戎发药业国有股东利益分析......26
4.1.3 甘肃陇神戎发药业管理层持股对员工持股影响及对策分析......26
4.2 甘肃陇神戎发药业对员工持股的应对思路...27
4.3 基于员工持股的甘肃陇神戎发药业上市方式的选择 ..........28
4.3.1 甘肃陇神戎发药业员工持股对上市方式的选择要求......29
4.3.2 甘肃陇神戎发药业上市方式选择..29
第 5 章甘肃陇神戎发药业上市方式评价.31
5.1 选择整体改制上市方式的优势..........31
5.2 通过整体改制上市方式妥善解决的问题...