CC国有资本投资运营公司治理研究 国有经济在国民经济中居于主导地位，是我国振兴发展的重要领域。新一轮国资 国企改革是政府推动国资事业大发展的有力手段，开启了国资国企转型发展的重大机 遇期。改革的三个重要方向是混合所有制改造、改组和重组、设立国有投资运营公司， 由管资产向管资本转变的核心思想逐层传导，其中设立国有资本投资运营公司更是全 新的机制创新，是国资系统集中力量促改革、求发展的重要途径。企业作为一个经济 主体，规范科学的公司治理模式是其得以顺利运转的基础保障。国资系统内企业发展 状况不同，对现代化企业管理模式的适应性不同，适用性也不同，而国有资本投资运 营公司是新一轮国资系统改革的创新，在对现代企业制度的适应性上有更为优质的基 础条件，但其使命是整合、投资、运营国有资产，那么与既有国有资产相伴共存的一 些固化模式和弊端也是新公司无可避免的，针对性的探索国有资本投资运营公司治理 模式可行性方案是极具现实意义的。 东北地区是我国的老工业基地，最早一批以工业为主要发展产业的老牌国企很多 诞生在这片黑土地上，传统老大哥式治理模式和经营理念根深蒂固。近年来，虽然区 域GDP也主要靠重工业支撑，但随着政府大力推动金融服务、新兴技术等产业发展， 伴随着GDP总额增加的是非传统工业产业的贡献率的上升。追其根本，多有国企助推 产业发展的因素。东北地区，新时期国资国企改革正是东北地区摆脱固化思维，积极 推动转型升级，搭建现代化企业模式的大好时机。CC国有资本投资运营公司前身始建 于2004年，被市政府定义为市国有资本优化配置和战略性调整的主导企业，旗下不乏 尚未进行公司化改制的老型国企，市场化投资运作的新型国有全资企业，撬动社会资 本共同新设的混合所有制企业，以及引入民营资本和技术的重组企业，在市属国企改 革攻坚战等领域开展了富有成效的工作，也在市场化投资运营方面积累了较为成熟的 经验。CC国有资本投资运营公司治理的研究涉及的层次丰富，范围广泛，情况复杂， 其发展现状以及治理运营过程中暴露出的问题十分具有代表性和普遍性。本文通过对 CC国有资本投资运营公司进行深度剖析，挖掘制约其高效发展的治理问题。这些问题 的产生既有客观机制体制的因素，也有政府、各层级经营者和执行者观念认识的因素。 本文将充分考虑新型国有企业特殊身份和职责，根据当前相关国资国企政策导向和规 章制度的要求，区域产业发展需要，结合现代公司治理理论研究成果，提出一系列包 II 括监管、制衡、架构、文化等多个维度的公司治理模式方案，为企业未来快速发展壮 大中优化治理决策提供参考。 关键词： 国有企业，投资运营，公司治理 III Abstract Research on Governance of CC-State-owned Capital Investment and Operating Companies The state economy is dominant in the national economy, that is an important area of China's revitalization and development. The new round of state-owned enterprises reform is a powerful means for the government to promote the development of State-owned assets business, has opened a period of great opportunity for the transformation and development of state-owned enterprises. Mixed ownership reform、Reorganization、State-owned investment operating company, transforming the Core Idea from Managing Assets to Managing Capital, The state-owned capital investment operation company is an innovative concept inside, it is an important way for the state capital system to concentrate on promoting reform and development. As an economic main body, the standard scientific corporate governance model is the basic guarantee of its smooth operation. The state capital system enterprise development situation is different, to modern enterprise management mode's adaptability is different, applicability also is different. The state-owned capital investment operating company is an innovative concept in the reform of the state-owned capital system, which has better basic conditions for the adaptability to the modern enterprise system, but its mission is to integrate, invest, and operate state-owned assets, then with the existing state-owned assets coexisting with some of the solidification model and disadvantages are inevitable, it is of great practical significance to explore the feasibility scheme of the corporate governance model of state-owned capital investment. Northeast area is the old industrial base of our country, many of the oldest state-owned enterprises with industrial business were born in this black land, the traditional elder brother management model and business philosophy are deeply rooted. In recent years, the region's GDP has been largely supported by heavy industry, but as the government has vigorously promoted the development of financial services, emerging technologies and other industries, the contribution of non-traditional industries has increased as the total GDP has increased. Chasing its roots, the main reason is that state-owned enterprises have helped to develop new industries. In the Northeast, the reform of state-owned state-owned enterprises in the new period is a good time for the Northeast region to get rid of the solidified thinking, actively promote the transformation and upgrading, and build a modern enterprise model. The CC State-owned Capital Investment Operating Company was established in 2004 and is defined IV by the municipal government as the leading enterprise for optimizing the allocation and strategic adjustment of the state capital, it has many old state-owned enterprises, new ones, mixed ownership, and restructuring companies that bring in private capital and technology. It has carried out fruitful work in such fields as reform of state-owned enterprises, and accumulated more mature experience in the market investment operation. The research on corporate governance of the CC state-owned capital investment operation is rich, extensive and complicated. Its development status and problems exposed in the course of governance operation are very representative and universal. By analyzing the target company in depth, this paper explores the governance structure problem that restricts its efficient development. These problems arise from objective institutional factors, also because of the perception of the government, the operators and the Implementers. This paper will give full consideration to the special status and duties of the new state-owned enterprises, according to the current policy orientation and rules and regulations of state-owned enterprises, regional industrial development needs, with the results of modern corporate governance theory, proposing a series of corporate governance models including regulation, checks and balances, architecture, culture, etc. , to provide reference for the optimization of management decision in the enterprise's rapid development in the future. Keywords: State-owned enterprise, Investment and operations, Corporate governance V 目 录 第1章 绪论 ...................................................................................................... 1 1.1 研究背景及意义 ...................................................................................... 1 1.2 研究内容和方法 ...................................................................................... 3 1.3 论文的创新点与不足 .............................................................................. 3 第2章 相关理论 .............................................................................................. 5 2.1 相关概念 .................................................................................................. 5 2.1.1 公司治理 ............................................................................................ 5 2.1.2 国有企业 ............................................................................................ 6 2.2 公司治理理论 .......................................................................................... 7 2.2.1 公司治理主流学说 ............................................................................ 7 2.2.2 产权理论 .......................................................................................... 10 2.2.3 委托代理理论 .................................................................................. 11 2.2.4 交易费用 .......................................................................................... 13 2.2.5 激励与约束理论 .............................................................................. 14 2.3 公司治理模式 ..............................