国有控股上市公司的治理能力评价体系——混合所有制改革背景下的研究  

A Study on Corporate Governance Ability Evaluation System of State Holding Listed Companies Based on Mixed Ownership Reform

作　　者：杜运潮[1] 王任祥[2] 徐凤菊[1] 

机构地区：[1]武汉理工大学管理学院,湖北武汉430070 [2]宁波工程学院经济与管理学院,浙江宁波315211

出　　处：《经济管理》2016年第11期11-25,共15页Business and Management Journal ( BMJ )

基　　金：国家社会科学基金项目"基于资本管理视角的混合所有制企业公司治理能力评价及提升路径研究"(15BJY065);国家发展和改革委员会重大改革项目"国有企业发展混合所有制经济研究"(20142s0112)

摘　　要：发展混合所有制经济是国有企业改革的重要任务,企业面临的实际问题是公司治理能力评价问题。本文从股权结构、股东权益、董事会、监事会、经理层、信息披露、其他利益相关者、社会责任、治理绩效、风险管控十大模块,构建基于混合所有制改革的国有控股上市公司治理能力评价指标体系,涵盖10个一级指标,29个二级指标和86个三级指标,并选择100家国有控股上市公司为样本进行验证和分析。结果显示,61%样本企业公司治理指数高于平均水平,说明样本公司治理能力总体较好,100家国有控股上市公司治理体制和治理模式已初步规范。在此基础上,分析样本的行业、区域和上市板块评价结果,并探讨影响国有控股上市公司治理能力的四个核心指标,即股东结构、经理层、社会责任和治理绩效,最后对个案进行讨论。研究表明,该指标体系能够客观反映国有控股上市公司治理能力状况,为混合所有制改革下的国有控股上市公司提升公司治理能力提供参考。The development of mixed ownership economy is an important task to deepen the reform of state- owned enterprises, to promote strategic adjustment of state-owned economy and is also an effective way to promote integration development of the state-owned enterprises and non-state-owned enterprises. Mixed ownership economy that the state capital, collective capital, private capital are cross-holdings and mutual integration, will be the main- stream of future economic forms. With the investment of social capital, especially the institutional capital, it will solve the problem of internal control and regulatory failures mainly caused by ＂only one big share＂. And the consti- tuting of multiple property rights also needs to improve the board of directors ＇ governance structure and decision- making process, which means that mixed ownership reform puts forward new requirements for corporate governance of state-owned listed companies. Fewer scholars put forward corporate governance ability. Thus, this paper argues that corporate governance ability refers to ability to create value for the company through scientific governance, which is formed during company＇ s long production, operation and management period, and closely related to its u- nique development period and conditions. Corporate governance ability is a soft indicator of corporate governance. In addition, it is an intangible asset of the company, which can be difficult to learn and imitate. This paper constructs corporate governance ability evaluation index system of state holding listed companies based on mixed ownership reform from ten aspects, namely ownership structure, shareholder equity, board of direc- tors, board of supervisors, managers, information disclosure, other stakeholders, social responsibility, governance performance, risk management and control. The evaluation index system contains 10 first-level indexes, 36 second- ary indexes and 86 tertiary indexes. And then, it picks out 100 state holding listed companies as samples for valida- tion

关 键 词：混合所有制改革 公司治理能力 国有控股上市公司 

分 类 号：F253.7[经济管理—国民经济]