Study On The Reform Path Of Competitive State-owned Enterprises From The Perspective Of Functional Attributes

The purpose of the reform of state-owned enterprises is to return state-owned enterprises to their legal personality,but this is only the first stage of the modernization reform of state-owned enterprises.The second stage of the modernization reform of state-owned enterprises is to classify the state-owned enterprises on the basis of affirming their legal personality.At present,the classification reform of state-owned enterprises is the second stage of the modernization reform.The advancement of the classification reform of state-owned enterprises reflects the complexity of the object of reform.How to further develop the refined construction of the system under the thought of type reform has become the inherent requirement to deal with the complexity.Fine institutional construction is based on the accurate recognition of the functional attributes of state-owned enterprises.However,dividing state-owned enterprises into competitive state-owned enterprises and public-welfare state-owned enterprises is not enough to identify the functional attributes of state-owned enterprises,nor has it deeply revealed the complexity of state-owned enterprises.Compared with public welfare state-owned enterprises,the functional attributes of competitive state-owned enterprises are more ambiguous in the existing institutional arrangements,which makes the corresponding reform policies difficult to fully adapt to the development trend of market economy in the new era.Therefore,focusing on the functional attributes and reform path of competitive state-owned enterprises can be an important breakthrough to speed up the overall reform of state-owned enterprises.The reason why the functional attributes of competitive state-owned enterprises have not been accurately understood is that they always swing between market attributes and public attributes.In other words,there are some inconsistent logical dilemmas and practical difficulties in describing the functional attributes of competitive state-owned enterprises either from the perspective of market attributes or from the perspective of public attributes.In fact,this constitutes the essence of the functional attributes of competitive state-owned enterprises: compared with public-welfare state-owned enterprises,competitive state-owned enterprises have market attributes at the micro level;compared with private enterprises,competitive state-owned enterprises have public attributes at the macro level.The micro-market attribute and macro-public attribute should be regarded as the logical starting point for the reform of competitive state-owned enterprises,and should be implemented in the fine system construction of the reform of competitive state-owned enterprises.Starting from the above functional attributes of competitive state-owned enterprises and combing the existing institutional arrangements,this paper holds that there is still much room for reform in such institutional systems as exit mechanism of competitive state-owned enterprises,equity diversification reform,authorized management system of state-owned capital and anti-monopoly regulation.It is an important task for the reform of state-owned enterprises to adjust these specific systems according to their functional attributes.First,reform of the exit mechanism.In terms of scope,there should be a clear boundary between competitive state-owned enterprises and public welfare state-owned enterprises and private enterprises.The withdrawal of competitive state-owned enterprises is the direction of the reform of state-owned enterprises.However,competitive state-owned enterprises,based on their functional attributes,have their own characteristics in terms of market dominance and abuse.This determines that the specific design of the exit mechanism of competitive state-owned enterprises should not only be consistent with the functional attributes of competitive state-owned enterprises,but also adapt to the market environment.However,it should also be noted that the withdrawal of competitive state-owned enterprises is not for the sake of withdrawal.At the same time,the future development of enterprises should also be considered.Therefore,the selection of specific exit mode should proceed from reality and adapt measures to circumstances.Second,equity diversification reform.The market attributes of competitive state-owned enterprises at the micro level embody the freedom of capital entry and exit.It is inevitable to reform the diversification of state-owned shares in order to eliminate the dominance of state-owned shares.However,the existence of public attributes at the macro level of competitive state-owned enterprises leads to the restriction of public ownership diversification.For the balance of market and public attributes in the diversification reform of competitive state-owned enterprises,it is difficult to make a "one-size-fits-all" judgment,but the differentiation strategy should be adopted on the basis of subdividing the specific types of competitive state-owned enterprises.In the fully competitive industry,the market attribute of competitive state-owned enterprises is more prominent than that of public ones.In the reform of equity diversification,we should adhere to the principle of equal empowerment and the principle of preventing the loss of state-owned assets,select appropriate strategic investors at home and abroad according to the scope of operation and operating conditions of state-owned enterprises,and further promote the reform of employee stock ownership.Different from the trend of reform of competitive state-owned enterprises in fully competitive industries,competitive state-owned enterprises in important industries and key fields put more emphasis on the concept of aggregate reform.This idea should also be implemented in the reform of equity diversification of competitive state-owned enterprises in important industries and key fields,so as to ensure the control of the state-owned economy and strengthen the leadership of the Party.Although state-owned enterprises in natural monopoly industries need to implement monopoly management based on the consideration of scale efficiency,with the development of technology,a series of competitive state-owned enterprises have gradually evolved in natural monopoly industries,and they are also facing the difficulties of equity diversification reform.To diversify the ownership of competitive state-owned enterprises in natural monopoly industries,we should start from two dimensions: state-controlled enterprises and state-owned enterprises.Third,the reform of authorized management system of state-owned capital.It has become a common understanding of the reform of state-owned enterprises to improve the management system of various kinds of state-owned assets based on capital management.However,state-owned enterprises with different functions or attributes should have different authorized operation modes and supervision strategies of state-owned capital.The primary task of the reform of the authorized management system of state-owned capital,which mainly manages capital,is to clarify the functional attributes of different state-owned enterprises,and build a scientific and rational authorized management system of state-owned capital on this basis.Competitive state-owned enterprises have both market and public attributes.The authorized management system of state-owned capital takes this as a starting point to improve the operation system of state-owned capital authorized investment and operation companies,SASAC and other related subjects.The state-owned capital investment and operation company is the "isolation zone" and "modem" between the state-owned capital supervision department and the state-owned enterprises.On the basis of this orientation,a scientific corporate governance structure should be constructed.There is a principal-agent relationship between SASAC and state-owned capital investment and operation company.In order to weaken the excessive intervention of SASAC in state-owned capital investment and operation company,the socialized director system can be introduced.SASAC should actively exercise its supervisory power in accordance with the functional transformation plan promulgated by the State Council,with particular emphasis on fine classification supervision.Fourth,the regulation of monopoly behavior.Because of the existence of public attributes at the macro level of competitive state-owned enterprises,it is easier to obtain monopoly position in market competition than the majority of private enterprises.Compared with public welfare state-owned enterprises,the legitimacy of monopoly status of competitive state-owned enterprises is questioned because of their micro-level market attributes.Market plays a decisive role in resource allocation.It is necessary not only to prevent the excessive interference of government power,but also to prevent the distorted consequences of various monopolistic actions on market competition mechanism.Competitive state-owned enterprises usually rely on administrative power to acquire monopoly status,and the monopoly status acquired in the market mechanism will also show obvious synergistic effect of transmission effect.Therefore,once competitive state-owned enterprises with both market and public attributes acquire monopoly status,they have more far-reaching restrictions on market competition,so they need more stringent anti-monopoly regulation.The anti-monopoly regulation of competitive state-owned enterprises should start from three perspectives: first,to construct an interactive mechanism between fair competition review system and anti-monopoly law,eradicate the improper connection between competitive state-owned enterprises and administrative departments,and shape a new type of pro-Qing relationship between government and business;second,to limit the application of commitment system in anti-monopoly regulation;on the one hand,the monopoly of competitive state-owned enterprises severely restricts the market.Field competition,on the other hand,is too closely related to administrative power,so commitment system should not be applied in general.Thirdly,the private enforcement mechanism of anti-monopoly law should be improved.The limited application of commitment system will inevitably increase the burden of anti-monopoly law enforcement.The private enforcement mechanism of anti-monopoly law will help to make up for the gaps in law enforcement.