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一、问题的提出股份制在国营企业中的试行一开始就遇到了一个十分棘手的问题:在财产折股过程中,企业自己长期以来用留利所形成的财产应该算什么股?持股者是谁?国家投资财产可以折为“国家股”,个人购买股票可以折为“个人股”,其投资主体都十分明确。然而,企业财产是企业通过自我积累和自我改造形成的。据此,一些企业把这部分财产定为“企业股”或“企业集体股”。企业股的主体既不是国家,也不是个人,而是企业本身。然而企业财产“股份化”不但在理论上站不住脚,在实践中也带来了一系列的问题。从长远来看,企业股不利于国营企业推行股份制。问题之一:企业股代表缺位,股票无法操作。
First, the issue of the proposed joint-stock system in the trial of state-owned enterprises has encountered a very difficult problem from the outset: in the process of property conversion, the company’s long-term use of profit-making assets should be considered what stocks should be? Who? The state’s investment property can be folded into “national stocks.” Individuals buying stocks can be folded into “personal stocks.” Their investment subjects are very clear. However, corporate assets are formed through self-accumulation and self-reform. Accordingly, some enterprises classify this part of property as “corporate shares” or “corporate shares.” The main body of enterprise shares is neither the state nor the individual, but the enterprise itself. However, the “stakeholderization” of corporate assets not only does not hold water in theory, but also brings a series of problems in practice. In the long run, corporate stocks are not conducive to the implementation of the joint-stock system by state-owned enterprises. One of the problems: The absence of corporate stocks and the inability of stocks to operate.