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国有企业改革到今天,人们已普遍认识到国有企业缺乏激励与约束相结合的法人治理机制。然而,这种机制不是凭空产生的,而是股东基于对其出资财产保值与增值的关怀而建立的。“激励与约束”主要来自于股东,是股东对董事、经理、监事的激励与约束。所有者支配是现代企业制度的实质要件。如果所有者是自然人或非公有制的法人,则“所有者的关怀”是自然的、直接的、强烈的;但是,如果所有者是国家,问题要复杂得多。
Nowadays, when state-owned enterprises are reforming, people have generally realized that state-owned enterprises lacks the corporate governance mechanism combining incentives and restraints. However, this mechanism is not created out of thin air. It is based on the concern of shareholders on the preservation and appreciation of their capital contributions. “Incentives and constraints ” mainly from the shareholders, is the shareholders of directors, managers, supervisors and incentives. Ownership is the essence of the modern enterprise system. If the owner is a natural person or a non-public legal person, “owner’s care ” is natural, direct, and strong; however, the problem is much more complicated if the owner is a nation.