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《特区经济》1991年第5期发表了李石同志《现阶段大中型企业不宜实行股份制》一文(以下简称李文),读后深受启发。作者不赶风头,独持己见,的确令人称道。笔者也借此刊谈谈对国营大中型企业股份制改造的看法,并就“李文”中的一些观点与作者商榷。“李文”认为:①股份制经济产生的目的是筹集资本,解决私人资本主义企业积累的有限性和发展社会化大生产所要求的巨额资本之间的矛盾;②西方资本主义股份企业内部经营机制的变化并不是股份经济产生的目的,而仅仅是结果;③现阶段我国进行微观经济基础的重新构造的基点是企业经营机制的变革和完善,解决企业资金短缺并不是微观经济基础重新构造的基本出发点;④实行股份化的企业,如果股息率等于或稍高于银行利率,则股票发行不具备投资吸引力,而如果股息率高于利率,那么当实行股份制后的经济效益高于实行股份制前时,就会出现社会股吃企业的不合理现象;⑤企业内部实行全员股份制或发行内部股,则会出现化公为私、分配不公的情况;⑥企业短期行为是由于新旧体制转换的矛盾和短缺经济造成的,实行股份制并不能有效克服短期化行为;⑦由此而得出结论,在
In the 5th issue of the “Special Zone Economy”, published in 1991, Comrade Li Shi’s article entitled “Improper shareholding system for large and medium-sized enterprises at the present stage” (hereinafter abbreviated as Li Wen), was deeply inspired by the reading. It is indeed commendable that the author does not follow the limelight and express his own opinions. The author also uses this article to talk about the views on reforming the joint-stock system of large and medium-sized state-owned enterprises, and to discuss with the author some of the viewpoints in Li Wen. “Li Wen” believes that: (1) The purpose of the joint-stock economy is to raise capital to solve the contradiction between the limited accumulation of private capitalist enterprises and the huge capital required for the development of socialized large-scale production; 2 The internal management mechanism of Western capitalist stock companies The change is not the purpose of the stock economy, but merely the result. 3 The basic point for the reconstruction of the microeconomic foundation in China at the present stage is the reform and improvement of the enterprise operating mechanism. The solution to the shortage of funds is not the basic principle for the reconstructing of the microeconomic foundation. Starting point; 4 The enterprises that have gone into equity, if the dividend yield is equal to or slightly higher than the bank interest rate, the stock issuance does not have investment attractiveness, and if the dividend yield is higher than the interest rate, the economic efficiency after the implementation of the shareholding system is higher than before the implementation of the shareholding system. At that time, there will be unreasonable phenomena in the social shares of companies; 5 the internal implementation of full-stock companies or the issuance of internal stocks, there will be a situation in which the public will be private, and the distribution will be unfair; 6 the short-term behavior of enterprises is due to the contradiction between the transformation of the old and new systems. With the shortage of economy, the implementation of the shareholding system cannot effectively overcome the short-term behavior; 7 Concluded that