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在新一轮国有经济调整中,代表国家履行出资人职责的各级政府纷纷出台“通过民营资本和外资重组国企,实现国有资本退出竞争性领域”的国资改革政策。本文通过考察我国企业资本的所有制结构,论证了现阶段非公有制资本不具备置换国有资本的实力。在此条件下,本文认为,如果将资金的主要提供者——居民排除在市场之外,推行国资市场化退出,势必造成国资转让价格不公平和大规模国资流失。因此,本文提出进一步推进国有经济布局和结构调整须以多层次股权市场的建立为前提条件。
In the new round of state-owned economy readjustment, all levels of government, which represent the fulfillment of the role of contributors, on behalf of the state, have all promulgated the state-owned reform policies that “state-owned enterprises are reorganized through private capital and foreign investment and the state-owned capital is withdrawn from the competitive realm.” By examining the ownership structure of Chinese corporate capital, this paper demonstrates that the non-public ownership capital does not have the power to replace state-owned capital at this stage. Under this condition, this paper argues that if the main provider of funds, residents, is excluded from the market, the exit of state-owned assets through market-oriented development will inevitably result in the unfair transfer of state-owned assets and the loss of large-scale state-owned assets. Therefore, this paper proposes that it is necessary to further promote the layout of state-owned economy and the adjustment of the structure to the establishment of a multi-level equity market.