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本文从要素资本结构的视角对国有企业混合所有制改革的动因进行分析,继而解决国有企业混合所有制改革中资本结构优化目标与路径问题。本文认为混合所有制的动因源于不同所有制经营主体之间互补性的资源和能力的共享与重新分配,通过资本的混合实现各类要素资本的流动、融合,继而产生良性的质变,最终实现要素资本配置的持续优化。通过混合所有制强化新兴要素资本的比重、理顺要素资本结构,才是现阶段使国有企业获得更大改革边际效用的主要途径。
This paper analyzes the motivation of state-owned enterprise’s mixed ownership reform from the perspective of factor capital structure, and then solves the optimization goal and path of capital structure in the state-owned enterprise’s mixed ownership reform. This paper argues that the motivation of mixed ownership stems from the sharing and redistribution of complementary resources and capabilities among different ownership entities. Through the mixture of capital, the flow and integration of various types of factor capital are realized, which in turn leads to a qualitative qualitative change and finally the realization of factor capital Continuous optimization of the configuration. By mixing ownership and strengthening the proportion of capital in emerging industries, rationalizing the structure of factor capital is the main way to obtain the marginal utility of state-owned enterprises in the current reform.