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| 论文编号： | 14824 | |
| 作者编号： | 2320213506 | |
| 上传时间： | 2024/6/17 10:59:52 | |
| 中文题目： | T公司治理优化研究 | |
| 英文题目： | Research on corporate governance optimization of T | |
| 指导老师： | 张耀伟 | |
| 中文关键字： | 国有企业；混合所有制改革；治理优化 | |
| 英文关键字： | State-owned enterprises；Mixed ownership reform；Governance optimization | |
| 中文摘要： | 摘要 国有企业在中国经济发展中扮演着举足轻重的角色，其深入的改革不仅是推动国家现代化进程的关键动力，也对提升民众福祉具有深远的影响。积极响应国家政策导向，紧跟全国两会的精神，紧抓取改革的黄金窗口，深化国有企业改革，明确改革的主攻方向，是当下的重要课题。城市投资公司，凭借其得天独厚的资源背景、广泛的市场影响力和政府政策的有力支持，为国企改革提供了稳固的基石；而市场化企业，以其灵活的机制和高效的运营管理崭露头角，展现了另一种改革活力。混合所有制改革为城市投资公司与市场化企业搭建了桥梁，二者优势互补，合力推动经济可持续健康发展，为国家经济注入新的生机与活力。天津T公司，作为地方国有企业的重要支柱，坐拥庞大的土地储备和优质的资产，其在市场竞争中占有一席之地，更肩负着履行社会责任的重任。提高国有资产的回报率，优化国有资产运营效率，实现国有资产的有效激活与价值提升，是T公司当前面临的迫切任务。 本文深入探究了T公司混合所有制改革的核心问题及其治理体系的优化路径，旨在通过理论与实践的结合，为国有企业混合所有制改革的深化与治理机制创新提供理论支撑和实践范例证。文章首先从理论层面入手，对混合所有制的概念、种类进行梳理，并对中国当前混合所有制改革的现状进行概述，结合国内外混合所有制改革的动因和路径进行文献综述评析，为本文的理论研究构建了坚实的理论框架。随后，文章聚焦于T公司，通过详尽职调查，对其功能定位进行分析，当前T公司业务布局涵盖了交通一体化建设、城市更新、环境治理和商业提质升级，从政策支持、战略导向和市场化机制三方面分析混合所有制改革的动因，并从引入战略投资者和盘活经营性资产两方面对混改业务布局进行深入分析，特别是从政策支持、市场化机制等角度剖析T公司混合所有制改革的推动因素，为后续问题诊断与策略提出打下了坚实基础。 在问题分析阶段，文章从股权结构、治理结构、薪酬激励、业绩考核机制四个维度，系统性地揭示了T公司混合所有制改革后治理体系中的主要症结。股权结构方面，股东的资源和管理能力不足，可能会对混改子公司的业务发展造成不利影响。高度集中的股权结构也较容易出现股东之间的“决策僵局”情况。当双方股东在某些决策上出现分歧时，可能会难以达成共识，影响混改子公司的业务发展。治理结构方面，从董事会及决策运行机制方面，战略与投资委员会、薪酬与考核委员会、审计与风险委员会以及提名委员会在实际工作中，却尚未真正发挥出应有的作用，这些专门委员会尚未启动实际运作，未能为董事会的决策提供有力的辅助和支持。相反，董事会的相关议题往往直接提交给会议进行讨论，缺少了专门委员会的深入审议和把关。薪酬及激励机制方面，T公司的付薪方式采用职级宽带工资制，根据职位级别规定工资水平。主要由五个部分组成，包括基本工资、绩效薪酬、公司福利、中长期激励以及政治激励。业绩表现方面，短期偿债能力并不十分理想，显示出较高的经营风险。这意味着T公司在短期内可能面临一定的偿债压力，从而增加了其经营风险；资产负债率保持在一个相对较低且稳定的水平，这也为债权人提供了更高的保障程度。因此，T公司在债务管理方面表现稳健，显示出较强的偿债能力；总资产周转率显示出T公司在资产管理方面的高效运作，有助于公司的稳健发展；应收账款周转率方面表现优异，其信誉相对较好，资金在应收账款上的滞留较少，从而有效提升了资金的使用效率；获利能力可以看出其营业净利率也维持在较低水平，这进一步表明了公司在提升盈利效率方面还有较大的提升空间；现金流量比较分析说明T公司经营活动现金流量大量增加，后期经营资金链充足。 同时，通过上述问题的分析，可以看出T公司存在股东权责不明晰、董事会决策效率低下、监事会监督缺失和管理层执行力不强等问题，这些问题直接关系到改革成效与公司治理效能。针对上述问题，本文不仅明确了治理优化的目标及原则，还具体提出了四大策略：一是明确股东大会、董事会、监事会与经理层的权责，强化“三会一层”结构的有序性；二是优化董事会运行机制，通过调整成员结构、增设独立董事、明确决策流程，提升董事会的战略引领力；三是完善激励与约束机制，实施经理人制度，强化高管培训、考核与股权激励，激发管理层潜力；四是引入利益相关者参与治理，通过政府支持、金融机制调整与信息透明度提升，增强公正与信任。 本文的研究不仅对T公司本身的混合所有制改革与治理结构优化提供了具体的策略指导，也为面临相似改革挑战的国有企业提供了可借鉴的模式与理论指导，有助于推动国有企业在混合所有制改革与治理现代化道路上的深入发展。图4幅，表6个，参考文献52篇。 关键词：国有企业；混合所有制改革；治理优化 | |
| 英文摘要： | Abstract State-owned enterprises (SOEs) occupy a pivotal role in China's economic development, with their deep-rooted reforms acting as a key driver for national modernization and significantly impacting public welfare. In response to national policy directives and following the spirit of the National People's Congress sessions, it is crucial to seize the opportune moment for SOE reform and define its focal points. Urban investment companies, leveraging their unique resource backgrounds, broad market influence, and strong government policy support, provide a solid foundation for SOE reforms; while market-oriented enterprises exhibit another dimension of reform vitality through their flexible mechanisms and efficient operations. Mixed ownership reforms bridge urban investment companies and market-oriented enterprises, allowing them to complement each other's strengths, jointly promoting sustainable economic health, and injecting vitality into the national economy. As a backbone SOE in Tianjin, T Company possesses extensive land reserves and quality assets, holding a competitive edge and bears a significant social responsibility to enhance state asset returns, optimize operational efficiency, and activate and elevate asset values. This thesis delves into the core issues of T Company's mixed-ownership reform and governance system optimization, aiming to integrate theory with practice, providing theoretical support and practical cases for deepening SOE reforms and innovative governance. It initiates with theoretical foundations, outlining mixed ownership concepts, types, and current reform status in China, and analyzes international reform triggers and paths, laying a solid theoretical framework. Then, focusing on T Company, through comprehensive investigation, its functional positioning in transportation integration, urban renewal, environmental management, and commercial upgrading, and the impetus from policy support, strategic guidance, and market mechanisms are analyzed, setting a foundation for issue diagnosis and strategy formulation. In the problem analysis, from equity structure, governance, remuneration incentives, and performance evaluation, the main issues post-reform governance knots are systematically revealed. Equity structure-wise, shareholder resources and capabilities may hinder subsidiary development. Highly concentrated structures can cause decision deadlock. Governance structure-wise, boards and committees like strategy, remuneration, audit, and nomination do not function effectively, lacking specialized support for board decisions. Remuneration and incentive mechanism-wise, a grade-wide salary system based on position level with components like basic salary, performance pay, long-term incentives, and political incentives, shows short-term debt-paying ability is not ideal, indicating operational risk. Total asset turnover rate indicates efficient asset management, and accounts receivable turnover denotes good credit status, improving cash efficiency. Profitability, however, with low net profit margin, suggests room for improvement. Cash flow analysis shows ample operating cash, indicating strong financial support. From the analysis, T Company faces issues like unclear rights and responsibilities, inefficient board decisions, weak supervision, and low execution, directly affecting reform effectiveness and governance. Addressing these, this thesis sets optimization goals and principles, proposing strategies: clarify "three-tier" rights and duties, optimize board operations with independent directors, improve remuneration and incentive systems with manager training, and equity incentives, and engage stakeholders through policy support, financial adjustments, and transparency. The study not only provides specific guidance for T Company's mixed ownership reform and governance optimization but also serves as a model for similar SOEs facing reform challenges, facilitating the SOE reform and modern governance journey. With 4 figures, 6 tables, and referencing 5 literature sources. Key Words: State-owned enterprises；Mixed ownership reform；Governance optimization | |
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