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本文认为,出资者投资偏好将影响到委托受托责任关系和内容的界定。国家出资者的特有属性包括:人民性、抽象性、国家性、公共性、社会性和权威性,正是这些特有属性决定了国有出资者投资目的偏好和投资风险偏好方面的独特性。文章进一步在此概念体系基础之上,结合国内外国企分类监管的实践,提出将国有企业分为政策性(公益性)垄断型企业、政策性(公益性)混合型企业和商业性竞争型企业。由于不同类型企业的出资者属性不同,所形成的委托受托责任的关系及其内容存在显著差异,因此国有企业与非国有企业以及不同类型的国有企业出资者财务管理的内容和方式也将存在差异。
This paper argues that the investors’ investment preferences will affect the definition of the relationship and the content of the entrusted trust. The peculiar attributes of state sponsors include: people, abstraction, nationality, publicity, sociality and authority. These unique attributes determine the uniqueness of state-owned investors in investment preferences and investment risk preferences. On the basis of this concept system and the practice of the classification supervision of the state-owned enterprises at home and abroad, the article further divides the state-owned enterprises into the policy (public welfare) monopoly enterprises, the policy (public welfare) hybrid enterprises and the commercial competitive enterprises . Due to the different attributes of the investors of different types of enterprises and the significant differences in the relationship and the content of the entrusted fiduciary responsibilities, the contents and methods of financial management of state-owned enterprises and non-state-owned enterprises and the investors of different types of state-owned enterprises will also be different .