陆晓龙 刘明宇

摘 要：国有企业混合所有制改革是竞争类国企市场化发展到新阶段实现创新转型的重要探索，尤其对以人力资本为核心要素的科创型国企更具意义。但是按照股东至上的传统模式推进混改，仍难适应科创企业中创造显著价值的人力资本的定位。依据利益相关者理论，利用新合伙人机制为专用性人力资本参与企业法人治理提供了竞争类国企混改新路径。通过新合伙人机制，纳入人格化关键利益相关者，可有效破解国企市场化混改过程中的产权难题，即充分利用合伙人契约的灵活性，有效激发人力资本推动创新的潜能，并满足不同情景下的改制需求，实现人力资本和国有资本及民营资本的联合。由此，新合伙人机制可以为竞争类国企混改提供新路径，实现国企创新驱动成长，并建立以人为本的治理文化。

关键词：国企混改;新合伙人机制;人力资本;企业法人治理

中图分类号：F 271

文献标志码：A

文章编号：1005-9679（2021）02-0036-05

Abstract：The mixed-ownership reform of state-owned enterprises is an important exploration for the marketization of state-owned enterprises to achieve innovation and transformation in a new stage. Especially it is more meaningful to innovation-driven state-owned enterprises which are dependent on human capital as the core element. Based on conventional stakeholder theory， combining specific human capital owners to participate in corporate governance provides a new path for mixed-ownership reform of state-owned enterprises. The new partner mechanism introduces key stakeholders with personalization which can effectively solve the problem of property rights balance. It will make full use of the flexibility of the partner contract， realize the combination of human capital， state-owned capital and private capital， and meet the needs of corporate restructuring under different scenarios. The new partner mechanism can optimize human capital incentives， realize the innovation-driven growth of state-owned enterprises， and establish a people-oriented corporate governance culture.

Key words：mixed-ownership reform of state-owned enterprise; new partner mechanism; human capital; corporate governance

竞争类国有企业（本文中“国有企业”“国企”均指竞争类国有企业）推进混合所有制改革（“混改”）的主要方向是产权清晰、股权多元化、治理规范，同步优化国有资本布局，其背后隐含的理論逻辑是传统的股东至上理论。本文所称“新合伙人机制”是在传统合伙制基础上，特别凸显当下科技驱动发展的信息智能化时代中人力资本作为合伙人一方的作用发挥，同时表现为人力资本更多地通过契约参与治理、获得激励。……