打出企业改制的最后一张“王牌”股份制,是在逆境中唯一可能的政策选择,目的是避免金融危机.股份制作为一种企业组织形式,对外在制度环境有相当强的依赖性.前几年股份制改革淮桔成枳的原因在于没有解决这一问题:董事会成员与经理层仍由政府部门任命,国有企业财产权利的私人化和财产责任的公开化这一弊端仍然存在.经理层对股东的资产享有等同于支配私人财产的权利,不管是出于什么原因所产生的亏损,企业经理层均可不负责任.股东大会不可能因经营层的表现不佳或有贪污腐败等道德风险行为而将他们解职,因为任免经理层及董事会成员的决定权不在股东们手中,而在最大股东——国有资产管理部门手中.在这类“翻牌公司”里面,股东的身份由国家变为企业法人或者个人,只意味着将资产风险从国家那里转移给其他的法人或个人股东,并不能促使企业为提高资金回报率而作相应的努力. The last piece of “trump card” joint-stock system to reform the enterprise is the only possible policy choice in the face of adversity in order to avoid the financial crisis. As a form of enterprise organization, the shareholding system has a fairly strong dependence on the external institutional environment. The reason for the reform of the shareholding system in Huaiyin into trifoliate orange lies in the fact that this problem has not been solved: the board members and the managers are still appointed by the government departments, and the disadvantages of the privatization of property rights and the openness of the property liability of state-owned enterprises still exist. Assets have the same rights as those that govern private property, irrespective of the loss incurred for whatever reason, and the management of the company is not responsible for it. The general meeting of shareholders is unlikely to result from ethical behavior such as poor performance by management or corrupt practices They are dismissed because the power to appoint and remove managers and members of the board of directors is not in the hands of shareholders, but in the hands of the largest shareholder, the state-owned assets administration, in which the status of shareholders is changed from a state to a corporation or Individuals only mean that the transfer of asset risk from the state to other corporate or individual shareholders does not Industry to improve the return on capital and make corresponding efforts.