Abstract: Differentiated control is a critical approach for enhancing the effectiveness of mixed-ownership reform. However, there remains a theoretical gap regarding how enterprises can develop control models aligned with their specific conditions. Based on the hybrid ownership reform practices of three competitive state-owned enterprise (SOE) groups, this multi-case study explores the matching logic between autonomy sources and differentiated control models in mixed-ownership enterprises. Research has found that: as an effective path for leveraging complementary capital advantages, differentiated control enhances market-oriented operations through three strategic models: board governance restructuring, professional manager empowerment, and medium-to-long-term incentive driven models, which foster value co-creation via moderate decentralization. Enterprise autonomy is contingent upon three determinant factors: core resources ownership (strategic asset control), entrepreneurial spirit allocation (human capital deployment), and business model innovation (organizational adaptation). These dimensions demonstrate isomorphic alignment with the aforementioned control models respectively. Institutionalizing differentiated control requires corporate governance infrastructure that integrates three mechanism clusters: strategic decision-making protocols, performance-based incentives, and multi-stakeholder supervision systems. Theoretically, this study bridges the micro-level implementation gap in SOE reform. Practically, it provides design principles for developing Chinese-characteristic modern enterprise systems that synergize state ownership with market efficiency.

Key words: Mixed Ownership Enterprises, Autonomous Sources, Differentiated Management and Control, Multiple Case Studies

摘要： 差异化管控是提升混合所有制改革实效的必要路径,但如何探索与企业自身相匹配的管控模式尚未得到充分的理论阐释。本文基于三家竞争性国有企业集团的混合所有制改革实践,运用多案例研究方法探究混合所有制企业自主性来源与差异化管控模式之间的匹配逻辑。研究发现:差异化管控是健全国有企业市场化经营机制的有效路径,董事会治理型、职业经理人赋能型与中长期激励驱动型三种管控模式可以实现适度放权,促进各类资本的优势互补与价值共创;核心资源归属、企业家精神配置、商业模式创新是决定混合所有制企业自主性程度的关键要素,上述三种差异化管控模式分别与之相匹配;公司治理是支撑差异化管控实现的基本制度基础,应积极健全以决策机制、激励机制和监督机制为核心的混合所有制企业公司治理机制设计。本文试图弥补深化国有企业改革微观路径的研究缺口,并为完善中国特色现代企业制度提供理论参考与经验证据。

关键词: 混合所有制企业, 自主性来源, 差异化管控, 多案例研究