商业经济与管理

深刻践行分类监管的实践逻辑，实施差异化管控策略，是激活国资国企潜能，纵深推进国有企业分类改革走深走实的关键抓手。文章聚焦国有企业分类监管的核心命题，以市场化管控为导向，以“管资本”为核心，剖析不同功能类别和股权比例下国有企业差异化管控的框架、机制与路径，力图破除“一刀切”的监管惯性，推进科学精准监管。首先，在“有为政府+有效市场”框架下，遵循“功能使命—战略定位—市场驱动—管控重构”的逻辑思路，构建以“外部+内部”为逻辑主线的国有企业差异化管控整合框架。其次，基于外部“行政型管控、经济型管控、政治型管控”的互嵌融合模式和内部“治理型管控、垂直管控、授权决策”的一体两翼结构，设计具有中国特色的国有企业差异化管控机制。最后，从科学分类、放管结合、子公司董事会强化、多维协同、数智化赋能五个方面提出差异化管控推进路径，为政策导向转化为实践方案提供有效支撑。文章立足党的二十届三中全会对国资国企改革新使命的最新部署，助力推动市场机制在国资监管体制改革中的精准渗透，致力扫除国有企业监管深层次体制机制障碍，强化监管韧性，完善中国特色现代监管体系。

Deeply implementing the practical logic of classified regulation and adopting differentiated governance( DG)strategies are key to unlocking the potential of state-owned capital and enterprises, further advancing the in-depth reform of stateowned enterprises( SOEs) through targeted approaches. This paper focuses on the core proposition of classified regulation for SOEs,guided by market-oriented governance principles and centered on “capital management, ” to analyze the framework, mechanisms,and pathways for DG based on functional categories and ownership structures. The study aims to break away from the rigid “one-sizefits-all” regulatory inertia and promote more scientific and precise oversight. First, under the framework of a “proactive government+ efficient market, ” the study follows the logical progression of “ functional mission/strategic positioning/market-driven/ governance restructuring” to construct an integrated framework for differentiated SOE governance, structured along the “external +internal” logic. Second, based on the external embedded model of “administrative, economic, and political governance” and the internal “dual-wing” structure of “corporate governance, vertical control, and delegated decision-making, ” the paper designs a DG mechanism with Chinese characteristics. Finally, it proposes five implementation pathways for DG: scientific classification,balanced delegation and oversight, strengthened subsidiary boards, multi-dimensional coordination, and digital-intelligent empowerment, providing actionable support for translating policy directives into practical solutions. Aligned with the latest mandates for SOE reform from the Third Plenary Session of the 20th CPC Central Committee, this study contributes to the precise integration of market mechanisms into state capital regulatory reforms, addresses deep-seated institutional barriers in SOE oversight, enhances regulatory resilience, and refines the modern regulatory system with Chinese characteristics.