ghd piastra SOE Reform Achievements, Problems and

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SOE Reform: Achievements, Problems and further deepen the reform ideas

Now. Chinese state-owned enterprises such as the board of directors composed almost entirely of insiders, shareholders non-existent, which is on the institutional setting provides the conditions for internal control, and in market economies in the company's board of directors composed mainly by the external, it is difficult completely internal manipulation; Second, the way must be institutionalized in the operation, procedures, and a clear division of responsibilities related to the subject and authority, so that shareholders,[link widoczny dla zalogowanych], board of directors and managers perform their duties, both of checks and balances and promote each other and individual behavior with the system constraints to prevent moral hazard; third is in the regulatory mechanism must strictly enforce the law, so that the law must be strictly enforced, the punishment of offenders and a warning sufficient to deter, prevent the drilling of legal loopholes. The reason is difficult to regulate corporate governance in China,[link widoczny dla zalogowanych], and is directly related to lax enforcement. Former WorldCom CEO Ebbers United States due to financial investors on the huge losses caused by fraud, was sentenced to 25 years in prison. This is the current legal environment in China is difficult to imagine. If the low cost of breaking the rules, even the best rules will be useless. Apart from the above link, the state-owned large companies, corporate governance norms must also be faced with how to fulfill their duties on behalf of investors at all levels of the problem. Great efforts to solve these critical areas is to establish standard corporate governance structure of the foundation. Once again, corporate restructuring must be thoroughly and leave sequelae. In the past, joint-stock reform process, some large state-owned enterprises listed on the majority of spin-off approach taken, about a rate of 12 - the good assets of industry restructuring into joint-stock company, the assets of a large number of inefficient and ineffective, and social burden of historical issues and personnel to remain in the burden of remaining enterprises, which form a unique Chinese listed companies even the existence of the company business collapse. This The third level is doing a good job supporting the reform of state-owned enterprises to enter the market to create equal conditions. Reform is to solve the enterprises to enter the market must be solved but it alone can not solve their own problems are. The first is to eliminate the social burdens of state-owned enterprises and the historical baggage. Since the reform of state-owned enterprises and social burden of the historical burden is indeed greatly reduced, but this aspect of the reform task is far from complete. In addition to redundant workers, the retired personnel management, social, business and other institutions run by the separation of neighborhoods and communities, enterprises and other public facilities, water, electricity and the transfer of social, etc., are barriers to market entry. When the WTO national treatment of foreign capital into China, while China's state-owned companies are given the same national treatment, which not only weakened the competitiveness of state-owned enterprises,[link widoczny dla zalogowanych], will result in the diversification of the state-owned business goals, making the state-owned assets the goal is difficult to determine and value-added assessment. State Council leaders have made clear that this government must be determined to solve the state-owned enterprises of all historical issues, not to these issues to the next government, which is state-owned enterprise reform is a very favorable terms. The second is to establish a sound market system as soon as possible, especially in capital,[link widoczny dla zalogowanych], technology, land, personnel and other elements of market construction, large state-owned enterprises for the allocation of resources to provide the necessary market conditions. Again is to establish a standardized and orderly market order, to punish counterfeiting and other acts of destruction of market rules, clean up the market environment and promote fair competition among enterprises and the survival of the fittest. The control over the economy, 13 and influence of the driving force to improve the quality of the operation of state-owned economy and allocative efficiency. The second is the micro should be. Establish standardized modern enterprise system, effective governance, decision science, regulation in place, incentive and restraint mechanisms, as has the full power and dynamism of market players and business entities. The third is the state-owned assets supervision system to achieve effective supervision according to law, improve the state-owned assets supervision system, improve relevant laws and regulations, exercise the functions of state assets in place, the responsibility to implement state-owned assets. Fourth, the mechanism of state-owned capital in the orderly flow channels, the implementation of exit costs of state-owned enterprise reform,[link widoczny dla zalogowanych], strengthen and expand the support of state-owned economic system based on the state economy development level according to the national economy and the socialist market economic system continuously optimize the flow and value. . (The author: State-owned Assets Supervision and Administration Commission Secretary for distribution companies) really Editor Yin 14
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