中国政府针对国有企业股权和财务控制战略的新方法【外文翻译】.doc

1、本科毕业论文（设计）外文翻译原文THECHINESEGOVERNMENTSNEWAPPROACHTOOWNERSHIPANDFINANCIALCONTROLOFSTRATEGICSTATEOWNEDENTERPRISESDESPITETHREEDECADESOFECONOMICREFORMSINTHEPEOPLESREPUBLICOFCHINAPRC,RESTRUCTURINGOFLARGESTATEOWNEDENTERPRISEGROUPSHASPROCEEDEDATASLOWPACEINRECENTYEARSWHILEAVARIETYOFDIFFERENTMEASURESANDREFORM

2、MODELSHAVEBEENTRIEDSINCETHE1980S,THESEHAVEMOSTLYBEENHALFHEARTEDORUNSUCCESSFULTHEFOUNDINGOFTHESTATEASSETSSUPERVISIONANDADMINISTRATIONCOMMISSIONOFTHESTATECOUNCILSASACIN2003MARKSANEWPHASEINEFFORTSTODEALWITHTHEOUTSTANDINGCHALLENGESANDUNRESOLVEDPROBLEMSOFCHINASSTATEOWNEDENTERPRISESSOESTHEFOUNDINGOFSASACL

3、AUNCHEDAPROCESSOFREDEFININGTHERELATIONSHIPBETWEENCENTRALGOVERNMENTANDTHESOCALLEDCENTRALENTERPRISESTHEKEYSOESTHATHAVEBEENSELECTEDBYTHEGOVERNMENTTOFORMTHEBASISFROMWHICHCHINASFUTURETOPGLOBALCOMPANIESWILLBECREATEDCENTRALENTERPRISESACCOUNTFORTHEBULKOFSOEPROFITSANDAROUNDAQUARTEROFSOECORPORATEINVESTMENTTHE

4、CHINESEGOVERNMENTSCOMMITMENTTOTHEMARKETVERSUSTHESTATEHASFLUCTUATEDOVERTHECOURSEOFTHEREFORMPERIODINTHEPLANNEDECONOMY,STATEOWNEDENTERPRISESWEREANINTEGRALPARTOFTHESTATEBUDGETINGSYSTEM,WITHALLTHEIRFINANCINGNEEDSBEINGCOVEREDBYTHESTATE,ANDWITHPROFITSANDLOSSESDIRECTLYINCLUDEDINTHESTATEBUDGETINTHELATE1970S,

5、MORETHANHALFTHEBUDGETREVENUESCAMEFROMSTATEOWNEDENTERPRISESTHELOWINCENTIVESPROVIDEDTOSOEMANAGERSINTHISSYSTEMLEDTHEGOVERNMENTTOEXPERIMENTWITHVARIOUSMODELSOFPROFITRETENTION,SUCHASTHECONTRACTMANAGEMENTRESPONSIBILITYSYSTEM,THROUGHWHICHMANAGERSCOULDRETAINAPARTOFTHEPROFITSAFTERMEETINGGOVERNMENTSETTARGETSFO

6、LLOWINGATAXREFORMIN1994,WHOLLYOWNEDSOESWEREEXEMPTEDFROMPAYINGDIVIDENDSTOTHEGOVERNMENTBETWEENTHENANDNOW,SOESHAVERETAINEDALMOSTALLTHEIRPOSTTAXPROFITSDURINGTHEPROCESSOFSETTINGUPSASAC,THESTATECOUNCILOFFICIALTASKEDWITHFORMULATINGSASACSFUTUREROLE,LIBAOMIN,DESCRIBEDSASACSCHARACTERTHROUGHFOURNEGATIONSITWOUL

7、DNOTBEANADMINISTRATIVEORGANOFTHEGOVERNMENT,ITSPERSONNELWOULDNOTBECIVILSERVANTS,ITWOULDNOTBEINCLUDEDINTHEFORMALGOVERNMENTSECTOR,ANDITWOULDNOTHAVETHESAMEFUNCTIONASTHEFORMERSTATEASSETSBUREAUSASACEXERCISESTHERIGHTSOFTHEPRINCIPALINVESTORINSTATEASSETS,IMPLYINGTHERIGHTSTOENJOYDIVIDENDSFROMENTERPRISECASHFLO

8、W,TOTAKEMAJORDECISIONSREGARDINGENTERPRISESANDTOCHOOSEENTERPRISEMANAGERSINTHESTATECOUNCILSORGANIZATIONALSETUP,SASACAPPEAREDFORTHEFIRSTTIMEINTHESPRINGOF2003OFFICIALLY,SASACISDEFINEDASAMINISTERIALLEVELSPECIALORGANIZATIONREPORTINGDIRECTLYTOTHESTATECOUNCILINCIDENTALLY,SASACISTHEONLYORGANINTHISORGANIZATIO

9、NCATEGORY,WHICHAPPEARSTOHAVEBEENESTABLISHEDEXCLUSIVELYFORITTHEREAREGOODECONOMICARGUMENTSFORWHYCERTAINENTERPRISESOUGHTTOBEPRIVATIZED,PRIMARILYTHEPROSPECTSOFIMPROVINGCORPORATEEFFICIENCYANDMANAGERINCENTIVESALONGARRAYOFSTUDIESHASATTESTEDTOCHINESESOESBEINGLESSEFFICIENTTHANOTHERENTERPRISEFORMSTHEREAREALSO

10、SOUNDARGUMENTSFORWHYTHESTATEOUGHTNOTTOEXITOTHERENTERPRISESINCERTAINCIRCUMSTANCES,FOREXAMPLE,ININDUSTRIESPRONETOMARKETFAILUREORANINSUFFICIENTLYDEVELOPEDECONOMICENVIRONMENTHOWEVER,ATTHEENDOFTHEDAY,WHEREGOVERNMENTSCHOOSETODRAWTHELINEBETWEENPUBLICANDPRIVATEOWNERSHIPISANINHERENTLYPOLITICALQUESTION,SUBJEC

11、TTOPREVAILINGPOLITICALPREFERENCESPRACTICALLYALLGOVERNMENTSMAINTAINOWNERSHIPOFSOMEENTERPRISES,MOSTCOMMONLYUTILITIES,PUBLICSERVICEPROVIDERS,ANDDEFENSECOMPANIESAND,TOALESSEREXTENT,NATIONALFLAGCARRYINGAIRLINECOMPANIESINSOMEMARKETECONOMIES,SUCHASTHEUK,PRIVATIZATIONEFFORTSHAVEGONEALONGWAY,WHILEINOTHERS,SU

12、CHASSINGAPORE,THESTATEDIRECTLYORINDIRECTLYSTILLCONTROLSASUBSTANTIALSHAREOFTHEECONOMYONEOFTHEKEYISSUESINRELATIONTOTHECENTRALSOESISWHETHERTHEGOVERNMENTWILLSEEKTORETAINTHEMASWHOLLYORMAJORITYSTATEOWNEDINDEFINITELY,IEHOWBROADTHESCOPEOFFUTURESTATEOWNERSHIPWILLBEGIVENTHATALMOSTALLTHEBIGGESTCHINESECOMPANIES

13、ARECURRENTLYSTATEOWNED,THISISSUEISCENTRALWHENGAUGINGTHENATUREOFFUTUREGLOBALCHINESECOMPANIESINGENERALCHINESEGOVERNMENTHADNOTSPECIFICALLYDEFINEDWHICHSECTORSITCONSIDEREDTOBECRITICALORSTRATEGICTHELISTOFCENTRALENTERPRISESWASPROBABLYTHEBESTPUBLICIZEDPROXYFORWHICHCOMPANIESTHECHINESECENTRALGOVERNMENTWILLATA

14、MINIMUMNOTRELINQUISHCONTROLOFINTHEFORESEEABLEFUTUREINRECENTYEARSTHECHINESEGOVERNMENTHASBEENPROBINGFORPRECISEDEFINITIONSOFWHICHOFITSINDUSTRIESANDCOMPANIESARESTRATEGICALLYIMPORTANTENOUGHFORTHESTATETOMAINTAINCONTROLOFTHEMADINFINITUM,ANDHOWTIGHTLYTHESECOMPANIESOUGHTTOBECONTROLLEDBYTHESTATEBYTHESUMMEROF2

15、006,THEREWEREINDICATIONSTHATTHEGOVERNMENTWASFINALLYINTHEPROCESSOFDRAFTINGALISTOFNAMEDSTRATEGICINDUSTRIESWHERETHESTATEAIMSTOMAINTAINCONTROLTHESPECIFICINDUSTRIESWEREMADEPUBLICFORTHEFIRSTTIMEATTHEENDOFTHEYEAR,WHENSASACCHAIRLIRONGRONGREVEALEDTHATSEVENSECTORSARECONSIDEREDSTRATEGICALLYIMPORTANTASTHEYARERE

16、LATEDTONATIONALORECONOMICSECURITY,ANDTHATTHEGOVERNMENTHASTOMAINTAINABSOLUTECONTROLINTHESESECTORS,THROUGHEITHERSOLEOWNERSHIPORANABSOLUTECONTROLLINGSTAKETHESEVENINDUSTRIESAREDEFENSE,POWERGENERATIONANDDISTRIBUTION,OILANDPETROCHEMICALS,TELECOMMUNICATIONS,COAL,AVIATIONANDSHIPPINGMANYOFTHEBIGGESTANDMOSTPR

17、OFITABLECHINESECOMPANIESOPERATEWITHINTHESESEVENINDUSTRIESINALLTHESESECTORS,THEROLEOFFOREIGNANDPRIVATEINVESTORSWOULDBERESTRICTEDTOPARTICIPATINGINDEVELOPINGDOWNSTREAMPETROCHEMICALPRODUCTSANDVALUEADDEDTELECOMSERVICESINADDITION,THESTATEWILLALSOMAINTAINSIGNIFICANTABSOLUTEORRELATIVECONTROLLINGSTAKESINANOT

18、HERGROUPOFINDUSTRIES,DESCRIBEDASPILLARANDBASICINDUSTRIESONLYASMALLSHAREOFTHEASSETSOFTHECENTRALSASACENTERPRISESWOULDTHENBESOLDOFFTONONSTATEOWNERSWITHOVERCAPACITYHAVINGBEENBUILTINMANYINDUSTRIALSECTORSINCHINAOVERTHEPASTDECADE,FOREIGNCOMPANIESARECHOOSINGTOBUYUPLOCALCOMPANIESRATHERTHANBUILDOREXPANDTHEIRO

19、WNOPERATIONSBOTHINDUSTRIALENTERPRISESANDPRIVATEEQUITYGROUPSHAVEACTIVELYSOUGHTTOACQUIRECHINESECOMPANIESINPARTICULAR,THEMASSIVEINFLUXOFFOREIGNPRIVATEEQUITYATTEMPTINGTOBUYUPSIGNIFICANTCHINESEENTERPRISESAPPEARSTOHAVECAUGHTTHECHINESEGOVERNMENTOFFGUARDASYET,NOATTEMPTHASBEENMADEBYAFOREIGNINVESTORTOACQUIREA

20、CONTROLLINGSTAKEINACENTRALENTERPRISEWEARETHEREFORECONFINEDTOREVIEWINGATTEMPTSTOACQUIREPROVINCIALORCITYLEVELSOESTHATHAVEBEENSTALLEDORBLOCKEDTHEREHAVELATELYBEENNUMEROUSSUCHCASES,ENOUGHTODRAWSOMETENTATIVECONCLUSIONSBASEDONACURSORYREVIEWOFTHEMOSTPROMINENTRECENTCASESANUMBEROFDEADLINESNEEDTOBEMETBYTHECONC

21、ERNEDPARTIESIFTHEYARENOTMET,MOFCOMCANDEMANDTHATTHEACQUISITIONISCANCELLED,OPENINGUPTHEPOSSIBILITYTHATDEALSMAYBEREJECTEDATLEASTPARTLYDUETOTECHNICALITIESMOFCOMCANALSOREJECTTHEACQUISITIONIFITCONSIDERSTHATITMATERIALLYIMPACTSONTHEECONOMICSECURITYOFTHESTATE,WITHOUTSPECIFYINGCLEARCRITERIAFORWHENACQUISITIONS

22、AREPERMISSIBLEANDWHENNOTTHESEREQUIREMENTSARENEWINTHE2006REGULATIONSTHEYWERENOTPRESENTINTHEPREVIOUSREGULATIONSPROMULGATEDTHREEYEARSAGOTHEVIEWONFOREIGNACQUISITIONSIS,HOWEVER,NOTUNIFORMWITHINTHECHINESEGOVERNMENTGIVENTHECHORUSOFCONCERNSRAISEDBYFOREIGNGOVERNMENTSANDMEDIAABOUTTHENEWANTIMONOPOLYLAWTARGETIN

23、GFOREIGNFIRMSSTRONGINCHINA,MOFCOMAPPARENTLYFELTCOMPELLEDTODISPELSOMEOFTHESEFEARSINANINTERVIEWWITHACHINESENEWSPAPER,THEDIRECTOROFMOFCOMSRESEARCHCENTREONTRANSNATIONALCORPORATIONS,WANGZHILE,STATEDTHATTHEREARENOINDUSTRIESINCHINAWHEREFOREIGNCOMPANIESHAVEESTABLISHEDMONOPOLIESONTHECONTRARY,MOSTMONOPOLIESAR

24、EMAINTAINEDBYSOESWANGALSOSTRESSEDTHATFOREIGNINVESTMENTISWELCOMEANDBENEFICIALTOTHECHINESEDOMESTICECONOMYCHINAHASNEVEREMBRACEDPRIVATIZATIONOFSTATEOWNEDENTERPRISESASACENTRALPOLICYGOALWHILETHEOWNERSHIPSTRUCTUREOFMANYSMALLERSOESHASSEENCHANGESOVERTHEYEARSANDTHETOTALNUMBEROFSOESHASBEENSUBSTANTIALLYREDUCEDT

25、HROUGHMERGERS,BANKRUPTCIESANDDIVESTINGOFSMALLSOES,FROMOVER250,000IN1995TO127,000IN2005,INMOSTCASESPRIVATIZATIONHASINVOLVEDOWNERSHIPSHIFTINGINTOTHEHANDSOFLOCALGOVERNMENTOFFICIALSORCOMPANYMANAGERS,NOTALWAYSINATRANSPARENTMANNERWITHREGARDTOTHELARGESTANDMOSTIMPORTANTCOMPANIES,THELIKELIHOODOFANYSIGNIFICAN

26、TPRIVATIZATIONINTHEFORESEEABLEFUTUREISEVENMOREREMOTEINSTEAD,THEAIMHASBEENTOENHANCETHEOPERATIONSOFTHESTATEOWNEDSECTOROFTHEECONOMYTHROUGHCORPORATISATIONTHECHINESEGOVERNMENTWASQUICKTORECOGNIZETHEBENEFITSFROMCORPORATISATION,IETURNINGSOESFROMDIRECTLYSTATEOWNEDINTOSTOCKCOMPANIESTHECORPORATISATIONREFORMSST

27、ARTEDINTHELATE1980SBYAUGUST1997,SOME9,000SOESHADGONETHROUGHTHEPROCESS,WHICHALLOWEDTHEMTOLISTPARTLYORWHOLLYONTHENSTOCKMARKETBUTTHESTATEWASANXIOUSNOTTOLOSECONTROLOFITSASSETSCONSEQUENTLY,THESOCALLEDSPLITSHARESTRUCTUREWASSETUPTHISSYSTEMDIVIDEDSHARESINTOTRADABLESHARESOPENLYEXCHANGEDONTHEMARKET,ANDNONTRAD

28、ABLESHARESHELDBYTHESTATEORSTATELINKEDLEGALPERSONSANDNOTSUBJECTTOOPENTRADINGNONTRADABLESHARESCOULD,HOWEVER,BEEXCHANGEDOUTSIDEOFTHEMARKETINANUMBEROFWAYSTHROUGHAGREEDSALE,INDIRECTTAKEOVER,FREEORJUDICIALTRANSFERS,ORENTRUSTEDSHARESUNTILRECENTLY,NONTRADABLESHARESACCOUNTEDFORUPTO2/3OFTHEMARKETVALUEOFALLLIS

29、TEDCOMPANIES,WHICHCREATEDSTOCKPRICINGPROBLEMSANDPREVENTEDTHEUSEOFSTOCKBASEDINCENTIVESBESIDESTHEDISTINCTIONBETWEENTRADABLEANDNONTRADABLESHARES,STOCKSOFCHINESECOMPANIESAREDIVIDEDINTOSEVERALSHARECLASSESASHARESAREDOMESTICALLYTRADEDSHARESTRADEDINYUANINSHANGHAIORSHENZHENANDOPENTODOMESTICINVESTORSANDSELECT

30、FOREIGNINSTITUTIONALINVESTORSBSHARESARESHARESINCHINESECOMPANIESTRADEDINCHINABUTINFOREIGNCURRENCYBSHARESWEREINITIALLYOPENONLYTOFOREIGNERS,BUTARENOWOPENALSOTODOMESTICINVESTORSWITHAFOREIGNCURRENCYACCOUNTHSHARESARETHESHARESOFCHINESECOMPANIESTRADEDINHONGKONGORLISTEDONFOREIGNSTOCKMARKETSCOMMENTSFROMHIGHRA

31、NKINGSASACANDCSRCOFFICIALSPROVIDEFURTHEREVIDENCEOFTHESTATESINTENTIONTOMAINTAINOREVENSTRENGTHENCONTROLOFMAJORPARTSOFTHESTATEOWNEDECONOMYANDONLYSELLSTAKESVERYGRADUALLY,PRECLUDINGANYLARGESCALEPRIVATIZATIONLIRONGRONGHASSAIDTHATTHESTATENEEDSTOBOTHADVANCEANDRETREATATTHESAMETIMETHISWOULDSEEMTOIMPLYTHATTHES

32、TATEISGOINGTOSELLDOWNITSOWNERSHIPINNONCOREASSETS,WHILEUSINGTHEFUNDSTOINCREASEITSOWNERSHIPINENTERPRISESDEEMEDSTRATEGICSIMILARLY,CHINASTOPSECURITIESREGULATOR,SHANGFULIN,CHAIRMANOFTHECSRC,SAIDINASTATEMENTISSUEDATTHEONSETOFTHESHAREREFORMTHATTHECOUNTRYSTILLNEEDSTOHOLDENOUGHSHARESTOABSOLUTELYORCOMPARATIVE

33、LYCONTROLPIVOTALCOMPANIESAFTERMAKINGALLSHARESTRADABLEANDTHATSTATESHARESWILLONLYBESOLDVERYGRADUALLYTHESESTATEMENTSARECONSISTENTWITHTHEREFORMSTRATEGYCOINEDINTHEGRASPTHEBIG,LETGOOFTHESMALLPHRASEINCORPORATEDINTHE9THFIVEYEARPLANHOWEVER,NEITHERTHECONDITIONSNORTHESPECIFICPOLICIESFORWITHDRAWALFROMOWNERSHIPH

34、AVEYETBEENSPECIFIED,ATLEASTPUBLICLYJUDGINGFROMTHESESTATEMENTS,ANDCONTRARYTOWHATSOMEOBSERVERSSEEMTOBELIEVE,ITISERRONEOUSTOTALKOFANYGENERALPRIVATIZATIONPROGRAMMEDINCHINAMOREAPPROPRIATEPERHAPSWOULDBETOCHARACTERIZETHECENTRALGOVERNMENTAGENDAWITHREGARDTOITSOWNERSHIPINTERESTSASPORTFOLIORATIONALIZATIONRECUR

35、RINGTHEMESINOFFICIALCOMMENTSARE,ONONEHAND,THEDIVERSIFICATIONOFOWNERSHIP,AND,ONTHEOTHERHAND,THECONTINUINGLEADINGROLEOFSTATEOWNERSHIPINTHECHINESEECONOMYTHEGOALAPPEARSTOBETOFINDTHEOPTIMUMMIXBETWEENRETAININGCONTROLOFSTRATEGICPARTSOFTHESTATEOWNEDECONOMYANDMAXIMIZINGTHERAISINGOFCASHTHROUGHSELLINGNONCOREAS

36、SETSANDMINORITYSHARESINCOREASSETS,ASWELLASNORMALIZINGTHEOPERATIONOFTHECHINESESTOCKMARKETSSASACISNOWENCOURAGINGSOESTHATHAVEPREVIOUSLYLISTEDONFOREIGNMARKETSTOLISTDOMESTICALLYONEOFTHEMAINDRIVERSOFINVESTMENTINRECENTYEARSHASBEENATRIANGULARRELATIONSHIPBETWEENSTATEOWNEDCOMPANIESWITHSEMIMONOPOLISTICFEATURES

37、ENABLINGWINDFALLPROFITS,CENTRALGOVERNMENTHESITANCYTOWARDSIMPOSINGHARDBUDGETCONSTRAINTSONSOESANDCOLLECTINGDIVIDENDSFROMTHEM,ANDLOCALGOVERNMENTSLOCKEDINHEATEDCOMPETITIONFORGDPGROWTHANDPRONETOLOCALPROTECTIONISMWHILETHEREARESTILLMANYLOSSMAKINGSOES,THESTATEOWNEDPARTOFTHEECONOMYHAS,ONTHEWHOLE,BEENPRODUCIN

38、GSOLIDPROFITSINRECENTYEARS,WITHSOEPROFITSMULTIPLYINGBOTHINABSOLUTETERMSANDRELATIVETOTHESIZEOFTHEECONOMYANDGOVERNMENTREVENUESOMECORNERSOFTHESTATEOWNEDECONOMYAREAWASHWITHCASHANDWITHEVERYINCENTIVETOREINVESTTHEIRPROFITS,BUTOFTENWITHINADEQUATEPROCEDURESFORREACHINGSOUNDREINVESTMENTDECISIONSASACONSEQUENCE,

39、PROFITSHAVEOFTENBEENPLOUGHEDINTOUNPROFITABLEANDDUPLICATORINVESTMENTSWHILECENTRALGOVERNMENTHASCLEARLYSIGNALEDITSDETERMINATIONTOGETTIGHTERCONTROLOVERSOEPROFITSANDINVESTMENTS,THEQUESTIONOFWHOGETSCONTROLOVERSOEPROFITSHASSUCCUMBEDTOPROLONGEDINTRABUREAUCRACYWRANGLINGTHERESTILLAPPEARTOBEDIFFERENCESINTHEPOS

40、ITIONSOFTHEMOFANDSASACEVENAFTERYEARSOFNEGOTIATIONSINORDERFORSASACTOBEABLETOIMPLEMENTTHEAMBITIOUSSOERESTRUCTURINGAGENDAITHASSETFORITSELF,ITWILLNEEDBOTHEFFECTIVEOWNERSHIPCONTROLOFTHECENTRALENTERPRISESANDASIGNIFICANTSHAREOFTHEEARNINGSGENERATEDASDIVIDENDSANDDIVESTMENTPROCEEDSJUDGINGBYITSOFFICIALSSTATEME

41、NTS,SASACITSELFAPPEARSTOBELIEVEITWILLEVENTUALLYGETOPERATIONALCONTROLOFMOSTOFTHEFUNDSGENERATEDFROMCHINESESTATEASSETSWERETHISTOHAPPEN,SASACWOULDBECOMEONEOFTHEBIGGESTANDMOSTPOWERFULORGANIZATIONSFORGOVERNMENTSANCTIONEDINDUSTRIALRESTRUCTURINGINRECENTHISTORYSOURCEMIKAELMATTLIN,2007“THECHINESEGOVERNMENTSNE

42、WAPPROACHTOOWNERSHIPANDFINANCIALCONTROLOFSTRATEGICSTATEOWNEDENTERPRISES”BOFITDISCUSSIONPAPERS,PP2340译文中国政府针对国有企业股权和财务控制战略的新方法中国进行了近三十年的经济改革，大型国有企业的重组在最近几年的进展速度却很慢。从20世纪80年代起已经尝试过各种不同的措施和改革方法，而大多数的方法都半途而废或是不成功。2003年国有资产监督管理委员会（SASAC）的成立标志着国家努力解决中国国有企业遇到的高难度挑战和一些未能解决的问题正处于一个新阶段。SASAC的成立定义了中央政府和所谓的中央企业

43、之间的关系。国有企业的关键问题是由政府从将要被建造出来的中国未来最顶尖的全球公司中选择去构造基础。中央企业占了国有企业利润的一大部分以及大约四分之一的国有企业投资。中国政府承诺市场对国家的波动只在改革的时期。在计划经济体制下，国有企业是国家预算管理体系必不可少的一个部分。他们所有的资金负担是由国家负担，且利润及损失直接计入国家预算。在20世纪70年代末，国家超过一半的预算收入来自国有企业。这个体系提供给管理者的低激励措施使得政府获得各种各样的利润留成。比如“合同管理制”，管理者可以在知道政府定价目标后保留一部分的利润，1994年税制改革后，政府对全资国有企业免征税费。这期间，国有企业几乎保留了

44、所有的利润。在成立国家资产监督管理委员的过程中，国务院官员制定国家资产监督管理委员会未来的作用，李保民通过四个否定形容国资委（SASAC）它不是政府的行政机关，它的职员不是公务员，它不会被包括在正式的政府部门里，它不和前任资产管理局有同样的作用。国资委在国家资产中行使主要投资者的权利，这意味着它有从企业的现金流量中享受红利以及企业采取重大决策和选择企业管理者的权利。国资委首次亮相是在2003年，被正式的定义为部长级的特殊组织。同时，国资委是这一组织中的唯一组织，这似乎是专门为它建立的。有个好的经济观点说为什么某些企业应该私有化，对公司的提高企业效率和经理激励做了初步的预期。一系列的研究已经证明

45、了中国国有企业比其他企业形式更缺乏效率。在某个行业中一味要求不够发达或失灵的市场环境，然而到了最后，根据现行的政治偏好，政府从哪对公共和私人所有权画一条界限是个固有的政治问题。几乎所有的政府都保持着一些企业的所有权，大多数是用在公共事业，公共服务的提供者和国防用品公司，还有一小部分航空公司属于国有。在一些市场经济，比如英国，私有化已经走了很长的一段路。而别的国家，比如新加坡，国家仍直接或间接的控制大量的经济份额。中国政府没有明确定义哪个部分是被认为是关键的或者是战略性的。中央企业的名单可能是最好的为公司宣传的代表，中国中央政府将最小化的而不是放弃控制可预见的未来。近几年，中国政府一直都在反复探

46、讨明确的定义哪种行业和公司在国家控制战略上足够重要。这些公司的紧密程度，应该受政府的控制。2006的夏天，有迹象表明国家终于进入了一个起草战略产业的进程中，而这个进程，国家的主要目的是维持控制。年底时将具体行业第一时间公布于众。当国资委主席李荣融透漏被认为具有重要战略意义的七个领域和国家或者经济安全有关系，政府维持这些领域的绝对控制，通过独资或绝对控股权。这七个产业是防御，发电和配电，石油和石化，电信，煤矿，航空及海运。许多最大和最赚钱的公司就来自这七个行业。在所有的这些领域，外国和私人投资者的作用应只限于参与发展石化下游产品和增值电信服务。另外，国家还将保持重要的绝对与相对控股权在支柱和基础

47、产业领域。只有中央国资委企业的一小部分资产将被出售给非国家性的所有者。在过去的时间里中国许多工业部门产能过剩，外国公司正选择去买本地公司而不是建立或扩展自己的经营，业企业和私人股本集团积极寻求对中国公司的收购。特别是大量涌入的试图购买重要的中国企业的外国私人资本似乎已经发现中国政府放松了警惕。目前为止，外国投资者没有开始尝试去收购中央企业的控股权。所以，我们只限于评估尝试获得那些陷入停顿或堵塞的省级或市级国有企业。最近有许多这样的情况，从这些情况中很容易得到一个初步的结论。许多期限应该被满足。如果它们不被满足，商务部可以要求取消收购。扩大交易的可能性可能会被拒绝，至少部分情况下是由于技术问题。

48、商务部也可以拒绝收购进程，如果它认为这对国家经济安全有重大影响。没有指定什么时候收购是容许什么时候是不容许的明确标准，这些要求是2006年的新规定，而海外并购观和中国政府内部不一致。外国政府和媒体提出的关于中国的新垄断法针对外国强大的公司的一系列困扰。商务部显然也被迫消除这些恐惧。在一次与中国报纸的采访中，在跨国公司的研究中心的主任王志乐表示，没有外国公司在中国建立垄断行业。相反，大多数是由国有企业垄断的。他同时强调外国投资者是被欢迎的，并对国内经济是有益的。中国从未接受国有企业私有化作为主要的政策目标。当许多较小的国有企业的股权结构改变了数年之久，且由于收购，有企业的总人数有了明显的减少。小

49、国有企业的破产清理，从1995年超过250000到2005年的127000，大部分情况下，私有化参与转换到所有权，并不总是用透明的方式。对于最大和最重要的公司，明显私有化的可能性在可预见的将来更加渺茫。相反，通过公司化提高国有企业经济的运作。中国很快认识到来自公司化的收益。也就是说，将国有企业从直接国有转化为股份制。公司化的改革始于20世纪80年代末。1997年八月，约9000国有企业已经经历了这一过程，国家急于需要不可失去控制的资产。因此，所谓的份额拆分结构被建立，该系统划分为流通股股东的股份在市场上公开交换，而非流通股股份的国家或与国家有联系的法人是不开放的交易。非流通股股可以在场外市场用很多方式交换，通过出售，间接收购，免费或司法转移，或委托。直到最近，在所有列出的公司中非流通股占市场价值的2/3，这造成了股票价格问题并阻止了基于激励措施的股票的使用。中国公司的股票份额被分成三类，A股是由中国境内的公司发行，供境内机构、组织或个人（不含港、澳、台投资者）以人民币认购和交易的普通股股票。B股是以人民币为股票面值，以外币为认购和交易币种的股票，是境外投资者和国内投资者向中国的股份有限公司投资而形成的股份。B股最初只为外国人开放，但是现在也给国内投资者提供了一种外币账户。H股是注册在内地，上市地在香港的外资股。中国证监会