The SOE reform in China/周大勇(18)
At another side, SOE prefer to stand under the cover of the government too, so that they can continue enjoying the benefit of de fecto soft budget constraint (7) . And at least, the manager will not be laid off. Besides, so long as the enterprise is state owned, managers are still in bureaucratic hierarchy, they are lacking of inner incentive to take commercial risks like a professional manager. Although the corporate governance are adopted, they are not owner of the asset eventually, so it is better for them to maintain the current position as a cadre, enjoying the respect and welfare as a officer, but not a businessman. Therefore, the normal manager in SOEs is still conservative in contrast with those in private sector.
Based on above points, if the enterprise is as state owned, the defects can’t be dispelled, then the way left is to change its basic character, it means the change of property ownership. Actually, when Chinese government began to establish a modern enterprise system, the transformation of ownership was implied. Nevertheless, privatization is still a sensitive topic in China, however the transformation of ownership and offering equal treatment to private owned enterprise, protecting legitimacy of private property has already become a common social understanding in China. Most Chinese economists accept now, that the transformation of ownership must to be involved to eliminate the defects of the SOE further. There are many suggestion in according to the transition, for example, sale as a whole or MBO (management buyout) are suggested to solve the medium and small state-owned enterprise issue, because it is viewed can guarantee the value of the enterprise’s assets better; concerning the large-scale enterprises, it is proposed through listing in stock market or reorganizing to mix-share corporate sand to conquer all sorts of weakness of the country as a single stockholder, and through permitting the privately owned capital get involved progressively to implement the transition course gradually. The analyzing of these suggestions is out rage of this essay, but the goal of these suggestions is alike. In fact, a lot of local enterprises have already been reformed in such direction. Chinese State Council determined to reduce the state-run share of the state-run listed companies in 2002, is also reviewed as the behavior that the state-run capital withdraws from SOEs progressively too.
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