The SOE reform in China/周大勇(20)
Nowadays, an " ice-roll theory" prevails in Harbin, a city with deep SOE tradition: If state-owned enterprise does not keep on reforming (transition of the ownership), its assets will also reduce rapidly like ice-roll under the sunshine, and even disappear at last. On the contrary, even though the assets belong to private, the private capital is still social capital too, which will concentrate on increasing in value and keeps on operating the asset well.
Based on the reform history in China, if we emphasize only on losses of state-run assets, it does not help transformation of enterprise smoothly, on the contrary, it will lead to assets shift. This kind of case has taken place in early township enterprise transformation. Since some villages and towns government insisted to keep a certain portion of government share in the process of transformation, this made the operator of reformed enterprises worry about the change of the government policy. So, those operators managed to take enterprise's assets away and set up new enterprises in their own control. So, to ensure a smooth and efficient reform, government should give new owner or operators of the enterprises more confidence and legal guarantee.
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