tio is also regarded as a fatal problem of SOEs. It was observed, that during the reform period, the liability-asset ratio of industrial SOEs rose from around 11% in 1978 to approximately 65% in 1997. In as many as one-fourth of industrial SOEs, liabilities have even come to exceed assets; these enterprises are in fact insolvent. The World Bank suggests that in debt restructuring may be necessary for the most heavily indebted enterprises to bankrupt. After the implement of debt-to-share swap, the ratio decreased, but the debtor, in most cases are banks, didn’t collect the loan back, so it made the SOE even harder to get new loan for production. (5) Furthermore, the whole process of the SOE reform companied by a serials of social problems, in compare to some difficulties such as lack or reserve labor force, ageing of the equipments, the most troublesome is the unemployment in large scales. In addition, in rural areas, millions of flowing population has been produced because of the bankruptcy and low profitability of the township and village enterprise. In urban China there are frequent reports about workers’ unrest. Although until now China still maintain a relative political stability, the menace will not fade away in a short time. 3. The reasons of SOE problem behind According to above, after 20 years reform, China has got both achievements and still problems in SOE sector. Why those defects of SOE still exist and can’t be gotten rid of in keeping with the reform? From 1978 on, the Policy of CCP has been concentrating on mainly two missions, one is how to manage the SOE and make the SOEs adapt to the market economic, two is how to ensure a stable social situation during deeper reform. Here is a basic question need to be answered but always neglected: Why exactly need we have stated-owned asset in market economic country? What is the aim to manage SOEs? The empirical answer to this question is, if a state are engaged in operating asset, it has usually following aims:(1) maintain public ownership in order to ensure the equity in distribution;(2) treat SOEs as the main instrument to realize industrialization;(3) ensuring the state control in strategically economic department; (4) try to provide more employment chance; (5) ensure the tax and state revenue; (6) provide public products and services which the private economy hard to arrange; (7) prevent natural monopoly from intervening the market and (8) try to maximize the profit. Among above aims of SOE, expect the last one, the others are all non-commercial aims. If the country wants to realize these non-profit aims, it has to scarify some benefits to carry out the policy, and to fulfill the demand of social stability. In another word, if the government wants to pursue non-profitable goals, it must give up or decline the request of profitability, because the two sides are contradictory. On the contrary, if SOE pursue the commercial target, it should get rid of the burden of those non-commercial missions. There is no way to catch two birds by one stone. Yet, the Chinese government expected not only to maintain profit by means of emphasizing the autonomy through the reform of the SOEs, but also to maintain the SOEs as government’s tool to settle urban surplus labors, to gather more revenue and to provide the public products. SOEs have to pay more tax, have no right to dismiss personnel, even a lowest range worker, besides, they have to accomplish the plan of authorities or to supply some kind of product to the government without repay in order to meet the request of the state beneficiation. These double roles of SOE determine that the SOEs are unable to concentrate on profitability. At this point, one should ask, why the Chinese government fulfills the social responsibilities by control the SOEs? Comparing two types of ownership and their contribute, it is clear that the private sector are more efficient by managing the asset. So if the inefficiency of the SOE is evitable (6) , why the state kept such large amount state- owned asset in hand and doesn’t let them distributed? If the asset can be arrange and thus increase in value, it does not matter, who occupy the property, as state has power to collect tax, the result thus will be alike wherever the form of ownership. However, based upon three reasons, Chinese government did not carry out relevant policy to distribute the property of SOEs formally. 1) The SOE problem is determined by the characteristic of the country. The present leading generation has still much benefit in SOEs, because at one hand, SOE is the represent of the socialism economy, in which should state-owned sector dominate. It’s impossible to get rid of the traditional impression of socialism for the Chinese Communist Party under its own name. Exactly or only through emphasizing the character of the State, the Party continues to enjoy the privilege as the only ruling party. Furthermore, the state assets in SOEs are an insurance of the rule; the party should be able to have power over some asset to deal with some emergency such as riot, unrest, and natural disasters and to provide social welfare because of the weak of social security system. At another hand, the bureaucrats of the Party have their personal profit rooted in SOEs, this we have pointed out before. 2) The capability of private sector were unconvinced before the 15th conference of CPP. The private economic sector has been viewed as beneficial supplement of the socialism economy. There were previously suspect about the ability and contribution of the non-state owned sector. As we have seen in Fig 1, the non-stated sector increased very rapidly and accumulated tremendous properties in relative short period, the state had to affirm the legal position of the private sectors. Only after the 1994, when the Party decided to let som 上一页 [1] [2] [3] [4] [5] [6] 下一页
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