中國(guó)政府對(duì)所有權(quán)的新方法和國(guó)有企業(yè)的財(cái)務(wù)控制戰(zhàn)略[文獻(xiàn)翻譯]

1、原文：原文：TheChinesegovernmentsnewapproachtoownershipfinancialcontrolofstrategicstateownedenterprisesIntroductionDespitethreedecadesofeconomicrefmsinthePeoplesRepublicofChina(PRC)restructuringoflargestateownedenterprisegroup

2、shasproceededataslowpaceinrecentyears.Whileavarietyofdifferentmeasuresrefmmodelshavebeentriedsincethe1980sthesehavemostlybeenhalfheartedunsuccessful.ThefoundingoftheStateAssetsSupervisionAdministrationCommissionoftheStat

3、eCouncil(SASAC)in2003marksanewphaseinefftstodealwiththeoutstingchallengesunresolvedproblemsofChinasstateownedenterprises(SOEs).ThefoundingofSASAClaunchedaprocessofredefiningtherelationshipbetweencentralgovernmentthesocal

4、ledcentralenterprises–thekeySOEsthathavebeenedbythegovernmenttofmthebasisfromwhichChinasfuturetopglobalcompanieswillbecreated.CentralenterprisesaccountfthebulkofSOEprofitsaroundaquarterofSOEcpateinvestment.Thispaperrevie

5、wsrecentlegalpolicychangescasestudiesthatilluminatethechangesinthisrelationshipfocusingontheissuesofstateownershipstatefinancialcontroloverSOEs.Theresearchquestionweaskis:towhatextentthroughwhatarrangementsdoestheChinese

6、centralgovernmentintendtomaintainownershipfinancialcontrolofthecentralenterprisesTheChinesegovernmentscommitmenttothemarketversusthestatehasfluctuatedoverthecourseoftherefmperiod.Intheplannedeconomystateownedenterprisesw

7、ereanintegralpartofthestatebudgetingsystemwithalltheirfinancingneedsbeingcoveredbythestatewithprofitslossesdirectlyincludedinthestatebudget.Inthelate1970smethanhalfthebudgetrevenuescamefromstateownedenterprises.Thelowinc

8、entivesprovidedtoSOEmanagersinthissystemledthegovernmenttoexperimentwithvariousmodelsofprofitretentionsuchasthestilldirectedtowhollypartlystateownedenterprisesSOEslinkedtolocalgovernmentsfpoliticalratherthancommercialrea

9、sonswithprivateenterprisesreceivingonly27%loans.MuchofthediscussiononChinasoverheatingeconomyhasfocusedonthehighpersonalsavingsrateasanexplanationfthecountryshighinvestmentrates.LessnotedisthatChinascpatesavingsarealsoex

10、ceptionallyhighininternationalcomparisoncurrentlystingataround33%ofallbankdepositsover60%ofGDP(calculatedfromPeoplesBankofChinaPRCNationalBureauofStatisticsdata).Meimptantlywithallthefocusonbanklendingasacauseoftheoverhe

11、atingoftheeconomyithasbeenlesswidelyrecognisedthatbanklendingactuallyfundsonlyarelativelysmallproptionofnewinvestment.Domesticallyraisedloansfundedonly18.8%offixedassetinvestment(FAI)in2005.AbiggerreasonfChinassupernmali

12、nvestmentratesthanbanklendingbehaviourarecompaniesthatreinvestmostoftheirearningsinnewinvestmentprojectsratherthandistributingearningsasdividendsusingthecashtostrengthentheirbalancesheets.AccdingtoWldBankscholarsretained

13、cpateearningsfinancealmost75%ofcpateinvestmentamounttoaround20%ofChinasGDP.Oneofthemaindriversofinvestmentinrecentyearshasbeenatriangularrelationshipbetweenstateownedcompanieswithsemimonopolisticfeaturesenablingwindfallp

14、rofitscentralgovernmenthesitancytowardsimposinghardbudgetconstraintsonSOEscollectingdividendsfromthemlocalgovernmentslockedinheatedcompetitionfGDPgrowthpronetolocalprotectionism.WhiletherearestillmanylossmakingSOEsthesta

15、teownedpartoftheeconomyhasonthewholebeenproducingsolidprofitsinrecentyearswithSOEprofitsmultiplyingbothinabsolutetermsrelativetothesizeoftheeconomygovernmentrevenue.Somecnersofthestateownedeconomyareawashwithcashwithever