中國政府針對(duì)國有企業(yè)股權(quán)和財(cái)務(wù)控制戰(zhàn)略的新方法【外文翻譯】

1、本科畢業(yè)論文（設(shè)計(jì)）外文翻譯原文：原文：TheChinesegovernmentsnewapproachtoownershipfinancialcontrolofstrategicstateownedenterprisesDespitethreedecadesofeconomicrefmsinthePeoplesRepublicofChina(PRC)restructuringoflargestateownedenterprisegro

2、upshasproceededataslowpaceinrecentyears.Whileavarietyofdifferentmeasuresrefmmodelshavebeentriedsincethe1980sthesehavemostlybeenhalfheartedunsuccessful.ThefoundingoftheStateAssetsSupervisionAdministrationCommissionoftheSt

3、ateCouncil(SASAC)in2003marksanewphaseinefftstodealwiththeoutstingchallengesunresolvedproblemsofChinasstateownedenterprises(SOEs).ThefoundingofSASAClaunchedaprocessofredefiningtherelationshipbetweencentralgovernmentthesoc

4、alledcentralenterprises–thekeySOEsthathavebeenedbythegovernmenttofmthebasisfromwhichChinasfuturetopglobalcompanieswillbecreated.CentralenterprisesaccountfthebulkofSOEprofitsaroundaquarterofSOEcpateinvestment.TheChinesego

5、vernmentscommitmenttothemarketversusthestatehasfluctuatedoverthecourseoftherefmperiod.Intheplannedeconomystateownedenterpriseswereanintegralpartofthestatebudgetingsystemwithalltheirfinancingneedsbeingcoveredbythestatewit

6、hprofitslossesdirectlyincludedinthestatebudget.Inthelate1970smethanhalfthebudgetrevenuescamefromstateownedenterprises.ThelowincentivesprovidedtoSOEmanagersinthissystemledthegovernmenttoexperimentwithvariousmodelsofprofit

7、retentionsuchasthecontractmanagementresponsibilitysystemthroughwhichmanagerscouldretainapartoftheprofitsaftermeetinggovernmentsettargets.Followingataxrefmin1994whollyownedSOEswereexemptedfrompayingdividendstothegovernmen

8、t.companiesarecurrentlystateownedthisissueiscentralwhengaugingthenatureoffutureglobalChinesecompaniesingeneral.Chinesegovernmenthadnotspecificallydefinedwhichsectsitconsideredtobecriticalstrategic.Thelistofcentralenterpr

9、iseswasprobablythebestpublicizedproxyfwhichcompaniestheChinesecentralgovernmentwill–ataminimum–notrelinquishcontrolofinthefeseeablefuture.InrecentyearstheChinesegovernmenthasbeenprobingfprecisedefinitionsofwhichofitsindu

10、striescompaniesarestrategicallyimptantenoughfthestatetomaintaincontrolofthemadinfinitumhowtightlythesecompaniesoughttobecontrolledbythestate.Bythesummerof2006therewereindicationsthatthegovernmentwasfinallyintheprocessofd

11、raftingalistofnamedstrategicindustrieswherethestateaimstomaintaincontrol.ThespecificindustriesweremadepublicfthefirsttimeattheendoftheyearwhenSASACchairLiRongrongrevealedthatsevensectsareconsideredstrategicallyimptantast

12、heyarerelatedtonationaleconomicsecuritythatthegovernmenthastomaintainabsolutecontrolinthesesectsthrougheithersoleownershipanabsolutecontrollingstake.Thesevenindustriesaredefensepowergenerationdistributionoilpetrochemical

13、stelecommunicationscoalaviationshipping.ManyofthebiggestmostprofitableChinesecompaniesoperatewithinthesesevenindustries.Inallthesesectstheroleoffeignprivateinvestswouldberestrictedtoparticipatingindevelopingdownstreampet

14、rochemicalproductsvalueaddedtelecomservices.Inadditionthestatewillalsomaintainsignificantabsoluterelativecontrollingstakesinanothergroupofindustriesdescribedaspillarbasicindustries.OnlyasmallshareoftheassetsofthecentralS

15、ASACenterpriseswouldthenbesoldofftononstateowners.WithovercapacityhavingbeenbuiltinmanyindustrialsectsinChinaoverthepastdecadefeigncompaniesarechoosingtobuyuplocalcompaniesratherthanbuildexptheirownoperations.Bothindustr

16、ialenterprisesprivateequitygroupshaveactivelysoughttoacquireChinesecompanies.InparticularthemassiveinfluxoffeignprivateequityattemptingtobuyupsignificantChineseenterprisesappearstohavecaughttheChinesegovernmentoffguard.A