Title:	China's Management of Enterprise Assets: The State as Shareholder
Authors:	A World Bank country study
Keywords:	Industrial policy—China
Issue Date:	1997
Publisher:	United States of America
Description:	China has not yet separated government from state−owned enterprises (SOEs); and SOE reforms to date have produced new problems that threaten their objectives. An emerging corporate governance vacuum, tax evasion, decapitalization through wage increases, and the private taking of assets and socialization of liabilities impair performance and threaten the validity of the system. More than marginal adjustments to current policies are necessary. This report argues to extensively diversify ownership, allowing for passive state minority shares; simplify organizational structures and integrate cross−regional and cross−sectoral shareholding; further develop property right/asset exchanges; eliminate policy−induced barriers to entry and exit in inherently competitive sectors; intensify incentives to meet debt−service obligations; create a market for managerial talent; and require independent audits of financial accounts and make them publicly available.
URI:	http://10.6.20.12:80/handle/123456789/72774
ISBN:	0−8213−4011−5
Appears in Collections:	Social Work

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