Manager Control of Newly-Emerging State-owned Enterprises in China

我把研究的重点放在中国的两家新兴国有企业上。在A公司，它的控制权集中在经理手中，但在B公司，它的控制权集中在州政府手中。我发现A公司的业绩要好于B公司。为什么会出现这种差异？分析了不同股权模式与公司绩效的关系。由于对管理技能的研究，管理技能在国有企业的管理中已开始显示出其首位。但一个新的问题是，这些对企业有明显控制权而不是国家(股东)的管理者正在要求公司产权，国家面临着两难境地：要么失去对国有企业的所有权，要么牺牲国有企业的效率来保持所有权控制。我试图通过将人力资本理论应用到案例中来为这一困境提供解决方案。2004年1月31日，我在爱知大学举办的[中国的公司治理]研讨会上做了题为《资本、人力资本与公司所有权》的演讲。

I focus my study on two newly-emerging state-owned enterprises in China. In company A, its control is concentrated in the hands of managers, but in company B, its control is concentrated in the hand of the state government. I find that company A has better performance than company B. Why did the difference happen? I analyze the relationship between the different ownership patterns and company performance. As a result of tins research, managerial skill has begun to show its the first place in the management of the state-owned enterprises. But a new problem is that these managers who have power over firms significantly rather than the state(shareholder) are asking for company property right and the state is facing a dilemma : losing its ownership right on the state enterprises or sacrificing the efficiency of the state enterprises for keeping ownership controlling. I try to provide a solution for this dilemma by applying the human capital theory to the case I had a presentation entitled "Capital, Human Capital and Corporate Ownership" in a workshop [Corporate Governance in China] held by Aichi University in Jal.31, 2004.