By Laixiang Sun
Traditional knowledge recommends the prevalence of non-public possession of corporations. the truth confronts it with a wealthy variety in possession and governance buildings. This quantity examines 5 different types of unorthodox possession and governance shape rising within the business area throughout significant economies. It analyzes instances to illustrate that there are alternative routes to harden price range constraints of state-owned firms. It investigates the riding forces at the back of those evolving dynamics and explores coverage implications for constructing and transition economies.
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Additional info for Ownership and Governance of Enterprises: Recent Innovative Developments
In modern human-capital-intensive firms such as those in Silicon Valley, as discussed earlier, the crucial resources for future growth are the entrepreneur’s professional human capital, the firm’s inanimate Laixiang Sun 19 assets and a web of information generation and sharing arrangements. Consequently the property rights arrangements are a complex mixture of joint-ownership between the entrepreneur and a cluster of venture capitalists, with the provision of bilateral option rights. The control rights shift between these major actors, depending on the firm’s performance.
To ensure enforcement of the Budget Law, an independent auditing system was introduced (Dong, 1997). As a consequence of these fiscal and monetary reforms, the overall budget constraints of local governments and their local SOEs became much harder in the second half of the 1990s (Qian, 2000). Without the help of soft credit from local branches of state banks and soft taxation from the old fiscal system, local governments were no longer able to bail out loss-making SOEs. As a consequence, since then diverse means have been employed to restructure the ownership and governance of local SOEs, including selling, leasing, takeovers, mergers, restructuring through Sino-foreign joint ventures, corporatization and conversion to joint-stock cooperatives.
By the late 1990s, in many cites and counties SOEs had largely disappeared and their replacements are typically characterized by hybrid ownership or fully private ownership. The Chinese experience indicates that fiscal decentralization combined with monetary centralization can provide positive incentives to and place a hard budget constraint on local governments. Delegating control rights over SOEs to local governments that face a hard budget constraint and intense market competition induces a desirable restructuring of SOEs.