男模露大雕不遮图片:[2011.11.12 掌握在帝王手中的国有企业 064

State capitalism in China
中国国家资本主义
Of emperors and kings
掌握在帝王手中的国有企业
China’s state-owned enterprises are on the march
不断推进中的中国国有企业
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Nov 12th 2011 | from the print edition
WHEN China joined the World Trade Organisation (WTO) in December 2001, many people hoped that this would curb the power of its state-owned enterprises. Ten years on, they seem stronger than ever. President Hu Jintao can expect to hear about this at the Asia Pacific Economic Co-operation summit this weekend. Hillary Clinton, America’s secretary of state, has warned stridently of the dangers of state capitalism. A Congressional report released on October 26th railed against the unfair advantages enjoyed by state-owned firms and lamented that China is giving them “a more prominent role”.
当2001年12月中国加入世贸组织，人们纷纷期待由此可以遏制国有企业的势力。十年过后，他们似乎比以前更加强大。在本周末召开的亚太经合组织会议中，胡锦涛主席可以期待这一话题的热议。此前美国国务卿希拉里?克林顿，强烈警告国家资本主义的威胁。在10月26日发布的国会报告中，美国抱怨中国国有企业享有的优势是不公平的，同时对中国赋予国有企业的主导地位感到遗憾。
Indeed it is. In a new book called “China’s Regulatory State”, Roselyn Hsueh of Temple University documents how, in sectors ranging from telecommunications to textiles, the government has quietly obstructed market forces. It steers cheap credit to local champions. It enforces rules selectively, to keep private-sector rivals in their place. State firms such as China Telecom can dominate local markets without running afoul of antitrust authorities; but when foreigners such as Coca-Cola try to acquire local firms, they can be blocked (though this week China did approve Yum! Brands’ bid to acquire Little Sheep, a Chinese restaurant chain).
事实的确如此。在天普大学Roselyn Hsueh的新著《中国的国家调控》中，他阐述了从纺织业到电信产业的各个市场领域中，中国政府是如何不动声色地阻碍市场动力。政府引导给予当地龙头企业低息贷款。政府有选择性地实施政策，限制私营的竞争企业的发展）。像中国电信这样的国有企业可以支配地方市场，却与反垄断当局并行不悖；但是当像可口可乐这样的外国企业如果想要收购地方企业，则会遭到百般刁难（尽管本周中国准许百胜餐饮集团得标收购一家中国连锁餐馆——小肥羊）。
In the dozen or so industries it deems most strategic, the government has been forcing consolidation. The resulting behemoths are held by the State-owned Assets Supervision and Administration Commission (SASAC), which is the controlling shareholder of some 120 state-owned firms. In all, SASAC controls $3.7 trillion in assets (see chart). The Boston Consulting Group (BCG) calls it “the most powerful entity you never heard of”; though it does not always get its way. Some state-owned firms have powerful friends and are hard to push around.
政府对十几家视为“重大战略型”企业一直强行推动合并。结果就是国资委监管下的一个庞然大物应运而生。国资委是其中120家国有企业的控制股东，总共占有3.7万亿美元的资产（见图表）。波士顿咨询组织称之为“闻所未闻的头号强劲实体”，尽管它并不是总能如常所愿。一些国有企业有些有权有势的伙伴，很不好对付。
In some ways, SASAC aims to modernise its enterprises. Peter Williamson of Cambridge’s Judge Business School points approvingly to the steel industry. China was once littered with small, uneconomic steel firms; SASAC has urged them to merge, creating three “emperors” and five “kings”. That, says Mr Williamson, means there are enough steel firms to foster competition at home; yet they are big enough to venture overseas. What the government’s plan lacks, however, is any idea that private steelmakers might compete, in China, with the emperors and kings.
某种程度上来说，国资委的目的在于促进国有企业的现代化进程。剑桥佳齐商学院Peter Williamson对钢铁工业的现状表示赞许。中国曾经遍布不景气的小型钢铁厂。在国资委的敦促下，纷纷合并，由此造就了“三皇五帝”。Williamson教授称这意味着中国已拥有足够多的钢铁企业来促进国内市场的竞争力；这些钢铁企业也已经强大到可以去海外风险投资。但是政府的举措中不完善的地方在于，他们并没有想过私有钢铁制造商很可能会在中国同那些钢铁也巨头们一拼高下。
According to the Congressional report, state-owned firms account for two-fifths of China’s non-agricultural GDP. If firms that benefit from state largesse (eg, subsidised credit) are included, that figure rises to half. Genuinely independent firms are starved of formal credit, so they rely on China’s shadow banking system. Fearing a credit bubble, the government is cracking down on this informal system, leaving China’s “bamboo capitalists” bereft.
据国会报告称，国有企业占有中国非农业GDP的五分之二。如果那些拿着国家补贴（例如，贷款补贴）的企业都算在内，这个数字将会达到一半。而真正独立的公司对于正规贷款则无法企及，因此他们只能依赖中国的影子银行系统。由于担心出现信贷泡沫，政府正在严厉打击取缔这种不正规的系统。这样一来，中国的民营资本家也就无计可施了。
Those who argue that state-owned firms are modernising point to rising profits and a push to establish boards of directors with independent advisers. Official figures show that profits at the firms controlled by SASAC have increased, to $129 billion last year. But that does not mean that many of these firms are efficient or well-managed. A handful with privileged market access—in telecoms and natural resources—generate more than half of all profits. A 2009 study by the Hong Kong Institute for Monetary Research found that if state-owned firms were to pay a market interest rate, their profits “would be entirely wiped out”.
一些人坚持国有企业正在逐步实现现代化，他们指出国有企业不断提高的收益和推动成立兼有独立顾问的董事会。官方数字显示国资委掌控中的企业在去年其收益已经增长到1290亿美元。但是这并不是说这些企业效率高，经营好。有一小撮企业享有着优惠市场准入——在通信和自然资源方面——其中一大半的收益产生于此。香港金融研究中心2009年的一项研究发现如果要是企业按照市场利率操作，他们那些所谓的利润也就无从谈起。
One reason is that state firms must pursue the state’s aims, which include many things besides making profits. David Michael of BCG observes that the government forces state firms to shoulder all manner of extra costs. For example, when coal prices shot up recently, the country’s energy giants were not allowed to pass the hikes on to consumers. When the China Europe International Business School asked its senior alumni at state-owned firms about their biggest headaches, many grumbled about official meddling.
原因之一在于国有企业必须完成政府的指标，这包括收益以外的很多事情。波士顿咨询集团David Michael注意到政府强制国有企业承担形形色色的额外成本。例如，近期煤价疯涨，政府则禁止国家能源巨头将涨价负担转嫁给消费者。当中欧国际工商学院问及其在国有企业谋事的前校友他们最头痛的问题，很多人都抱怨官方的干涉。
Still, Mr Michael, who served as one of the only foreigners on China Mobile’s advisory board, believes SASAC deserves some praise. The group runs management-training courses, benchmarks firms against international standards and establishes codes of conduct. Following recent scandals involving Chinese firms overseas, it issued an edict in July restricting the use of derivatives by the main state-owned firms. And SASAC is now pushing the biggest of its charges to appoint boards of directors.
作为中国移动顾问委员会中唯一的外国人士，Michael教授仍然相信国资委应得到一定的嘉许。他们开展管理培训课程，建立符合国际标准的标杆企业，制定行为准则。随着最近涉及海外中国企业丑闻的曝光，中国政府在七月发布法令限制主要国有企业对非独创性技术的使用。同时国资委正在极力促成国有企业完成董事会的任命。
Yet Curtis Milhaupt of Columbia Law School insists that such reforms are “not where the action is”. In a new paper, he examines how exactly China’s big state firms are controlled, and reaches troubling conclusions. Regardless of whether a state-owned firm is listed in New York, has an “independent” board or boasts a market-minded chairman with a Harvard MBA, he finds that the strings always lead back to a core company that is in the tight clutches of SASAC. He thinks genuine market reform will come only when state firms venture abroad en masse and have to adapt to global norms.
但是，哥伦比亚大学法学院的Curtis Milhaupt坚持主张这样的改革措施算不上什么激动人心的事。在他最近一篇论文中，他对中国大型国有企业的运作方式进行考察，并最终得出了让人担忧的结论。他发现，不论这家国有企业是否在纽约上市，拥有独立的委员会，抑或是自夸其拿着哈佛MBA学位的董事长非常有市场头脑，那根弦总归还是拴着一家在国资委牢牢掌控中的核心企业。他认为只有当国有企业全部去国外风险投资，极力达到全球标准，才称得上真正的市场改革。
A recent ruling in Europe may prove a straw in the wind. Earlier this year, an attempt by Sinochem, a state-owned chemicals firm, to enter into a joint venture to make antibiotics with DSM, a Dutch firm, attracted the attention of the European Commission’s antitrust authorities. They decided to scrutinise not just Sinochem itself but all of SASAC’s empire. The deal was approved anyway, but this may have set an important precedent.
欧洲最近的一项裁决或许预示着情况将会有所改观。今年初，国有化工公司中化试图联合一家荷兰公司帝斯曼投资生产抗生素，此举引起欧洲委员会反垄断组织的注意。他们决定仔细审查不单是中化本身，而且包括“国资委帝国”下属的所有企业。至少这项决议最终得到获准，但这或许是关键性的先声之举。
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