By Harry G. Broadman
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Additional info for Policy Options for Reform of Chinese State-Owned Enterprises: Proceedings of a Symposium in Beijing, June 1995 (World Bank Discussion Paper)
The threat of surrender of day−to−day control to a trustee in bankruptcy or to a liquidator is a powerful incentive for managers to achieve the owners' commercial goals of profitability. Bankruptcy, and, perhaps more relevant, the threat of bankruptcy, impose strict discipline on corporate management, monitored by creditors and generally to the benefit of owners. Conversely, the lack of credible bankruptcy facilitates asset stripping" and rent−seeking since there is no credible end, or exit, for the poor performing enterprise.
Both competitive equity and debt markets impose substantial constraints on management. An all−equity corporate structure gives substantial discretion to managers to use the corporation's assets for their own benefit, subject only to internal governance controls. However, management also relies on equity markets for raising capital. Because those markets quickly and continuously monitor and place ancontinue objective value on the company, they are also placing a value on the performance of management.
Appoint Nongovernmental Representatives to Boards One of the key factors that has continued to frustrate the efficient operation of SOEs after corporatization has been the failure to attain a clear separation of overt political influences from the commercial and business objectives of the enterprise. While it is important to establish a strong board structure to develop the overall strategy for the SOE and to monitor the performance of management, the creation of a board that facilitates undue political interference in the day−to−day operation of the business will achieve little by way of improved corporate performance.
Policy Options for Reform of Chinese State-Owned Enterprises: Proceedings of a Symposium in Beijing, June 1995 (World Bank Discussion Paper) by Harry G. Broadman