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中山翻译公司关键字：Specifically, there are several problems with this thinking. The first problem is that it can not guarantee that those truly talented people choose to operator positions. As the owner of the company's state-owned assets have control over, but there are no residual claims, not the real risk takers, so the control of their hands became "cheap voting rights." The so-called low-cost means to vote right to vote is not responsible for the consequences of voting rights. For example, if we choose the Chinese American President, the votes in our hands is the cheap voting rights. When the U.S. president who has little to do with us? A typical state-owned stock is cheap right to vote, that voting rights of state-owned asset management company's managers are not responsible for the consequences of voting, so, if he see you dislike, you have a skill that you should also take down. Most people agree that the operator market is important, but few people realize that the real market, operators of the capital market. The key question is who is going to "buy" the operator's service, if the government officials, business investment and government officials who have to opt for career-oriented management team can not be formed.
The second question, it does not really solve the state-owned assets value preservation. After all, if we stand on the national perspective, the state as individuals, pocket money, how to do, should find a most profitable way. Government tells people to buy stock worth, it is better to put money into the banks, but in buying its own stock. This idea can not make state-owned assets, because as a shareholder, the state holding a residual claim, while the rest did not rest, left little more left to say is their business, companies have a variety of ways to hide remaining, the state is difficult to effectively monitor. Meanwhile, the left more left itself less dependent on the internal members, especially the enthusiasm of the operators, if he does not do it, of course, there will be much left of; if he do it, and the rest may be more. Therefore, in this case, the state, as residual claimants, to get the rest, must be monitored. This amount of information required by the Authority is quite large, such a state as the owner may be incompetent. Modern theory that the stock's monitoring costs are high. Effectiveness of supervision depends on two factors: one is the information problem, the other is active issues. The information problems are often also dependent on the enthusiasm of the problem, you have much the amount of information depends largely on how much enthusiasm you have to access to information. State-owned asset management companies, first it would have less available information, followed by lack of enthusiasm for it to obtain information (which is a national shareholders and individual shareholders is an important distinction). This may lead to a consequence, as the case now, corporate earnings may actually be very high, but the report is a loss. In this game, the state is no match for the enterprise. Therefore, the State, as residual claimants, but no way to get this surplus, it can not ensure that state-owned assets.
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