search query: @indexterm PROPERTY OWNERSHIP / total: 139
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| Author: | Zhang, Weiying |
| Title: | Uncompensation of loss of controlling rights and obstacle of property rights in merger of state-owned enterprises (original in Chinese) |
| Journal: | Economic Research Journal (c)
1998 : 7, p.3-14 |
| Index terms: | PUBLIC COMPANIES MERGERS PROPERTY OWNERSHIP SHARE OWNERSHIP CHINA |
| Language: | chn |
| Abstract: | The essay puts forward the presupposition that repeated construction and obstacles of merger in the public-owned economy originate from unpaid transfer (or uncompensation of lost controlling rights). The author divides enterprise's revenues into revenues from controlling rights and currency revenues. Under the public ownership, on one hand, revenues from controlling rights are occupied by managers at their posts and relevant government officials, while currency revenues, at least in the sense of law, belong to "all people". On the other hand, the mechanism of redemption, which exists in private joint-stock company and which relieve managers' resistance to merger, doesn't exist in the public-owned economy. Therefore, we have to reform the property right system fundamentally in order to better promote the occurrence of more efficient mergers. |
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