经济学人77:改革中国的国有企业

 　　Reforming China’s state-owned firms

　　改革中国的国有企业

　　From SOE to GLC

　　从国有企业到国联企业

　　China’s rulers look to Singapore for tips on portfolio¹ management

　　中国领导人指望得到新加坡关于投资组合管理的指点

　　Nov 23rd 2013 | HONG KONG |From the print edition

　　SHORTLY before his confirmation² as China’s “paramount leader” in 1978, Deng Xiaoping paid a visit to fast-growing Singapore. He planted a tree on a hill overlooking Jurong, a bustling³ industrial park built on what was once marshy⁴ wasteland close to the city-state’s harbour. Singapore’s success as a trading hub impressed Deng, who imposed his vision of economic reform on China’s Communist Party the following month, at an historic meeting known as the “third plenum”.

　　1978年，邓小平被任命为中国“最高领导人”前夕，他对高速发展的新加坡进行了访问。他在俯瞰裕廊的一座山上种植了一棵树，裕廊是建于城市港口附近的一个蓬勃发展的工业园区，那里曾经是一个不毛之地。新加坡成功成为一个贸易枢纽给邓小平留下了深刻的印象，他在访问新加坡后的一个月，在那个具有历史意义的“三中全会”上，向中国共产党提出了有关经济改革的设想。

　　Singapore, which has a population of 5m to China’s 1.35 billion, remains⁵ a source of inspiration for some Chinese reformers. On the eve of the latest third plenum, held earlier this month, the Development Research Centre (DRC), a government think-tank, advertised an ambitious set of reform proposals, including an overhaul⁶ of China’s inefficient⁷ state-owned enterprises (SOEs). Simply privatising these companies remains out of the question for China’s leaders. But there are alternatives, and Singapore provides one.

　　对于中国一些改革家来说，拥有500万人口的新加坡与拥有13.5亿人口的中国相比，仍然具有激励作用。本月初期举行的十八届三中全会前夕，政府智囊团国务院发展研究中心公布了一系列雄心勃勃的改革提议，包括彻底改革中国低效国有企业。仅仅将这些企业私有化对中国领导人来说是不可能的。但是他们还有其他选择，新加坡就提供了一个选项。

　　The DRC’s plan named Temasek, a holding company for SOEs in Singapore, as a potential model. It was created in 1974, when it inherited 35 companies from the finance ministry⁸. Its inaugural⁹ portfolio contained several of the firms that made Jurong eye-catching, including its shipyard and its birdpark (pictured). In the four decades since, Temasek’s portfolio has both multiplied (it is now worth S$215 billion, or $172 billion) and gone forth¹⁰: only 30% of its holdings remain in Singapore itself. Its domestic holdings are concentrated in what Singapore calls “government-linked companies” (GLCs), such as Singapore Airlines (of which it owns 56%) and SingTel, a telecoms company (52%).

　　国务院发展研究中心计划把新加坡国有企业控股公司淡马锡公司作为一个可能的模型。淡马锡公司成立于1974年，它从新加坡财政部手中接手了35家国有企业。它成立的投资组合包括几个使得裕廊引人注目的公司，包括其造船厂和飞禽公园（如图）。从那时起后四十年，裕廊的投资组合不仅迅速增加（它现在价值2150亿新加坡币，约合1720亿美元），还不断发展：只有30%的控股还在新加坡手上。其国内股份集中在新加坡称为“国联企业”手中，例如新加坡航空（控股56%），电信公司SingTel（52%）。

　　Temasek’s charter obliges it to increase the value of its holdings over the long term. This is a remarkably¹¹ simple aim compared with the Chinese government’s manifold ambitions. It wants its holdings to promote technological¹² progress, favoured industries and national security, among other things.

　　淡马锡公司的章程迫使他们在长期增加他们股份的价值。这相对于中国政府各种各样的雄心壮志来说明显是一个简单明确的目标。此外，他们还希望他们的股份能推进技术进步，推动中意的工业发展和国家安全。

　　As well as clarifying objectives, the Temasek model also allows the state to distance itself from the management of its enterprises, without relinquishing¹³ ownership. Temasek avoids meddling¹⁴ in the day-to-day running of the GLCs in its portfolio, which are free to hire professional managers at market rates. With a few exceptions, it does not directly appoint board members either. This is partly because it does not want to become privy¹⁵ to price-sensitive information that might limit its ability to trade shares.

　　除了阐明目标以外，淡马锡模型还准许国家在不放弃所有权的情况下，拉开自己与企业管理的距离。淡马锡模型避免了对国联企业投资组合日常管理的干预，这样可以随意以市场价雇佣专业的管理人才。除了几个例外，淡马锡公司也不直接任命董事会成员。这样做部分原因是因为它不想获准接触那些可能会限制其自身交易股份能力的价格敏感的信息。

　　Temasek has evolved into an active investor¹⁶, but not an activist¹⁷ one, says Stephen Forshaw, its chief spokesman. Although it does not appoint directors, it does meet regularly with its wards’ boards to make its feelings known. It also keeps managers on their toes by enlisting¹⁸ outside consultants¹⁹, such as Bain or McKinsey, to spot industrial trends they should be aware of.

　　淡马锡公司首席发言人史蒂芬福肖说，淡马锡公司已经逐步发展成了一个活跃的投资者，但不是一个积极分子。虽然淡马锡不任命董事，它定期与其监管董事会开会，让董事会知道他们的想法。它还让管理者通过谋求外部咨询来保持警觉，如向贝恩或麦肯锡咨询，来留意他们应该知道的工业发展趋势。

　　Would the Temasek model help improve the efficiency of China’s state-owned enterprises? Only one (Singapore Airlines) or possibly two (DBS bank) of Temasek’s GLCs have established themselves as international brands, according to critics such as Chris Balding of Peking University. SingTel has made successful foreign acquisitions, but other GLCs have fared less well. STATS ChipPAC, a semiconductor²⁰ firm, lost money in the second quarter of this year, as a result of the costs of closing a factory in Malaysia.

　　淡马锡模型会有助于提高中国国有企业的效率吗？据北京大学的克里斯鲍尔丁说，淡马锡公司的国联企业中只有一个（新加坡航空）或者可能两个（DBS银行）已经成为了国际品牌。SingTel成功进行了外资并购，但是其他国联企业很少有成功的。半导体公司STATAS ChipPAC今年第二季度亏损，因为它关闭了位于马来西亚的一个工厂。

　　The few academic studies of Singapore’s GLCs are more encouraging, however. A 2004 article by Carlos Ramirez of George Mason University and Ling Hui Tan of the IMF showed that the country’s GLCs enjoyed a higher market value, relative to the book value of their assets, than comparable private firms. They also generated a higher return on assets, on average.

　　但是关于新加坡国联企业的学术研究越少越令人鼓舞。乔治梅森的卡洛斯拉米雷斯和国际货币基金组织的Ling Hui Tan 2004发表的一篇文章表明，就资产净值而言，新加坡的国联企业比起私人企业有更高的市场价值。他们还创造更高的平均投资回报。

　　In judging the performance of Temasek’s GLCs, the counterfactual is important. They may not be as obviously successful as private titans from the region such as Samsung or LG. But they are not nearly as bad as most SOEs, including China’s. The enthusiasm for reform of SOEs in China reflects their deteriorating²¹ returns and accumulating debt. According to M.K. Tang of Goldman Sachs, their return on assets was 6.5 percentage points below that of other Chinese firms in 2012 and their shares trade at a growing discount. Even Mr Balding, meanwhile, is happy to fly Singapore Airlines.

　　在评价淡马锡的国联企业的表现时，反事实的情况很重要。他们可能不会像亚洲私人公司巨头那样有着明显的成功，如三星、LG。但是他们几乎不会像大多数国有企业包括中国的国有企业那样糟糕。中国国有企业改革的激情反映了他们日益恶化的投资回报和日益增长的债务。根据高盛投资公司的M.K. Tang，2012年国有企业的资产回报比中国其他公司低6.5个百分点，且他们的股份持续贬值。同时，甚至是鲍尔丁先生也很高兴乘坐新加坡航空。

1 portfolio   

n.公事包；文件夹；大臣及部长职位

参考例句：

• He remembered her because she was carrying a large portfolio.他因为她带着一个大公文包而记住了她。
• He resigned his portfolio.他辞去了大臣职务。

2 confirmation   

n.证实，确认，批准

参考例句：

• We are waiting for confirmation of the news.我们正在等待证实那个消息。
• We need confirmation in writing before we can send your order out.给你们发送订购的货物之前，我们需要书面确认。

3 bustling   

adj.喧闹的

参考例句：

• The market was bustling with life. 市场上生机勃勃。
• This district is getting more and more prosperous and bustling. 这一带越来越繁华了。

4 marshy   

adj.沼泽的

参考例句：

• In August 1935,we began our march across the marshy grassland. 1935年8月，我们开始过草地。
• The surrounding land is low and marshy. 周围的地低洼而多沼泽。

5 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

6 overhaul   

v./n.大修，仔细检查

参考例句：

• Master Worker Wang is responsible for the overhaul of this grinder.王师傅主修这台磨床。
• It is generally appreciated that the rail network needs a complete overhaul.众所周知，铁路系统需要大检修。

7 inefficient   

adj.效率低的，无效的

参考例句：

• The inefficient operation cost the firm a lot of money.低效率的运作使该公司损失了许多钱。
• Their communication systems are inefficient in the extreme.他们的通讯系统效率非常差。

8 ministry   

n.(政府的)部；牧师

参考例句：

• They sent a deputation to the ministry to complain.他们派了一个代表团到部里投诉。
• We probed the Air Ministry statements.我们调查了空军部的记录。

9 inaugural   

adj.就职的；n.就职典礼

参考例句：

• We listened to the President's inaugural speech on the radio yesterday.昨天我们通过无线电听了总统的就职演说。
• Professor Pearson gave the inaugural lecture in the new lecture theatre.皮尔逊教授在新的阶梯讲堂发表了启用演说。

10 forth   

adv.向前；向外，往外

参考例句：

• The wind moved the trees gently back and forth.风吹得树轻轻地来回摇晃。
• He gave forth a series of works in rapid succession.他很快连续发表了一系列的作品。

11 remarkably   

ad.不同寻常地，相当地

参考例句：

• I thought she was remarkably restrained in the circumstances. 我认为她在那种情况下非常克制。
• He made a remarkably swift recovery. 他康复得相当快。

12 technological   

adj.技术的；工艺的

参考例句：

• A successful company must keep up with the pace of technological change.一家成功的公司必须得跟上技术变革的步伐。
• Today,the pace of life is increasing with technological advancements.当今， 随着科技进步，生活节奏不断增快。

13 relinquishing   

交出，让给( relinquish的现在分词 )； 放弃

参考例句：

• The international relinquishing of sovereignty would have to spring from the people. 在国际间放弃主权一举要由人民提出要求。
• We know that no one ever seizes power with the intention of relinquishing it. 我们很明白，没有人会为了废除权力而夺取权力。 来自英汉文学

14 meddling   

v.干涉，干预（他人事务）( meddle的现在分词 )

参考例句：

• He denounced all "meddling" attempts to promote a negotiation. 他斥责了一切“干预”促成谈判的企图。 来自辞典例句
• They liked this field because it was never visited by meddling strangers. 她们喜欢这块田野，因为好事的陌生人从来不到那里去。 来自辞典例句

15 privy   

adj.私用的；隐密的

参考例句：

• Only three people,including a policeman,will be privy to the facts.只会允许3个人，其中包括一名警察，了解这些内情。
• Very few of them were privy to the details of the conspiracy.他们中很少有人知道这一阴谋的详情。

16 investor   

n.投资者，投资人

参考例句：

• My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
• The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。

17 activist   

n.活动分子，积极分子

参考例句：

• He's been a trade union activist for many years.多年来他一直是工会的积极分子。
• He is a social activist in our factory.他是我厂的社会活动积极分子。

18 enlisting   

v.（使）入伍， （使）参军( enlist的现在分词 )；获得（帮助或支持）

参考例句：

• He thought about enlisting-about the Spanish legion-about a profession. 他想去打仗，想参加西班牙军团，想找个职业。 来自辞典例句
• They are not enlisting men over thirty-five. 他们不召超过35岁的人入伍。 来自辞典例句

19 consultants   

顾问( consultant的名词复数 )； 高级顾问医生，会诊医生

参考例句：

• a firm of management consultants 管理咨询公司
• There're many consultants in hospital. 医院里有很多会诊医生。

20 semiconductor   

n.半导体

参考例句：

• In the beginning,engineers hoped to use semiconductor lasers.在开始时，工程师们希望能够利用半导体激光器。
• The main agent of the company brand semiconductor sales.本公司主要代理各品牌半导体销售。

21 deteriorating   

恶化，变坏( deteriorate的现在分词 )

参考例句：

• The weather conditions are deteriorating. 天气变得越来越糟。
• I was well aware of the bad morale and the deteriorating factories. 我很清楚，大家情绪低落，各个工厂越搞越坏。