国有企业

Secretary for the Ministry of Finance to run enterprise staff, said yesterday that central enterprises and local differences in the profits of state-owned enterprises, mainly because this year, the petroleum, petrochemical and electric power industries declining level of profitability of these enterprises are central enterprises, so this difference are structural problems.

局长财政部运行企业职工，昨天表示，中央企业和国有地方差异的利润，国有企业，主要是因为今年以来，石油，石化，电力等行业下降，这些企业的盈利水平是至关重要企业，使这种差别是结构性问题。

Shareholders are short of a restriction-and-balance mechanism. For state-owned enterprises, the final managers of the assets are holding the absolute majority of shares and indifferent to asset efficiency. For civil enterprises, the enterprise under control may just be a chessman on board, which means its strategy can be scarified for exchange for holding companies'interests. Different information advantages cause different supervision costs. Large costs can cause the shareholders to waive the supervision rights, which may be acquired by other stakeholders like managers, so even dispersive shareholder structure may go through strategic failure. The healthiness of external supervision regulation can influent the strategic participation of shareholders, since it directly influents the interest expectation of shareholders.

对国有企业来讲，大部分存在一股独大的特征，而国有资产最后管理者缺乏对资产效益的内在关心，这是导致管理者缺位的关键；对民营企业来讲，被控股企业可能是其投资安排的一个棋子，如果牺牲部分利益可以换得更多利益，或者能够将股份公司的利益直接转移到控股公司，企业的战略失败就很难避免；股东们的信息优势不同，造成监督代价不同，如果监督的代价过大就会导致股东放弃监督，而股东放弃的监督权必然被其他利益相关者，如经理人获得并被利用，因此分散的股东群体也可能出现战略失败；外部监督法规的健全与否对股东的战略参与行为有重大影响，因为它直接影响了股东的利益预期。

At present, the reform of SOE aims to establish modern enterprise system and to rebuild SOE into standardized corporations according to the principal of ""explicitness of property right, definitude of obligation and right, separation of government and enterprises, and scientific management"".

目前国有企业改革的方向是建立现代企业制度，按照"产权清晰、权责明确、政企分开、管理科学"的原则将国有企业改造成为规范的公司制企业。

At present, the reform of state-owned enterprises aims to establish modern enterprise system and to rebuild SOEs into standardized corporations according to the principle of "explicitness of property right, definitude of obligation and right, and scientific management".

目前，国有企业改革的方向是建立代企业制度，按照："产权清晰、责权分明、政企分开、科学管理"的原则将国有企业改造成为规范的公司制企业。

Hypothesis one is"paternalism that Chinese all—round governmentgenerates and government official'S agent problem result in SBC";Hypothesis two is"SOE'S policy burden and inviability give rise tO SBC";Hypothesis three is"externalities that SOE is bankrupted and liquidated and SOB'S passivity lead toSBC".

这三个假说是：假说中国全能政府所产生的父爱主义与政府官员的代理问题导致软预算约束；假说国有企业的政策性负担与缺乏自生能力导致软预算约束；假说国有企业破产清算的外部性与国有银行的消极性导致软预算约束。

Though sensible, this system broke down in practice as every state firm—after several rounds of consolidation, there are still 169,000 today—haggled over the precise share of earnings it could retain. China's 1994 tax reform cleared all that up, by setting a non-negotiable corporate tax rate (now around 33%, about double that for foreign firms). In return, companies could keep all their post-tax profits.

尽管当时较为可行，但由于国有企业（经过几轮合并，今天仍有169000家国有企业）在保留多少利润的问题上争论不休，最终导致这个政策的流产。1994年的税制改革通过设置了一个硬性的所得税率（今天大约为33%，两倍于外商投资企业）对这一些进行了整顿，企业缴纳完应交税金后可以保留全部利润。

The result of this thesis is very important for the remanufacture of state-owned enterprises on selecting overseas private placement investors. It can help the state-owned enterprise and the national authorities, as the evaluating principal part, to make effective evaluation and selecting.

本文所建立的国外私募基金投资者选择评价体系，在国有企业改制实践中，可以帮助作为评价主体的国有企业或国有资产管理部门对国外私募基金投资者进行有效的评价和选择。

Based on investigation of the fact of enterprise human resource, analyzes the situation of evaluating human capital distortion, overfull manpower and the reason of undercapitalizing exploiture of human resource, influence of the traditional management model etc.

在对企业人力资源状况调查的基础上，针对国有企业存在的人力资本价值评估失真、冗员突出等现状和人力资源开发投资不足、传统管理模式影响等导致人力资本流失的原因进行了分析探讨，并结合企业实际，提出了改革用人机制、培育企业文化等防止国有企业人力资本流失的措施。

First, the article analysis those major problems in front of the national enterprise and cruxes in the erection of the modern enterprise system are based on the analysis of modern enterprise systems feature, basic content and objective source. It also provides lots of forms by which national enterprise establishes modern enterprise system and corresponding reformation measures.

首先，在分析现代企业制度的特征、基本内容和产生的客观必然性的基础上，剖析了国有企业面临的主要问题和建立现代企业制度的难点，给出了国有企业建立现代企业制度的方式和配套改革措施。

Especially under the situation of the re-form of carrying on the system of the directorcontractingthe business,how to hold the leaderships of factories responsibilityfor the political ideological work.building in enterprises,it is thefirst task for them.

本文从国有企业的实际情况出发，介绍了国有企业的厂长在加强企业思想政治工作建设中如何发挥重要作用的成功经验。厂长既是企业生产经营活动的决策者，同时又是企业职工思想政治工作建设的领导者。

I didn't watch TV last night, because it .

昨晚我没有看电视，因为电视机坏了。

Since this year, in a lot of villages of Beijing, TV of elevator liquid crystal was removed.

今年以来，在北京的很多小区里，电梯液晶电视被撤了下来。