【正文】 Adam Smith Agenda 議程 Global overview of privatization lessons 全球企業(yè)市場(chǎng)化經(jīng)驗(yàn)概述 Role of government in transition 政府部門在過(guò)渡過(guò)程中所發(fā)揮的作用 Executives and Leadership 對(duì)高層經(jīng)理與領(lǐng)導(dǎo)者的激勵(lì)與約束機(jī)制 Longterm Incentives prelisting 公司上市前的長(zhǎng)期獎(jiǎng)勵(lì) Compensation Data 薪酬數(shù)據(jù) What does it all tell us? 結(jié)論 Lessons from overseas 來(lái)自海外的經(jīng)驗(yàn) US: 美國(guó)： ? the world’s most advanced, petitive economy most economic freedom 全球最發(fā)達(dá)、最富競(jìng)爭(zhēng)力的經(jīng)濟(jì)體制：經(jīng)濟(jì)自由度最大 ? virtually no experience with privatization 實(shí)際上缺乏企業(yè)股份化經(jīng)驗(yàn) Japan: 日本： ? culturally, the most similar advanced economy to Japan, but stalled in the modern economy. New hope from market reforms 從文化的維度而言，最類似于日本的發(fā)達(dá)經(jīng)濟(jì)，但日本目前處于停滯不前的狀態(tài)。市場(chǎng)變革帶來(lái)新的希望 Lessons from overseas 來(lái)自海外的經(jīng)驗(yàn) Western Europe: 西歐： ? Privatization everywhere, led by UK 在英國(guó)的帶動(dòng)下，各地都在進(jìn)行股份化 ? Different tradition regarding employment 截然不同的人員聘用傳統(tǒng) ? If you create monopolies, not much changes 若進(jìn)行壟斷，不會(huì)出現(xiàn)過(guò)多的變革 ? Competition creates wealth 競(jìng)爭(zhēng)創(chuàng)造財(cái)富 ? Need to break up old industries to create petition 需要打破原有的行業(yè)格局，促進(jìn)競(jìng)爭(zhēng) ? Workforces reduced, but society richer 人員減少，但社會(huì)更加富足 Privatization Transition 股份化過(guò)渡 Different models: 不同的模式： ? Partial privatization 部分股份化 ? Full sale 全部出售 —listing 上市 —auction (smaller panies) 拍賣 (較小型的公司 ) ? Giving away assets to individuals, eg, Czech Republic, Singapore 向個(gè)人贈(zèng)送資產(chǎn)，例如：捷克共和國(guó)、新加坡 Privatization Transition UK Water 股份化過(guò)渡 UK Water Longest most recent experience (15+yrs) 最長(zhǎng)、最新的經(jīng)驗(yàn) (15年以上 ) Gradual listings for many panies 許多公司逐步上市 ?previous managers put in charge 原有的經(jīng)理負(fù)責(zé)進(jìn)行管理 ?carefully regulated markets 仔細(xì)進(jìn)行市場(chǎng)規(guī)約 ?initial pensation increase followed by move to market pay 遵照市場(chǎng)行情來(lái)提供最初的加薪 Few “golden shares” (BP, VSEL) 極少“黃金股票” (BP， VSEL) Privatization Transition UK Water 股份化過(guò)渡 UK Water Problems with several industries 許多行業(yè)所面臨的問(wèn)題 ? regulated monopolies 規(guī)約 壟斷 ? higher pay for executives, but little behaviour change lower down 高層經(jīng)理薪酬水準(zhǔn)提高，但行為變革幅度卻有所下降 ? petition is key 競(jìng)爭(zhēng)是關(guān)鍵 ? electric/water industries being reanized for capital reasons: separating supply from distribution 鑒于資本方面的原因，對(duì)電力 /水力行業(yè)進(jìn)行調(diào)整：供應(yīng)與配送分離 Privatization Transition UK Water 股份化過(guò)渡 UK Water Originally single operation, run regionally 最初為單一型地區(qū)運(yùn)營(yíng) Employed 100,000 員工總數(shù)達(dá) 10萬(wàn)人 Controlled supply, distribution, customer interface, sewerage disposal 控制供應(yīng)、配送、客戶關(guān)系及污水處理部門 Regional authorities privatized, but remained monopolies. 地區(qū)權(quán)限市場(chǎng)化，但仍存在壟斷 Some panies bought by foreigners 某些公司為外資所收購(gòu) Privatization Transition UK Water 股份化過(guò)渡 UK Water Government body (OFWAT) set up to regulate, make standards, guarantee prices, etc 通過(guò)設(shè)立 政府機(jī)構(gòu) (OFWAT)來(lái)進(jìn)行調(diào)控、制定標(biāo)準(zhǔn)和穩(wěn)定價(jià)格等工作 Water panies operated better, but no substantial change, because monopolies still existed Water公司運(yùn)作情況有所好轉(zhuǎn)，但因仍存在著壟斷，并未出現(xiàn)實(shí)質(zhì)性的變化 Governmentsponsored restructuring will leave supply separate from distribution, separate from billings 政府部門所發(fā)起的企業(yè)結(jié)構(gòu)調(diào)整工作將導(dǎo)致供應(yīng)與配送、核算部門分離 Privatization Transition UK Water 股份化過(guò)渡 UK Water Supply panies will supply only 供應(yīng)公司將僅僅供應(yīng) ? better capit