【正文】
r Longest most recent experience (15+yrs) 最長、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)行市場規(guī)約 ?initial pensation increase followed by move to market pay 遵照市場行情來提供最初的加薪 Few “golden shares” (BP, VSEL) 極少“黃金股票” (BP, VSEL) Privatization Transition UK Water 股份化過渡 UK Water Problems with several industries 許多行業(yè)所面臨的問題 ? 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 競爭是關(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 股份化過渡 UK Water Originally single operation, run regionally 最初為單一型地區(qū)運(yùn)營 Employed 100,000 員工總數(shù)達(dá) 10萬人 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)限市場化,但仍存在壟斷 Some panies bought by foreigners 某些公司為外資所收購 Privatization Transition UK Water 股份化過渡 UK Water Government body (OFWAT) set up to regulate, make standards, guarantee prices, etc 通過設(shè)立 政府機(jī)構(gòu) (OFWAT)來進(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 股份化過渡 UK Water Supply panies will supply only 供應(yīng)公司將僅僅供應(yīng) ? better capital structure 優(yōu)化資本結(jié)構(gòu) ? limits monopoly 限制壟斷 Distribution and customer interface 配送與客戶關(guān)系部門 ? Contracted open to petition 商定 公開競爭 Now 40,000 employees and falling 現(xiàn)有 40,000名員工,并正在有所下降 Consumers, producers and government happy 客戶、生產(chǎn)方和政府均比較滿意 China is the same…but China is different! 中國亦如此 … 但有其獨(dú)特之處! Some differences with US: 與美國所存在的一些差異 以下是美國市場所表現(xiàn)的特點(diǎn): ? Very fluid, petitive labor market 充滿活力、富有競爭力的人才市場 ? Highly educated, confident workforce 高學(xué)歷、充滿自信的人才隊(duì)伍 ? Work is a contract between equals 在平等的基礎(chǔ)上簽署工作合同 ? Very low unionization 很少進(jìn)行聯(lián)合 ? Few governmentowned enterprises 極少存在國有企業(yè) ? Tradition of wide stock ownership for investment 廣義的股票投資所有權(quán)傳統(tǒng) ? Strong tradition for rule of law 良好的法律傳統(tǒng) ? Happiness with mix of market and government regulation 樂于將市場與政府規(guī)章相匹配 The real issue is change 真正的問題源于變革 Minor change 細(xì)微變革 Feels easy 感覺容易 Retains gov’t control 保留政府控制 Low prices for assets 資產(chǎn)價(jià)格較低 Major Change 重大變革 Difficult 艱難 Loses gov’t control 失去政府控制 High prices 代價(jià)較高 How far, and how fast? 跨度?速度? Lesson learned in the US 來自美國的經(jīng)驗(yàn) Three conditions for effective markets: 有效的市場所需具備的三個(gè)條件: ? information on panies and markets freely available 公司和市場自由運(yùn)作方面的信息 ? liquidity ability to buy and sell easily 流通性 能夠比較容易地進(jìn)行購買和出售 ? one set of rules for all 一套通用的規(guī)則 —treat everyone the same 一視同仁 —minimize discretio