A Research on the Management Mechanism of State-Owned Shares
Date Issued
2007
Date
2007
Author(s)
Cheng, Chang
DOI
zh-TW
Abstract
The Taiwan government have been pushing for the privatization of the state-owned enterprises (SOEs）for years with limited success. There are still large amount of public shares controlled by various government institutions, each with different management regime and inconsistent authority or governing policy, resulting frequent controversy, even social confusion and market uneasiness.
This situation is gathering more attention than ever especially after the Second Stage Financial Reform, that the management for SOEs' shareholding is becoming an imminent issue. The purpose of this research is therefore addressing the management problem and the possible solutions of SOE shareholding. It will also include the experience of Organization for Economic Co-operation and Development (OECD）nations' privatization and management for SOEs' shareholding, comparing the Singaporean state-controlled Temasek's model, and a proposition for the short-term, middle-term and long-term solution .
The research comes up with the following conclusions and suggestions:
1、 To reinforce the management of public shareholding, the Executive Yuan should clearly define its privatization policy and aggressively pushing for the priorities and the agenda of such policy.
2、 It's crucial to determine either to use a diversified or a centralized management approach for the public shareholding in order to reinforce the mechanism. Also, it's important for the Ministry of Finance to set up an exclusive monitoring unit, and to consider applying outsourcing approach in strengthening the function of SOE Policy and Management Consulting Committee.
3、 The integration of SOEs and the public offering of their shares involve effective utilization of national assets, forming industrial and public policies, and protecting social justice. It should be based on transparent and open principles, and the approach or its planning should be properly defined.
4、 It is feasible to set up a state-controlled holding company to comprehensively manage the SOE shareholding. Temasek provides an excellent model for such management, and our government can learn from its lesson.
5、 The management for SOE shareholding should be planned in short, middle and long terms, and the system should be designed properly to prevent interference of political forces. Finally, the competitive ability of Taiwan's financial industry is yet to be lifted to the world standard, therefore, in spite of the setback in the Second Stage Financial Reform, it' is of prime importance that the government should keep pursuing financial reform.
Subjects
公營事業民營化
公股
經濟合作發展組織
新加坡淡馬錫控股公司
二次金融改革
Privatising State-owned Enterprises
State-owned Shares
OECD
Temasek
Second Stage Financial Reform
Type
other
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