Structure Reconstruction And Regulatory Reform Of China's Infrastructure Industry

The regulatory reform of the infrastructure industry is a piece of great theory and practice subject, economist both at home and abroad have done lots of remarkable research. And the author benefit from these research.This article thinks, structure reconstruction is the key point of regulation reform of the infrastructure industry for China at present stage. The full article can be divided into four parts: A. Theory retrospect of the Regulatory Reform of the Infrastructure Industry. At the end of the seventies of the 20th century, the western countries began the regulatory reform of infrastructure industry, which was carried on in two means, movement of relaxing regulation (U.S.A. for representative) and privatization of state-owned enterprise (Britain for representative), aiming at improving the operation performance of the infrastructure industry. In recent years, the study on China's regulatory reform of infrastructure industry mainly concentrates on how to introduce non-state-owned economy and competition mechanism into infrastructure industry. Generally speaking, relevant research on regulatory reform of infrastructure industry is carried on from three sides: First, analyzing from the structure of ownership, the author thinks, with the constant improvement of technology and economic development, it is necessary to actively introducing non-state-owned economy into the infrastructure industry, is imperative for adjusting ownership structure of infrastructure industry; Second, following the analysis frame of the western industrial organization theory, putting emphasis on introducing competition mechanism, evading various kinds of harm in highly monopolistic market, and improving the operation efficiency of the infrastructure industry. Third, condemning drawback of the property rights structure of state-owned enterprise, improving enterprise corporate governance with the beginning of adjusting property rights structure. This article summarizes it as " theory of adjusting ownership structure ", " theory of introducing competition mechanism " and " theory of improving enterprise's corporate governance ". Theories above-mentioned have carried on relevant argumentation to the regulatory reform of the infrastructure industry from different aspects. Though all theories focus on different points, they have proved the necessity of the regulatory reform in infrastructure industry. Obviously, development and evolution of all these theories become theoretical foundation of regulatory reform of infrastructure industry for each country, and reflect the further understanding of economic characteristic of technology, relations between monopoly and competition, etc. However, theories above-mentioned mainly analyze a certain structure of the infrastructure industry, especially market structure, ignoring other two structures and their inter-relations, which improve the operation performance of infrastructure industry. Such research is obviously not suitable for China, a socialist market economy country in transitional economy. Analyzing the breaking type reform and results of introducing competition mechanism from market structure of infrastructure industry, it should be very prudent to appraise the achievement of structure reform. This article thinks, it is difficult to meet the institutional requisition of regulatory reform in infrastructure industry, if only discussing the improvement ofregulatory reform in infrastructure industry or ways of governance. As a whole, ownership structure, market structure and corporate governance of infrastructure industry affect each other. Practice of regulatory reform of infrastructure industry in different countries indicates that it is necessary to abandon the thought of "treat the head when the head aches", and consider the structure reconstruction of infrastructure industry. B. Structure Reconstruction-systematized on Analysis Regulatory Reform of China's Infrastructure Industry. According to the definition and characteristic of the system, ownership structure, market structure and corporate governance of the infrastructure industry are three open systems, so the regulatory reform in infrastructure industry depends on the mutual coordination between each system. When any operation way of system is twisted, it can't function well and finally hinder the health development of whole industry. From the point of view of ownership structure, nationalization is a kind of governance way to the monopoly of infrastructure industry, but such way can't fit the new economic condition and environment, and need further adjustment. Introducing non-state-owned economy (or privatization) into infrastructure industry and adjusting ownership structure, bring the improvement of management, improve the efficiency, which can form the demonstration effect and improve the efficiency in infrastructure industry. Government governance and market structure are complementary cooperator in an economic system, and the rational market structure can reduce the possibility of failure of government regulation and improve the efficiency of the regulation; Effective government regulation can make up the shortcoming of the market structure. In essence, corporate governance of enterprise is a kind of property rights, and its efficiency reflects on the efficiency of arrangement in the property rights. Property right structure of enterprise is a foundation of the corporate governance. So, theanalysis on corporate governance of enterprise in this article, focuses on relation between property right structure of enterprise and government regulation, which expounds that property rights structure of enterprise and government regulation are complementary in proving performance from resources distribution efficiency, inductive and restriction mechanism of enterprises, public goal of infrastructure industry. This article points out that it is necessary to abandon over-competing mechanism in regulatory reform in China's infrastructure industry, and turn to the reconstruction of ownership structure, market structure and enterprise corporate governance. C. Evaluation on Performance of Regulatory Reform in China's Infrastructure Industry. The evaluation on performance of regulation reform in infrastructure industry depends on the changes of operating performance of regulatory reform in infrastructure industry, embodying the gap between operating situation of infrastructure industry and operating targets. The infrastructure industry with the nature of natural monopoly,such as telecommunication, electricity, railway, civil aviation, etc,are different from other competitive industry in ownership structure, market structure and enterprise corporate governance, they play an important role in national economy. Therefore, there should be special measure and standard to evaluate the market performance. Based on manufacturer, consumer and their relations, this article tries to establish a new evaluation system of performance of infrastructure industry, which is suitable to China. It includes:(1)total labor productivity;(2)Price level and structure of the products and service of infrastructure industry;(3)Technological progress;(4)right of exiting and choosing for consumer;(5)universal service;(6)Customer satisfaction index. It is proved by practice that there is much difference between results and expectation of policy in China's regulatory reform in infrastructure industry. The reason is the oneness...