| "Insider control"is a problem which has existed and been discussed for a longtime. As a kind of economic phenomenon, it appeared with the development of thecompany system as well as the separation of the ownership and power of management.Since Adam Smith, numerous economists have launched discussions on it eithersuperficially or deeply. But the appearance of the phenomenon "insider control"as aneconomic category in a real sense took place in middle period of 1990s. During thetransition of the countries in Eastern Europe and Russia and so on, there have beensevere problem of "insider control"in the process of the privatization of thestate-owned enterprises. Consequently, it has aroused tremendous concern andenthusiasm in the economic educational circles and thus becomes one of the hottesttopics in the academic field.China is also experiencing the transition. To meet the demands for setting upsocialist market economy, our country has been reforming the state-owned enterprisesfrom superficially to deeply for over 20 years. However, the changes of system in theSOE reform have strengthened "insider control". The phenomenon "insider control"is very popular in the state-owned enterprises in our country, especially listed company,and it tends to grow increasingly intensive, so that it has become a great obstacle inenterprises'transformation. If the problem cannot be solved, neither setting up modernenterprise system nor setting-up and perfection of the socialist market economy systemdirectly is possible.Therefore, the study on "insider control"has both the theoretic value and thepractical value.At present, the study on "insider control"has become deeper and deeper, with theemergence of academic achievements, which have, undoubtedly, settled solidfoundation for the thesis writing. But in the author's view, there exist some problemsin the research of the phenomenon: firstly, the phenomenon is approached from onlyone certain aspect and there is a shortage in the systematic demonstration of its nature,the reasons of its formation and the solutions to it; secondly, although the phenomenon"insider control"is put under the background system transition, yet the two factors arenot combined organically and the analysis on the relationship between the two is notdeep enough yet; thirdly, concerning the reasons of the phenomenon "insider control",people often put attention to such interior factors as stock right structure , owner'somission and so on, leaving exterior factors neglected. In a word, the study on thephenomenon "insider control"has made phrasal progress but it is still insufficient tosome extent. This paper attempts to make innovation and breakthroughs in theprevious aspects on the basis of the previous achievements. The thesis focuses on the phenomenon "insider control"in the SOE reform in thecountry and can be divided into four parts: The first part: the interpretation of "insider control". The study on the problem"insider control"should begin with the reasonable definition of "insider control". Afterprobing into the origin of the phenomena on "insider control", the paper, on the basisof the analysis of different views, defines "insider control"as "enterprise operatorshold the power of controlling the enterprises in law and in fact, and utilize theadvantage in information and management to make sufficient representations of theirown interests at the cost of hurting owner's legitimate rights and interests". Thisre-definition has laid the foundation for the following research. The second part: the current situation, manifestations and negative effects of thephenomenon "insider control"of our country. The serious "insider control"phenomenon has appeared in the course of our country's SOE reform, represented bythe following five aspects: excessive on-the-job consumption; company's assets ofillegal transformation; the diversion of company's fund to the stock arbitrage;collecting commission or the corruption of demanding bribery, the acts and efforts forexpediency, slack in work, public property privatization; staying untrue in disclosure ofinformation, cheating the listed companies. The phenomenon "insider controlled"hadbrought about the serious effects: firstly, it has caused the serious loss of state-runassets; secondly, it has made enterprise's development in high risks; thirdly, it hasmade the enterprises lose the motives of carrying out the innovations in technologyand system; fourthly,it has caused seeking government's administrative departments toseek the renting corruption and ruined social atmosphere; Fifthly, it is not beneficial to... |
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