Loss Of State Assets

During the process of China's Reform and Opening-up, the loss of state-owned assets happens from time to time. Different views over this problem may directly influence the evaluation of the previous performance of our reform as well as the route of the future reform.Compared with the privately-run enterprises, there exists a more complex"commission-agent"relation in the state-owned enterprises. But the main point this essay holds is that the mainstream economists may have some problem treating the settlement of"commission-agent"problems as the logic base of the property reform in the state-owned enterprises. Because on the one hand,"commission-agent"phenomena generally exist in the market economy, which lies on the base of private property rights, and the emphases on this problem never decline; on the other hand, just as the agent problems in private economy, the opportunistic acts of agents in state-owned enterprises can be supervised and restricted as well. From this angle,"commission-agent"problems cannot be solved solely depending on the transfer of ownership forms theoretically.This dissertation tries to explain the foundation of the losses of state-owned assets from the angle of the property rights of human capitals. This dissertation holds that there exists a intrinsic conflict between the property arrangement in state-owned enterprises and the property attributes of human capitals. The gist of the property arrangements in state-owned enterprises ignores the presence of property rights of human capitals, while human capitals, with humans themselves as the carriers, have their nature attributes. From this point of view, we try to analyze the systematic losses of state-owned assets out of the low efficiency of state-owned enterprises due to the lack of the supply of...