"Going Out" State-owned Enterprises Under The Background Of Asymmetric Information

The world financial crises have given a huge impact on the global economicssince2008. The cause of the crises is the deregulation and the information asymmetry.Under the circumstances of information asymmetry, there will be adverse selectionand moral hazard problems. Both of them have occurred in the financial sector, in theprophase, the adverse selection make all the financial institutions becomecontinuously greedy, then the information asymmetry led to the moral risk. Financialinnovation evaded regulation and accumulated too much risk to American economics.At last, all the risks have become the realities, and then spread among the world. Thecrises have a great hit on China’s economy, made its foreign trade fell back quickly.Seeing the great damage of the crises, it’s time for us to study the informationasymmetry carefully.Due to our special national condition and historical reasons, there are largenumbers of state-owned enterprises in our national economical system. Because of theunique ownership and governance structures, information asymmetry is a verycommon problem for state-owned enterprise, and this problem can be displayed asentrust–agent problem.Our state-owned enterprise problem may be even worse: dummy owner, insidercontrol, soft budget constraint, policy burdens and the personnel transfer betweengovernment and state-owned enterprises and other issues. All of them might have anadverse effect on state owned enterprises, and give a negative impact on thedevelopment of our economics. Facing the slump global economics and under thebackground of “outgoing”, the state-owned enterprises will get less regulation frommotherland when they are outside. How to get them under effective supervision andmanagement, and prevent state-owned assets from being loss, is still an urgent taskfor our country.In this essay, the information asymmetry problem of our country can beconcluded into three parts: the current situation of the information asymmetryproblem of state-owned enterprises under the background of “outgoing”; Using therelated theory model to explain the problem of asymmetric information; bring forwardsolutions to overcome the problem. There are both interest and conflicts between government and the state-owned enterprises. In the past, the state-owned enterpriseswere highly consistent with the government. Now the relationship between them isbecoming weak, but the connection will not disappear immediately. The state-ownedenterprises used to be highly complying with the government and they are not soconsistent now. This essay intend to emphasis on the analysis of interdependent andconfrontation behavior between government and the state-owned enterprises. Therewill be intensive usage of game theory during the analysis of the moral hazardproblem, policy burden and the problem of too big to fall. At the end of this article weput forward the correlative proposal, hoping through a series of measures to reducethe damage of information asymmetry problem, to promote the health development ofstate-owned enterprises, and to better serve our national economy.