State-owned Enterprise Reform

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1、State-ownedEnterpriseReformState-ownedEnterpriseReformandCorporateGovernanceandCorporateGovernanceReformReforminKoreainKoreaJunkiKimGraduateSchoolofPublicAdministrationSeoulNationalUniversity∑SOEReforminKoreaOutlineofPresentationICorporateGovernanceandSOEsIIStrategicManagement

2、ofPrivatizationIIISOEReforminKoreaIVPerformanceEvaluationSysteminKoreaVPolicyImplications2∑SOEReforminKoreaI.CorporateGovernanceandSOEsII.StrategicManagementofPrivatizationIII.SOEReforminKoreaIV.PerformanceEvaluationSysteminKoreaV.PolicyImplications3∑SOEReforminKoreaI.Corporat

3、eGovernanceandSOEs∑CorporateGovernance:theentiresetofinstitutionsthroughwhichtheobjectivesofthefirmissetandexecutedandtheperformanceofthefirmismonitored∑Publicprovision:“publicinterest”setthroughpoliticalprocess∑Privateprovision:“profit”∑Bothpublicandprivateprovision,themostef

4、fectiveincentivemechanismistolinkmanagerialrewardstoperformance4∑SOEReforminKoreaI.CorporateGovernanceandSOEs∑TheEssenceofSOEreformandprivatizationistoestablishthistypeofeffectiveincentivemechanism1minimizepoliticalinterference(personnelandpricing)minimizepoliticalinterference

5、(personnelandpricing)2clarifythefirm’sobjectives,usingperformanceindicatorsclarifythefirm’sobjectives,usingperformanceindicatorsTypeofeffectiveincentive3increasemanagerialautonomytomeettheseobjectivesincreasemanagerialautonomytomeettheseobjectivesmechanism4evaluatemanagerialpe

6、rformanceevaluatemanagerialperformance5linkrewardtoperformancelinkrewardtoperformance5∑SOEReforminKoreaI.CorporateGovernanceandSOEs∑ProblemsofCorporateGovernancewhenownershipandcontrolareseparated∑Problematicforbothpublicandprivateinstitutions=incompletecontract&asymmetricinfo

7、rmation∑IncentiveSchemesunderPublicandPrivateProvision∑ThesuperiorityofprivateprovisiondependsoncapitalmarketefficiencyandproductmarketcompetitionÆprivatizationalonedoesnotguaranteeimprovedperformance6∑SOEReforminKoreaI.CorporateGovernanceandSOEs∑SOEsindevelopingnationshaveroo

8、mtoadoptmarket-basedincentiveswithoutresortingtofullprivatiza