個案資料

The Ivey Business Journal interviews Aldo Musacchio, associate professor at Harvard Business School and an expert on state-owned enterprises (SOEs). Defining state capitalism as the widespread influence of a government in an economy, Musacchio contends that the current debate on state capitalism and the efficiency or inefficiency of SOEs is outdated. Most observers compare today’s SOEs to Soviet-era SOEs, which often failed to comply with international financial standards or focus on profitability. The rise of SOEs dates to the 19th century, when governments tried to solve basic market failures and intervene to provide public services. The second stage of state capitalism, from the 1930s to the 1980s, was characterized by the state venturing into firms across many industries. The third stage saw SOEs being run more like private corporations, with governments as the majority owners. <br><br>While the Fortune Global 500 lacked an SOE in the top ten firms in 2005, it contains four in 2013. Two common forms of modern state capitalism are a) the government influencing investment decisions of private companies through majority ownership in publicly traded corporations and b) smaller government investments or loans. In recent years, large SOEs have gained more autonomy from governments, especially in financial terms. Chinese SOEs have been aggressively buying stakes in resource firms, and acquisitions that would have formerly been considered “imperialism” are now mainstream. In fact, flagship SOEs in large countries are moving towards a model in which management is quite sophisticated.

• State-owned Enterprises
• Government Investment
• Management Models
• Resource Sector
• China