Abstract

Concentrated ownership companies are increasing worldwide, a significant percentage of which are state-owned enterprises (SOEs), whose controller is the government. Government owners are the world’s second largest type of shareholder. Despite extensive literature on SOEs, there is little analysis of how corporate governance can be undermined by the state as the controller of SOEs or how it can be deployed by the government to serve its own ends. This article critically examines how the conflict of interest between the government as the controller of SOEs on the one hand and the minority shareholders and stakeholders on the other, as well as the conflict of interest between the government as the controller on the one hand and the government as the regulator on the other, can affect three corporate governance regimes, namely, sustainability (environmental, social and governance) reporting; directors’ duty to act in the best interests of the company; and stewardship code.

中文翻译：

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集中所有制、国有企业和公司治理

摘要

集中所有制公司在全球范围内不断增加，其中很大一部分是国有企业 (SOE)，其控制者是政府。政府所有者是世界上第二大股东类型。尽管有大量关于国有企业的文献，但很少分析作为国有企业控制者的国家如何破坏公司治理，或者政府如何部署它来为自己的目的服务。本文批判性地考察了一方面作为国有企业控制者的政府与另一方面中小股东和利益相关者之间的利益冲突，以及一方面作为控制者的政府与国有企业之间的利益冲突。另一方面，政府作为监管者，可以影响三种公司治理制度，即，可持续性（环境、社会和治理）报告；董事有责任为公司的最佳利益行事；和管理代码。