印度观察家研究基金会-监管国有跨国企业的全球框架（英）-2021.11-13正式版.docx

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1、Speciak闻尼地GlobalFrameworkforRegulatingState-OwnedMultinationalEnterprisesAkshayMathur2021ObserverResearchFoundation.llrightsreserved.Nopartofthispublicationmaybereproduced,copied,archived,reUinedortransmittedthroughprint,speechorelectronicmediawithoutpriorwrittenapprovalfromORF.AbstractTheIMFestimat

2、esthatState-OwnedEnterprise(SOE)assetstotalledUS$45trillionin2018,closeto50%oftheglobalGDP,andcalculatedthedebtofthelargestSOEstobeUS$7.4trillion.Clearly,SOEshaveadirectbearingontheglobaleconomy.ThemostsystemicallyimportantSOEsaretheState-OwnedMultinationalEnterprises(SOMNEs)sincetheyarefocusedoncro

3、ss-borderfinancingandbusiness.AglobalframeworkforregulatingSOMNEsisneeded,onethatdefinesSOMNEsclearly,enforcestransparencyandownershipofbusinessaccounts,mapscross-borderfinancialinterlinkages,andrequiresregularexercisesonfinancialstability.Attribution:AkshayMathur,uGIobaIFrameworkforRegulatingState-

4、OwnedMultinationalEnterprises,ORFSpecialReportNo.166,November2021,ObserverResearchFoundation.ChallengeSOMNEsaredeeplyentrenchedintheinternationalfinancialandtradingsystem.Theiroperationsimpactglobalsupplychains,capitalflowsandmacroeconomicpolicy.Yet,thereisnouniversalframeworkforgoverningmultination

5、alSOEs.ThemismanagementofSOMNEscanbeamajorrisktotheglobaleconomyandmayspawnaglobalfinancialcrisis.The G20 can create a framework that helpsIdentify a SOMNEDocuments cross-border linkages and systemic risks for each SOMNEEnsures that SOMNE activities are monitored regularlyProposalSinceSOMNEshaveadir

6、ectbearingontheglobaleconomy,particularlyfinancialstability,itisnaturalthateffortstodesignuniversalrulesfortheirgovernanceshouldbeledbytheG20.Withoutgloballyacceptedprudentialnorms,SOMNEsmayprovetobeasystemicriskfortheinternationalfinancialsystem.DataonSOMNEsislimited,butsincetheyoperateinthesamemar

7、ketplaceasprivateenterprise,theyshouldbesubjectedtosimilarrulesontransparencyasmultinationalcorporations.AgoodstartingpointistousetheregulationsandstandardsthatexistforSOEs.AsperanIMFreport,theshareofSOEassetsamongsttheworlds2,000largestfirmsisnearly20%;atUS$45trillionin2018,theseaccountfor50%ofglob

8、alGDP.ThesamereportestimatesthedebtofthelargestSOEstobeUS$7.4trillion.SOEsarepresentacrossthedevelopedanddevelopingeconomies.SomeofthelargestandmostvibrantSOEscanbefoundinGermany,France,Norway,Italy,China,India,Brazil,Malaysia,Indonesia,andSaudiArabia.Theyarespreadacrosssectorssuchasfinance,utilitie

9、s,energy,transport,andcommunicationinbothdevelopedanddevelopingcountries.ChineseSOEsarealwaysunderthescannerforpotentialcross-bordersystemicrisksgiventhescaleoftheenterprisesandtheirinterlinkageswiththeglobaleconomy.Therearenearly150,000SOEsinChina,accountingfornearlyUS$22trillioninassets,manyofthem

10、withinternationalbusinessoperations.SovereignWealthFunds(SWFs)areanotherformofSOMNEswhosefinancialsustainabilitycanhaveseriousimplicationsfortheglobaleconomy.InOctober2008,theSWFsvoluntarilypublishedthelSantiagoPrinciplestoguide“transparency,governance,accountability,andprudentinvestmentpractices.Ye

11、t,concernsaboutSWFs,systemicrisksremainduetothesheersizeandscaleoftheirpresence.APIIEreportestimatedthattheassetsundermanagementof37SWFsitexaminedin2008wasnearlyUS$2.6trillion,butby2019thescalehadreached64SWFswithassetsworthUS$8.1trillion(Maire,etal2021).3SWFshavealsobeenwithdrawingtheirassetstotide

12、overfiscaldeficitsduetoCOVID-19andthedropinoilprices,bothofwhichmayhaveimplicationsfortheglobaleconomy.Definingastate-ownedmultinationalenterpriseAfirststepforregulatingSOMNEsistohaveagloballyaccepteddefinitionforthem.ThisisdifficultbecausethereisyetnoglobaldefinitionforSOEseither.Nevertheless,somei

13、nternationalinstitutionsandplurilateralinitiativeshaveattemptedrecentlytodefineSOEs.Forinstance,theTranspacificPartnership(TPP)definesanSOEas:Anenterprisethatisprincipallyengagedincommercialactivitiesinwhichaparty(government): directlyownsmorethan50%ofthesharecapital controls,throughownershipinteres

14、ts,theexerciseofmorethan50%ofthevotingrights,or holdsthepowertoappointamajorityofmembersoftheboardofdirectorsoranyotherequivalentmanagementbodyTheIMFdefinesapubliccorporationas“entitiesthatarecontrolled-directlyorindirectlybythegovernmenwiththefollowingcriteriatomeasuregovernmentcontrol: ownershipof

15、themajorityofthevotinginterest controloftheboardorothergoverningbody controloftheappointmentandremovalofkeypersonnel controlofkeycommitteesoftheentity ownershipofgoldensharesandoptions capacitytochangeregulation controlbyadominantpublicsectorcustomerorgroupofpublicsectorcustomers,and controlattached

16、toborrowingfromthegovernmentTheWorldBankdefinesthepublicsectorasconsistingofthefollowingtypesofinstitutions:CentralgovernmentsandtheirdepartmentsPoliticalsubdivisionssuchasstates,provinceandmunicipalitiesCentralbanksAutonomousinstitutions,suchasfinancialandnon-financialcorporations,commercialanddevelopmentbanks,railways