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

Speciak闻尼地>GlobalFrameworkforRegulatingState-OwnedMultinationalEnterprisesAkshayMathur>2021ObserverResearchFoundation.llrightsreserved.Nopartofthispublicationmaybereproduced,copied,archived,reUinedortransmittedthroughprint,speechorelectronicmediawithoutpriorwrittenapprovalfromORF.AbstractTheIMFestimatesthatState-OwnedEnterprise(SOE)assetstotalledUS$45trillionin2018,closeto50%oftheglobalGDP,andcalculatedthedebtofthelargestSOEstobeUS$7.4trillion.Clearly,SOEshaveadirectbearingontheglobaleconomy.ThemostsystemicallyimportantSOEsaretheState-OwnedMultinationalEnterprises(SOMNEs)sincetheyarefocusedoncross-borderfinancingandbusiness.AglobalframeworkforregulatingSOMNEsisneeded,onethatdefinesSOMNEsclearly,enforcestransparencyandownershipofbusinessaccounts,mapscross-borderfinancialinterlinkages,andrequiresregularexercisesonfinancialstability.Attribution:AkshayMathur,uGIobaIFrameworkforRegulatingState-OwnedMultinationalEnterprises,"ORFSpecialReportNo.166,November2021,ObserverResearchFoundation.ChallengeSOMNEsaredeeplyentrenchedintheinternationalfinancialandtradingsystem.Theiroperationsimpactglobalsupplychains,capitalflowsandmacroeconomicpolicy.Yet,thereisnouniversalframeworkforgoverningmultinationalSOEs.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 regularlyProposalSinceSOMNEshaveadirectbearingontheglobaleconomy,particularlyfinancialstability,itisnaturalthateffortstodesignuniversalrulesfortheirgovernanceshouldbeledbytheG20.Withoutgloballyacceptedprudentialnorms,SOMNEsmayprovetobeasystemicriskfortheinternationalfinancialsystem.DataonSOMNEsislimited,butsincetheyoperateinthesamemarketplaceasprivateenterprise,theyshouldbesubjectedtosimilarrulesontransparencyasmultinationalcorporations.AgoodstartingpointistousetheregulationsandstandardsthatexistforSOEs.AsperanIMFreport,theshareofSOEassetsamongsttheworld's2,000largestfirmsisnearly20%;atUS$45trillionin2018,theseaccountfor50%ofglobalGDP.ThesamereportestimatesthedebtofthelargestSOEstobeUS$7.4trillion.SOEsarepresentacrossthedevelopedanddevelopingeconomies.SomeofthelargestandmostvibrantSOEscanbefoundinGermany,France,Norway,Italy,China,India,Brazil,Malaysia,Indonesia,andSaudiArabia.Theyarespreadacrosssectorssuchasfinance,utilities,energy,transport,andcommunicationinbothdevelopedanddevelopingcountries.ChineseSOEsarealwaysunderthescannerforpotentialcross-bordersystemicrisksgiventhescaleoftheenterprisesandtheirinterlinkageswiththeglobaleconomy.Therearenearly150,000SOEsinChina,accountingfornearlyUS$22trillioninassets,manyofthemwithinternationalbusinessoperations.SovereignWealthFunds(SWFs)areanotherformofSOMNEswhosefinancialsustainabilitycanhaveseriousimplicationsfortheglobaleconomy.InOctober2008,theSWFsvoluntarilypublishedthelSantiagoPrinciples'toguide“transparency,governance,accountability,andprudentinvestmentpractices.Yet,concernsaboutSWFs,systemicrisksremainduetothesheersizeandscaleoftheirpresence.APIIEreportestimatedthattheassetsundermanagementof37SWFsitexaminedin2008wasnearlyUS$2.6trillion,butby2019thescalehadreached64SWFswithassetsworthUS$8.1trillion(Maire,etal2021).3SWFshavealsobeenwithdrawingtheirassetstotideoverfiscaldeficitsduetoCOVID-19andthedropinoilprices,bothofwhichmayhaveimplicationsfortheglobaleconomy.Definingastate-ownedmultinationalenterpriseAfirststepforregulatingSOMNEsistohaveagloballyaccepteddefinitionforthem.ThisisdifficultbecausethereisyetnoglobaldefinitionforSOEseither.Nevertheless,someinternationalinstitutionsandplurilateralinitiativeshaveattemptedrecentlytodefineSOEs.Forinstance,theTranspacificPartnership(TPP)definesanSOEas:Anenterprisethatisprincipallyengagedincommercialactivitiesinwhichaparty(government): directlyownsmorethan50%ofthesharecapital controls,throughownershipinterests,theexerciseofmorethan50%ofthevotingrights,or holdsthepowertoappointamajorityofmembersoftheboardofdirectorsoranyotherequivalentmanagementbodyTheIMFdefinesapubliccorporationas“entitiesthatarecontrolled-directlyorindirectlybythegovernmenwiththefollowingcriteriatomeasuregovernmentcontrol: ownershipofthemajorityofthevotinginterest controloftheboardorothergoverningbody controloftheappointmentandremovalofkeypersonnel controlofkeycommitteesoftheentity ownershipofgoldensharesandoptions capacitytochangeregulation controlbyadominantpublicsectorcustomerorgroupofpublicsectorcustomers,and controlattachedtoborrowingfromthegovernmentTheWorldBankdefinesthepublicsectorasconsistingofthefollowingtypesofinstitutions:CentralgovernmentsandtheirdepartmentsPoliticalsubdivisionssuchasstates,provinceandmunicipalitiesCentralbanksAutonomousinstitutions,suchasfinancialandnon-financialcorporations,commercialanddevelopmentbanks,railways