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俄罗斯和捷克在证券私有化方式上存在很大的不同,不同的私有化改革方式形成了不同的产权结构。俄罗斯私有化企业的绝大部分股权控制在经理和职工手中,外部人(包括投资基金)实际拥有的股权比重很小。而在私有化之后的捷克企业中,可能行使控制权的几类投资者中投资基金占据主导地位。不同的产权结构又导致不同的公司治理结构。俄罗斯形成了典型的“内部人”控制,捷克则是作为外部人的投资基金分散持有企业的股份。不同的治理结构存在不同的问题,从而对企业的绩效产生不同的影响。
Russia and the Czech Republic have quite different ways of privatizing their securities. Different forms of privatization have led to different ownership structures. Most of the privatization enterprises in Russia control the shareholding of managers and workers, and the shares actually held by outsiders (including investment funds) are very small. Among privatized Czech companies, however, there is a predominance of investment funds among several types of investors who may exercise control. Different ownership structures lead to different corporate governance structures. Russia forms the typical “insider” control, while the Czech Republic is a decentralized holding of corporate shares as an outsider’s investment fund. Different governance structures have different problems, which have different impacts on the performance of enterprises.