央企扩张中的赌博成本

Stake of the state-owned enterprises in expansion

一旦整体风险失控,央企的风险远大于民企——顾维军被捕之时,格林柯尔和科龙的银行贷款余额合计不过12亿,而华源在2005年9月被银行集体逼债时。

By 2006. the reform of state-owned assets has been undergoing for 8 years. A variety of crises accumulated in the past decades broke out simultaneously at the end of 2005. The breakout was headed by Hua Yuan Group which, ranking 29th among state-owned enterprises, was cornered by several banks asking for payments of due debts and then undertook last-minuite reorganization in November 2006. In January, the arrest of the veteran executive Zhao Xin of Three Nine Group attracted much media attention and along leaked the news that it has accumulated a debt as high as RMB 9.8 billion. The failure of Hua yuan group and Three Nine is due to the fact that these super state-owned enterprises continue the old model of shouldering too much responsibility for the government. Given its nature of state-owned business, it is easier than the civil enterprises to concentrate financial, social as well as political resources. As a result, the risks in its expansion is dramatically increased, leaving the bitter fruit to be swallowed by the society -risks coming from the leaders' ambition and heroism as well as self-interest, for which the inefficiency of supervision cannot be excused.