主题：【原创】讲讲我对工厂中层的看法 -- wqnsihs

民主管理企业，又成功的可能吗？不如“全员MBA”算了。

一样可以挖上市公司的粪

独立董事被收买的问题，这个对国有企业和对私有的上市公司是一样的

剩下的是怎样谈价格。

他的思维是做事，而不是用人授权。不过我仍喜欢他的认真。

用一个美丽的口号去苛责求全，凡事都讲个诛心，没意思。说句实话，不是人人都追求虚荣心满足的，还是少些诛心论吧。

你可能难以想象环境的恶劣，所有一举一动都有人监视。我们去的人中间不是没有人打过钱色的主意，但是知道代价可能不是被人控制成为傀儡，就是送进大牢，没有人敢试一下，所有人都跟圣人一样。实话实说，面对财色，不是不想，而是不敢，对手成为最强大的监督力量。说实话，得感谢他们，不然哪有可能来这里游泳。

1 短期目标

2 职业经理人

所以自然是怎么快怎么来了。当然快也是有一个尺度的。

其实做企业时间长了就会明白，管理人员是不是贪污不重要，而是不是受控才比较重要，最重要的是不能伤害企业。但是什么叫伤害企业这就要体现管理者的水平了。

picture.

Why Zhu practised stringent monetary policy?--because banks lent like crazily to real estate speculators in early 1990s. Many banks started to have solvency and liquidity problem and without dramatic action, China's financial system might have collapsed in late 1993s/early 1994.

Why Zhu shut down those inefficient state owned plants?--because he faced big central gov deficit due to insufficient sharing of the tax revenue(cash flows) with provincial gov. He had to totally reform the tax system so that he could control 75% of the value-added tax to pay off all the central government obligations.

What are those state-owned enterprises--they were fiscal black holes, creator of huge bank bad loans (eventually the burden on central gov. fiscal budget again, not on provincial gov.), and creator of inflation, due to constant fiscal deficit.

Nobody shuts down cigar firms/liquor producers, because they can at least generate profit and positive cash flows. Zhu is not stupid.

I audited several state-owned enterprises before IPOs. In terms of cash flows, those state-owned firms are constant negative cash flow players.

Except for the monopolistic large state firms, most state firms in 1990s were cash suckers. Many of them still are cash blackholes, with total negative cash flows--do not be fooled by the polished financial statements of its listed subsidiaries. The parent group firm siphoned off 50b RMB from the listed firm as late as 2006. ( Lee and Jiang, 2008)

I am always puzzled why the Chinese state owned firms can not finance its own capital expenditure with its positive operating cash inflows, just like many mature US firms do? Some auditor friends reminded me: the group firm, as a whole, is cash sucker. Think about all those kindergarden, hospital, post office, security forces, union chairs, woman union leaders... not counting those stupid high-price purchase orders, low-price sale contracts...

Just like what you wrote in your own posts.

China has a funny combination of cash generators, monopolistic state-owned firms + private family firms + export sector, AND cash suckers, those ailing state-owned firms.

The latter fed off banks in 1980s and finally Zhu cut off the blood line to these "cancer cells" and asked them to feed off average Chinese. That's why we have the stock exchanges.

The funny thing is that most Chinese are fond of this Ponzi scheme speculating with their hard-earned savings every day.

或者反过来问：您拯救国企的回报除了“自我实现的成就感”外，还有什么？我相信您的合法收入再高也难及那些中饱私囊者所得十之一二。这也是当前职业经理人稀缺的原因。

俺叫着，不能也不该指望着所有职业经理人都是圣人。

其他企业领导，或者共同犯罪，或者进去，或者侥幸逃脱。我们成为敌人是因为我们不被他们信任，觉得你可能整他。而他们自己实际上不是分赃同伙就是敌人，整进去的也不少。有一个企业，我走后，接连三任总经理被人整进去。

上下文看你应该是想说中航油

我觉得从上而下或者从下而上的监督都是不稳定，获利团体很容易膨胀（包括相应团体核心为私人利益而做的一些举动）。取而代之是类似于无限博弈，监督成为一个环形结构，相互之间总有制约，而这个制约理论上是无限的，就会有效的制止其中某环的破坏行径。

长存。