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俄罗斯大中型工业企业在私有化后形成了不同的所有权结构 ,调查显示 ,不同的所有权安排使企业经济绩效差异显著。总体而言 ,以金融机构为首的外部控制企业由于具有较强的外部融资能力 ,从而企业的经济效益较有保障 ;而非金融机构外部人成分复杂 ,且常受企业领导人控制 ,因此非金融机构外部人控制的企业经济表现很差 ;在内部人控制的企业中 ,职工所有权并没有产生预期的效果 ,但在管理者控股的情况下 ,由于实质上克服了公司组织形式的缺陷 ,因而显示了较强的经济优势。
Russia’s large and medium-sized industrial enterprises formed different ownership structures after privatization. Surveys show that different ownership arrangements make significant differences in the economic performance of enterprises. In general, external control companies headed by financial institutions have relatively strong external financial resources because of their strong external financing capabilities; non-financial institutions have external parties with complex components and are often controlled by business leaders, so non-financial The economic performance of the enterprises controlled by outsiders is poor; in the companies controlled by insiders, the employee ownership does not produce the expected results, but in the case of the controlling shareholder, due to the fact that the company’s organizational form is substantially overcome, it is displayed. A strong economic advantage.