State-controlled Entities Control Nearly US$ 2 Trillion in Foreign Assets (also in Chinese)

Transcription

1 Columbia University From the SelectedWorks of Karl P. Sauvant April 2, controlled Entities Control Nearly US$ 2 Trillion in Foreign Assets (also in Chinese) Karl P. Sauvant, Columbia University Jonathan Strauss Available at:

2 Columbia FDI Perspectives Perspectives on topical foreign direct investment issues by the Vale Columbia Center on Sustainable International Investment No. 64 April 2, 2012 Editor-in-Chief: Karl P. Sauvant Managing Editor: Jennifer Reimer -controlled entities control nearly US$ 2 trillion in foreign assets by Karl P. Sauvant and Jonathan Strauss * Developing country sovereign wealth funds (SWFs) as players in the world foreign direct investment (FDI) market have received considerable attention. While outward FDI from emerging markets has indeed risen dramatically, 1 that by SWFs has been negligible: their outward FDI stock is around US$ 100 billion (compared to a world FDI stock of US$ 20 trillion in 2010). 2 On the other hand, state-owned enterprises (SOEs) 3 -- another class of state-controlled entities (SCEs) -- are serious players in the world FDI market. UNCTAD identified more than 650 SOEs that are multinational enterprises (MNEs). 4 They hail from both emerging markets and developed countries. 5 (There are also many important financial SOEs that are MNEs.) * Karl P. Sauvant (karlsauvant@gmail.com) is Senior Fellow, Vale Columbia Center on Sustainable International Investment (VCC), Columbia Law School/The Earth Institute, Columbia University; Jonathan Strauss (jmstrauss01@gmail.com) is a former Fellow of VCC and is currently completing an LL.M. in Law and Entrepreneurship at Duke University. We gratefully acknowledge the important cooperation of Jane Park in the preparation of this Perspective, as well as the assistance of Martin Delaroche, Ge Shunqi, Stephen Gelb, Jens Klingfurt, Alexey Kuznetsov, Joanne Lim, Premila Nazareth, Rajah Rasiah, and Hsia Hua Sheng. We also acknowledge with gratitude the very helpful peer review feedback from Persa Economou, Curtis Milhaupt and Wesley Scholz. The views expressed by the author of this Perspective do not necessarily reflect the opinions of Columbia University or its partners and supporters. Columbia FDI Perspectives (ISSN ) is a peerreviewed series. 1 See e.g., Karl P. Sauvant et al., eds., Foreign Direct Investment from Emerging Markets (New York: Macmillan, 2010). 2 UNCTAD, World Investment Report 2011 (Geneva: UNCTAD, 2011). 3 Following UNCTAD, ibid., p. 28, SOEs are defined as enterprises in which the government has a controlling interest, with control defined as a stake of 10% or more of voting power. Ownership can be direct or indirect (including through e. g. government-controlled pension funds, other government-owned firms) or involve special circumstances (e.g. golden shares). It can be passive, even if a government holds (directly or indirectly) more than half of the shares. SOE should therefore be read accordingly -- and it draws attention to the need for research on this matter. 4 Ibid. 5 The country classification follows UNCTAD, ibid.

3 More specifically, research on the 200 largest non-financial MNEs identified by UNCTAD for yields 49 SOEs that are MNEs (see the supporting tables below). The 2010 foreign assets 7 of these 49 together account for US$ 1.8 trillion, with US$ 1.1 trillion in aggregate foreign revenue. Of these 49: 23 were at least 50% owned directly or indirectly by states; their foreign assets were US$ 570 billion. If the state ownership threshold is lowered to 10%, 26 more firms are added; their foreign assets were US$ 1.16 trillion. 20 of the 49 SOEs are headquartered in developed countries and 29 in emerging markets, with foreign assets of US$ 1.4 trillion and US$ 0.4 trillion, respectively. They operate in many sectors. 8 Thus, SOEs are among leading players in the world FDI market. They are more numerous among the leading MNEs headquartered in emerging markets, but the foreign assets of those headquartered in developed countries are considerably higher than those of the SOEs from emerging markets. FDI by SOEs is likely to grow further. For example, in the case of China -- in 2010 the world s fourth largest outward investor in terms of flows (not counting Hong Kong) -- SOEs control the bulk of the country s growing outward FDI; one prediction is that Chinese firms will invest US$ 1-2 trillion abroad over the coming decade. 9 To that, one would have to add the likely growth of FDI by SWFs. Not surprisingly, regulatory attention has begun to focus on FDI by SCEs. It is fueled by the concern that SCEs may pursue objectives other than commercial interests 10 (and therefore might constitute a national security risk for host countries) and that they receive benefits from their governments that put them into a competitive advantage vis-à-vis their private counterparts. 11 To address the first concern, especially developed countries have passed laws or clarified regulations that foresee special treatment for SCEs, creating a separate class of foreign investors. An example is the Foreign Investment and National Security Act of the United s: it establishes a presumption that an investigation needs to be undertaken by the Committee on Foreign Investment in the United s if a merger or acquisition in the United s is undertaken by a SCE. (It remains to be seen to what extent this kind of distinction is permitted in 6 Ibid. The firms researched were the 100 largest non-financial MNEs globally and the 100 largest non-financial MNEs headquartered in emerging markets, ranked by foreign assets. 7 Foreign assets of MNEs are the current and fixed assets abroad that they control. They are usually much larger than their outward FDI. 8 The three most important are: natural resources (12); telecommunications (10); utilities (6). 9 Thilo Hanemann and Daniel Rosen, Chinese FDI in the United s is taking off: How to maximize its benefits?, Columbia FDI Perspective, No. 49, October 24, 2011, p See Karl P. Sauvant, Lisa E. Sachs and Wouter P.F. Schmit Jongbloed, eds., Sovereign Investment: Concerns and Policy Reactions (New York: OUP, forthcoming). 11 However, non-sce MNEs also receive a range of benefits.

4 light of international investment law.) The second concern has given rise to a discussion of competitive neutrality. FDI can make an important contribution to economic growth and development. There is no systematic evidence that such investment by SCEs cannot make the same contribution that private firms can make. The special treatment that seems to be emerging for these entities needs to be watched carefully, including from the perspective as to what extent such a fragmentation in the treatment of a certain class of foreign investors serves the broader and longer-term purposes of a non-discriminatory international investment law regime. The material in this Perspective may be reprinted if accompanied by the following acknowledgment: Karl P. Sauvant and Jonathan Strauss, -controlled entities control nearly US$ 2 trillion in foreign assets, Columbia FDI Perspectives, No. 64, April 2, Reprinted with permission from the Vale Columbia Center on Sustainable International Investment ( A copy should kindly be sent to the Vale Columbia Center at vcc@law.columbia.edu. For further information please contact: Vale Columbia Center on Sustainable International Investment, Jennifer Reimer, jreimer01@gmail.com or jreimer@lyhplaw.com. The Vale Columbia Center on Sustainable International Investment (VCC led by Ms. Lisa Sachs, is a joint center of Columbia Law School and The Earth Institute at Columbia University. It seeks to be a leader on issues related to foreign direct investment (FDI) in the global economy. VCC focuses on the analysis and teaching of the implications of FDI for public policy and international investment law. Most recent Columbia FDI Perspectives No. 63, Miguel Pérez Ludeña, Is Chinese FDI pushing Latin America into natural resources?, March 19, No. 62, Karl P. Sauvant, Chen Zhao and Xiaoying Huo, The unbalanced dragon: China s uneven provincial and regional FDI performance, March 5, No. 61, Clint Peinhardt and Todd Allee, Different investment treaties, different effects, February 20, No. 60, Alice Amsden, National companies or foreign affiliates: Whose contribution to growth is greater?, February 13, No. 59, Gus Van Harten, The (lack of) women arbitrators in investment treaty arbitration, February 6, No. 58, Stephan W. Schill, The public law challenge: Killing or rethinking international investment law?, January 30, No. 57, Seev Hirsch, Nation states and nationality of MNEs, January 23, No. 56, Tadahiro Asami, Towards the successful implementation of the updated OECD Guidelines for Multinational Enterprises, January 17, No. 55, Mira Wilkins, FDI stocks are a biased measure of MNE affiliate activity: A response, January 9, No. 54, Kenneth P. Thomas, Investment incentives and the global competition for capital, December 30, All previous FDI Perspectives are available at

5 Table 1. Non-financial MNEs with 50% or more government ownership stake, 2010 a SOE Economy Industry Total assets (Millions) Foreign assets (Millions) Total revenues (Millions) Foreign revenues (Millions) Total employment (Number) Foreign employment (Number) Government stake Électricité de France France Utilities 321, ,413 86,311 33, ,842 54, % French Vattenfall AB Sweden Electricity, gas and water 80,694 54,013 29,632 22,606 40,363 30, % Swedish Statoil ASA Norway Natural resources 109,728 50,927 87,144 19,315 30,344 11,506 67% Norwegian CITIC China Diversified 315,433 43,814 30,605 10, ,215 25, % Chinese Petroliam NasionalBerhad (Petronas) Malaysia Natural resources 145,099 38,787 76,822 34,817 40,992 8, % Malaysian Japan Tobacco Inc. Japan Food/processing 43,108 31,475 72,273 30,943 48,472 23,902 50% Japanese China Ocean Shipping China Transportation, shipping and storage 36,287 28,092 27,908 18,354 71,584 4, % Chinese Singapore Telecommunication s Ltd Singapore Telecommunication s 27,151 22,557 11,814 7,616 23,000 10, % Singaporean Qatar Telecom Qatar Telecommunication s 23,335 18,355 6,600 5,054 1,900 1,495 55% Qatar Petroleo Brasileiro SA Abu Dhabi National Energy Company Petróleos de Venezuela SA China National Petroleum Oil and Natural Gas Corporation DP World Limited Brazil Natural resources 200,270 14, ,892 28,709 76,919 7,967 66% Brazilian United Arab Emirates Venezuel a Utilities 25,009 14,282 4,590 3,086 3,654 2, % UAE Natural resources 149,601 11,983 74,996 32,576 91,949 5, % Venezuelan China Natural resources 325,327 11, ,343 4,732 1,585,000 29, % Chinese India Natural resources 37,223 10,447 21,445 2,912 32,826 3, % Indian United Arab Emirates Transport and storage 18,961 9,238 2,929 1,181 30,000 14, % Government of Dubai

6 Axiata Malaysia Telecommunication s 10,847 8,958 3,719 1,936 25,000 21, % Malaysian Sinochem Group China Natural resources 25,132 8,124 35,577 27,492 42, % Chinese China Resources Enterprises Hong Kong, China Natural resources 9,731 7,805 8,273 7, , , % Chinese China National Offshore Oil Corp. China Natural resources 75,913 6,648 30,680 4,898 51,000 1, % Chinese Sime Darby Berhad Malaysia Diversified 10,061 4,307 8,827 6, ,000 25,432 China Railway Construction Corporation China Minmetals Corp. Neptune Orient Lines Ltd. TOTAL 51.93% Malaysian China Construction 41,444 3,580 50,501 3, ,103 20, % Chinese China Natural resources 18,889 2,352 24,956 3, ,656 12, % Chinese Singapore Transportation and storage 5,341 2,192 6,516 4,915 11,498 3,608 2,056, , , ,468 3,052, ,878 68% Singaporean Source: The authors, based on UNCTAD, World Investment Report 2011: Non-Equity Modes of International Production and Development (Geneva: UNCTAD, 2011), annual reports, financial registration documents, company corporate websites, and Thomson Worldscope database. a Whenever available, the table reflects the government s share of voting rights. However, due to lack of information, the table uses in some cases shares in capital or other variables as reported by the companies (sometimes, however, it is unclear what variables are being used). Note, moreover, that recent information (especially on MNEs based in emerging markets) could not be obtained for all of the 200 firms contained in the sample, particularly as far as indirect ownership is concerned. Thus, there may be additional firms among the 200 that should be included in table 1 and/or table 2. Moreover, as a rule only state ownership stakes by the government of the country in which a MNE is based are reported here (and not ownership shares of foreign government entities, e. g. via SWFs). In some cases, government ownership may be temporary, and in some cases, the data refer to earlier or later years.

7 Table 2. Non-financial MNEs with 10-50% government ownership stake, 2010 b SOE Economy Industry Volkswagen Group Total assets (Millions) Foreign assets (Millions) Total revenues (Millions) Foreign revenues (Millions) Total employment (Number) Foreign employment (Number) Germany Automobile 266, , , , , ,000 GDF Suez France Utilities 246, , ,891 70, , ,865 EnelSpA Italy Electricity, gas and water 224, ,415 95,289 54,538 78,313 40,930 Eni Group Italy Natural resources 176, , ,494 67,180 79,941 45,967 Deutsche Telekom AG Germany Telecommunications 170, ,342 82,677 46, , ,230 Eads Netherlands Defense 111,153 69,931 60,599 54, ,691 76,111 General Motors USA Automobile 138,898 69, ,592 56, , ,000 France Telecom Veolia Environnement SA France Telecommunications 125,970 63,217 60,269 24, ,392 51,576 France Electricity, gas and water 68,829 52,721 46,075 29, , ,194 Vale SA Brazil Mining 129,139 49,176 46,481 38,331 70,785 15,573 Deutsche Post Germany Transportation, shipping and storage 50,458 39,073 68,187 46, , ,806 Renault France Automobile 93,676 32,476 51,617 34, ,615 68,352 TeliaSonera AB Sweden Telecommunications 37,342 30,881 14,788 9,694 28,945 20,008 Zain Kuwait Telecommunications 19,863 19,019 8,054 6,833 13,000 12,447 Tata Steel Ltd MTN Group Limited India Metal and metal products 24,419 15,606 21,580 15,921 81,269 47,168 South Africa Telecommunications 21,170 14,420 13,344 8,606 34,243 22,930 Government stake 20% German 36.5% French c 31.24% Italian d 30.3% Italian e 32% German 22.4% SOGEADE f 32% United s 26.97% French 13.74% French 39.7% Brazilian g 30.5% German 17.86% French 37.3% Swedish 49.2% Kuwaiti 15.74% Indian 17.63% South African

8 Capitaland Limited First Pacific Company Limited Singapore Hong Kong, China Construction and real estate Electrical and electronic equipment 21,495 10,256 2,033 1,360 6,399 3,053 9,397 9,161 3,926 3,926 68,416 68,379 Sasol Limited South Africa Chemicals 18,977 6,679 21,676 7,781 34,000 6,041 Steinhoff International Holdings Sappi Limited South Africa South Africa Diversified 7,194 5,060 5,636 3,492 41,493 15,397 Wood and paper products 7,297 4,788 5,369 4,190 16,427 9, Singaporean 10.37% Chinese 30.0% South African h 14.89% South African 11.9% South African Lenovo Group China Electrical and electronic equipment 8,956 3,957 16,605 8,713 22,205 5,130 42% Legend Holdings i VimpelCom Agility Public Warehousing Company ZTE Corp. TPV Technology Limited TOTAL Russian Federation Kuwait China Telecommunications 15,725 3,726 10,117 1,520 38,403 Construction and real estate Telecomcomunication and manufacturing 10,233 (from WIR 2010) 6,221 3,377 5,976 3,494 32,000 17,372 10,173 3,017 8,823 4,372 70,345 21,821 China Wholesale trade 4,155 2,669 8,032 5,652 29,479 18,935 2,015,186 1,161,024 1,203, ,997 2,946,988 1,563, % Telenor j 15% Kuwaiti 32.45% Chinese 35.06% Chinese Source: The authors, based on UNCTAD, World Investment Report 2011: Non-Equity Modes of International Production and Development (Geneva: UNCTAD, 2011), annual reports, financial registration documents, company corporate websites, and Thomson Worldscope database. b See footnote a of table 1. c The French holds one golden share. d The Italian government also has some special powers. e The Italian government also has some special powers. f SOGEADE is 50% owned by SOGEPA, a wholly state-owned French enterprise.

9 g The Brazilian government holds directly 5.6% of Vale s capital via BNDESPAR, a wholly-owned subsidiary of BNDES; Valepar, which is controlled by independent pension funds of government-controlled companies (especially Banco do Brasil, Petrobras and Caixa Economica Federal) holds another 34.1% of the capital. The government also holds 12 golden shares that entitle it to veto certain actions in certain areas. h Of which Government Employees Pension Fund owns 13.3% of ordinary shares. i 36% of Legend is held by the Chinese. j 53.97% of Telenor held by the Norwegian.

10 哥伦比亚外商直接投资外商直接投资展望 哥伦比亚 Vale 可持续国际投资研究中心 关于局部地区外商直接投资事宜的观点 系列 年 4 月 2 日主编 : Karl P. Sauvant (Karl.Sauvant@law.columbia.edu) 执行编辑 :Jennifer Reimer (jreimer01@gmail.com) 国家控制的实体控制近 2 万亿美元的外国资产 Karl P. Sauvant & Jonathan Strauss * 作为世界外商直接投资 (FDI) 的重要一极, 发展中国家主权财富基金 (SWFs) 已受到相当重视 当新兴市场的对外直接投资急剧上升时 1, 主权财富基金的对外直接投资却微不足道 : 其对外直接投资存量只有大约 1000 亿美元 (2010 年世界外商直接投资存量达 20 万亿美元 ) 2 另一方面, 国有企业 (SOEs) 3 国家控制的实体 (SCEs) 的另一类别 是世界外商直接投资市场上的重要参与者 贸发会议发现,650 多家国有企业都是 * Karl P. Sauvant (karlsauvant@gmail.com), 哥伦比亚 Vale 可持续国际投资研究中心 (VCC) 哥伦比亚大 学法学院 哥伦比亚大学地球研究所的高级研究员 ;Jonathan Strauss (jmstrauss01@gmail.com),vcc 前研究员, 目前正在杜克大学攻读法学硕士和创业学 在文章的撰写过程中, 非常感谢 Jane Park 的密切合作, 以及 Martin Delaroche, 葛顺奇,Stephen Gelb, Jens Klingfurt, Alexey Kuznetsov, Joanne Lim, Premila Nazareth, Rajah Rasiah, 和 Hsia Hua Sheng 对本调查的帮助 同时也非常感谢 Persa Economou, Curtis Milhaupt & Wesley Scholz 等专家评审所提出的有益建议 作者观点并不代表美国哥伦比亚大学及其合作伙伴和支持者的意见 哥伦比亚外商直接投资展望哥伦比亚外商直接投资展望 (ISSN ) 是同行评鉴刊物 1 见 Karl P. Sauvant 等, 新兴市场的外商直接投资 ( 纽约 :Macmillan,2010). 2 贸发会议, 2011 世界投资报告 ( 日内瓦 : 贸发会议,2011). 3 见贸发会议, 出处同上, 第 28 页, 国有企业 是指政府拥有控股权益, 控制 表决权 10% 或者以上股份的企业 其所有权可以采取直接或者间接的形式 ( 包括通过诸如政府控制的养老基金, 其他政府拥有的公司 ), 或包含特殊情况 ( 如黄金股 ) 即使政府 ( 直接或间接 ) 持有超过半数的股份, 它也有可能是被动的 因此要适当审视 国有企业, 意识到研究该问题的必要性

11 跨国公司 (MNEs) 4, 他们来源于新兴市场和发达国家 5 ( 也有许多重要的国有金 融企业是跨国公司 ) 6 更具体地说, 在贸发会议根据 2010 年产出确定的 200 家最大非金融跨国公 司中, 有 49 家国有企业 ( 见附表 1 和 2) 这 49 家企业 2010 年合计境外资产 1.8 万亿美元 7, 外汇收入总额 1.1 万亿美元 49 家企业中 : 有 23 家企业政府直接或间接持有至少 50% 的股份, 境外资产达 5700 亿 美元 如果国有股权门槛降低到 10%, 又会增加 26 家企业, 境外资产达 1.16 万亿美元 这 49 家国有企业中,20 家总部位于发达国家,29 家公司总部位于发展中国 家, 境外资产分别为 1.4 万亿美元和 0.4 万亿美元 其经营范围涉及很多部门 8 因此, 国有企业是世界外商直接投资市场的主要参与者之一 在总部位于新 兴市场的主要跨国公司中, 他们占有重要席位, 但总部位于发达国家的跨国公司 的境外资产比之新兴市场国有企业境外资产高出很多 国有企业外商直接投资可能持续增长 例如, 中国 依据流量统计的 2010 年世界第四大对外投资主体 ( 不包括香港 ) 国有企业控制该国日益增长的对 外直接投资的大部分 ; 据预测, 未来十年, 中国企业在海外的投资将达到 1-2 万 亿美元 9 要达到此目标, 必须促进主权财富基金的外商直接投资的可能性增长 不足为奇, 监管重点开始集中在国家控制的实体 (SCEs) 上, 原因在于国家控 制的实体追求商业利益 ( 因此可能构成东道国的国家安全风险 ) 之外的目标, 他 们从本国政府获益, 促使其建立相对于私有企业所具有的竞争优势 为了突出首 要问题, 发达国家或已经通过了预知国家控制实体特殊待遇的法律, 或制定与此 有关的规章, 创造了境外投资者的一个单独类别 例如, 美国的 外商投资与国 家安全法案 确立了这样一种制度, 即美国国家控制实体承担一项兼并或收购, 4 出处同上 5 贸发会议国家分类, 出处同上 6 出处同上, 所研究的公司是全球 100 家最大非金融跨国公司和新兴市场 100 家最大的非金融跨国公司总部, 基于境外资产排名 7 跨国公司的 境外资产, 是他们所控制的境外的流动资产和固定资产, 他们通常多于其对外直接投资 8 三个最重要的部门分别是 : 自然资源 (12) 电信行业 (10) 公用事业 (6) 9 Thilo Hanemann & Daniel Rosen, 中国在美国的直接投资正在腾飞 : 怎样促使其收益最大化? 哥伦比亚外商直接投资展望,2011 年 10 月 24 日, 第 49 期, 第 2 页

12 需由美国外商投资委员会进行调查研究 ( 多大程度上允许这种差别存在要根据国际投资法的规定而有待考究 ) 对第二个问题的关注则引起了 竞争中性 的讨论 外商直接投资可能对经济增长和发展作出重要贡献 没有系统的证据表明国家控制的实体 (SCEs) 的投资不能带来与私有企业相同的成效 由于这些实体需要被特别关照, 因此特殊待遇似乎浮现, 包括从多大程度上对特定类别的境外投资者的细分能达到更广泛和更长远的建立非歧视性的国际投资法律制度的目的 ( 南开大学国际经济研究所李圆圆翻译 ) 转载请注明 : Karl P. Sauvant & Jonathan Strauss, 国家控制的实体控制近 2 万亿美元的外国资产, 哥伦比亚外商直接投资展望,2012 年 4 月 2 日第 64 期 转载需经哥伦比亚 Vale 可持续国际投资研究中心 ( 授权 请将副本发送至哥伦比亚 Vale 研究中心 vcc@law.columbia.edu. 如需详细信息, 请联系 : 哥伦比亚 Vale 可持续国际投资研究中心,Jennifer Reimer, jreimer01@gmail.com 或 jreimer@lyhplaw.com. 由 Lisa Sachs 女士领导的哥伦比亚维尔可持续国际投资中心 (VCC 是由哥伦比亚法学院和地球研究所联合建立的研究机构 它力图成为全球经济环境下的对外直接投资事务的领导者 VCC 致力于分析和传授基于公共政策和国际投资法视角下 FDI 的影响 最新哥伦比亚外商直接投资展望文章 No. 63, Miguel Pérez Ludeña, Is Chinese FDI pushing Latin America into natural resources?, March 19, No. 62, Karl P. Sauvant, Chen Zhao and Xiaoying Huo, The unbalanced dragon: China s uneven provincial and regional FDI performance, March 5, No. 61, Clint Peinhardt and Todd Allee, Different investment treaties, different effects, Februrar 20, 2012.

13 No. 60, Alice Amsden, National companies or foreign affiliates: Whose contribution to growth is greater?, February 13, No. 59, Gus Van Harten, The (lack of) women arbitrators in investment treaty arbitration, February 6, No. 58, Stephan W. Schill, The public law challenge: Killing or rethinking international investment law?, January 30, No. 57, Seev Hirsch, Nation states and nationality of MNEs, January 23, No. 56, Tadahiro Asami, Towards the successful implementation of the updated OECD Guidelines for Multinational Enterprises, January 17, No. 55, Mira Wilkins, FDI stocks are a biased measure of MNE affiliate activity: A response, January 9, No. 54, Kenneth P. Thomas, Investment incentives and the global competition for capital, December 30, 所有前期的外商直接投资展望详见 :

14 附表 年政府至少持股 50% 的非金融跨国公司国有企业名称国别所属行业总资产外国资产总收益 外国收益 金额单位 : 百万美元 总就业 外国就 ( 人 ) 业 ( 人 ) 政府股权比例 法国电力集团 法国 公用事业 321, ,413 86,311 33, ,842 54, % 万提弗 AB 公司 瑞典 电力 燃气及水 80,694 54,013 29,632 22,606 40,363 30, % 挪威国家石油公司 挪威 自然资源 109,728 50,927 87,144 19,315 30,344 11,506 67% 中国国际信托投资公司 中国 多样化 315,433 43,814 30,605 10, ,215 25, % 马来西亚国家石油公司 马来西亚 自然资源 145,099 38,787 76,822 34,817 40,992 8, % 日本烟草产业股份公司 日本 食品 / 加工 43,108 31,475 72,273 30,943 48,472 23,902 50% 中国远洋运输 ( 集团 ) 总公 中国 运输 船舶和仓储 36,287 28,092 27,908 18,354 71,584 4, % 司 新加坡电信公司 新加坡 电信 27,151 22,557 11,814 7,616 23,000 10, % 卡塔尔电信公司 卡塔尔 电信 23,335 18,355 6,600 5,054 1,900 1,495 55% 巴西国家石油公司 巴西 自然资源 200,270 14, ,892 28,709 76,919 7,967 66% 阿布扎比国家能源公司 阿联酋 公用事业 25,009 14,282 4,590 3,086 3,654 2, % 委内瑞拉石油公司 委内瑞拉 自然资源 149,601 11,983 74,996 32,576 91,949 5, % 中国石油天然气集团公司 中国 自然资源 325,327 11, ,343 4,732 1,585,000 29, % 印度石油天然气公司 印度 自然资源 37,223 10,447 21,445 2,912 32,826 3, % 迪拜世界债券有限公司 阿联酋 运输和仓储 18,961 9,238 2,929 1,181 30,000 14, % 亚通 马来西亚 电信 10,847 8,958 3,719 1,936 25,000 21, % 中化集团公司中国自然资源 25,132 8,124 35,577 27,492 42, % 华润集团香港, 中国自然资源 9,731 7,805 8,273 7, , , %

15 中国海洋石油总公司 中国 自然资源 75,913 6,648 30,680 4,898 51,000 1, % 马来西亚森那美公司 马来西亚 多样化 10,061 4,307 8,827 6, ,000 25, % 中国铁道建筑总公司 中国 建设 41,444 3,580 50,501 3, ,103 20, % 中国五矿集团公司 中国 自然资源 18,889 2,352 24,956 3, ,656 12, % 海皇东方航运有限公司 新加坡 运输和仓储 5,341 2,192 6,516 4,915 11,498 3,608 68% 合计 2,056, , , ,468 3,052, ,878 注 : 来源 : 作者基于贸发会议 2011 世界投资报告 : 国际生产和发展的非股权模式 ( 日内瓦 : 贸发会议, 2011), 年度报告 财政登记文件 企业网站和 Thomson Worldscope 数据库等资料整理 如有可能, 该表反映了政府表决权份额 然而, 由于缺乏信息, 某些情况下表格中资金和其他变量都是由企业提供的 ( 然而, 有时所使用何种变量并不明确 ) 再者, 值得注意的是, 并不能完全获得样本中所有 200 家企业的最近的信息 ( 尤其是新兴市场跨国公司 ), 特别是就间接所有权而言 因此, 表 1 和表 2 中可能会有 200 家企业之外的企业 此外, 一般说来, 本文只统计政府控股的公有制跨国公司 ( 并非是境外政府实体控股的跨国公司, 如主权财富基金 ) 有些情况下, 政府所有是临时的, 有时候, 数据是前几年或后几年的

16 a 附表 2. 政府持股 10%-50% 的非金融跨国公司 国有企业名称 国别 所属行业 总资产 境外资产 总收益 境外收益 金额额金 : 百百百百 总就业 ( 人 ) 境外就业 ( 人 ) 政府持股比例 大众汽车集团德国汽车德国政府持股 266, , , , , ,000 20% 法国燃气苏伊士集团法国公用事业法国政府持股 246, , ,891 70, , , % b 意大利国家电力公司意大利电力 燃气及水意大利政府持股 224, ,415 95,289 54,538 78,313 40, % c 埃尼集团意大利自然资源意大利政府持股 176, , ,494 67,180 79,941 45, % d 德国电信德国电信德国政府持股 170, ,342 82,677 46, , ,230 32% 欧洲宇航防务集团荷兰防务 111,153 69,931 60,599 54, ,691 76, % SOGEADE e 通用汽车美国汽车美国政府持股 138,898 69, ,592 56, , ,000 32% 法国电信公司法国电信法国政府持股 125,970 63,217 60,269 24, ,392 51, % 法国威立雅环境集团法国电力 燃气及水法国政府持股 68,829 52,721 46,075 29, , , % 淡水河谷巴西采矿 129,139 49,176 46,481 38,331 70,785 15,573 巴西政府持股 39.7% f 德国邮政集团德国运输 船舶和仓储 50,458 39,073 68,187 46, , ,806 德国政府持股 30.5% 雷诺公司法国汽车 93,676 32,476 51,617 34, ,615 68,352 法国政府持股 17.86% 桑内拉电信瑞典电信 37,342 30,881 14,788 9,694 28,945 20,008 瑞典政府持股 37.3% 扎因电信科威特电信 19,863 19,019 8,054 6,833 13,000 12,447 科威特政府持股 49.2%

17 塔塔钢铁公司印度金属及金属产品 24,419 15,606 21,580 15,921 81,269 47,168 印度政府持股 15.74% 南非移动电话网南非电信 21,170 14,420 13,344 8,606 34,243 22,930 南非政府持股 17.63% 嘉德置地集团新加坡建筑与房地产 21,495 10,256 2,033 1,360 6,399 3,053 新加坡政府持股 40.9 % 第一太平有限公司 香港, 中国电气与电子设备 9,397 9,161 3,926 3,926 68,416 68,379 中国政府持股 10.37% 沙索化工工业有限公司南非化工 18,977 6,679 21,676 7,781 34,000 6,041 南非政府持股 30.0% g 斯坦霍夫国际控股南非南非政府持股多样化 7,194 5,060 5,636 3,492 41,493 15, % 萨佩有限公司南非南非政府持股木材和纸制品 7,297 4,788 5,369 4,190 16,427 9, % 联想集团中国联想控股持有电气与电子设备 8,956 3,957 16,605 8,713 22,205 5,130 42% h 维佩尔通讯俄罗斯电信 15,725 3,726 10,117 1,520 38,403 敏捷公共仓储公司 10,233 (from WIR 2010) 挪威电信持股 36.36% i 科威特建筑和房地产 6,221 3,377 5,976 3,494 32,000 17,372 科威特政府持股 15% 中兴通讯中国电子通讯和制造业 10,173 3,017 8,823 4,372 70,345 21,821 中国政府持股 32.45% 冠捷科技有限公中国政府持股中国批发贸易 4,155 2,669 8,032 5,652 29,479 18,935 司 35.06% 合计 2,015,186 1,161,024 1,203, ,997 2,946,988 1,563,331 来源 :: 作者基于贸发会议 2011 世界投资报告 : 国际生产和发展的非股权模式 ( 日内瓦 : 贸发会议,2011), 年度报告 财政登记文件 企业网站和 Thomson Worldscope 数据库等资料整理 a 见表 1 脚注

18 b 法国政府持有一份黄金股权 c 意大利政府也有某些 特殊权力 d 意大利政府也有某些 特殊权力 e 一家完全是法国政府控股的企业 SOGEPA 持有 SOGEADE 公司 50% 的股权 f 巴西政府通过 BNDESPAR 公司 巴西国家发展银行的子公司直接持有淡水河谷 5.6% 的股权 ;Valepa 由独立养老基金控制的一家国有公司 ( 尤其是巴西银行 巴西石油和联邦储蓄户银行 ) 持有资产的另外 34.1% 政府也持有 12 份黄金股权赋予其否决某些区域的某些行动的权利 g 政府雇员养老基金拥有普通股的 13.3% h 中国政府持有联想 36% 的股份 i 挪威政府持有挪威电信 53.97% 的股权