As minority shareholders in firms whose managers are appointed by the Central Personnel Ministry, private actors cannot influence decision-making. Until the central government is willing to yield its control over SOE management, ownership reforms are likely to spark only tepid interest from the private sector.
但民营投资者为何要把钱投向国有企业？作为管理层由组织部指派国有企业的少数股东，民营行动方根本不能影响决策。除非中央政府愿意放弃其对国有企业管理层的控制，否则所有权改革无法引起民营部门的多大兴趣。