监管国有跨国企业的全球框架（英）

Special© 2021 Observer Research Foundation. All rights reserved. No part of this publication may be reproduced, copied, archived, retained or transmitted through print, speech or electronic media without prior written approval from ORF.no. 166Global Framework for Regulating State-Owned Multinational enterprisesAkshay MathurN O V e M B e R 2 0 2 12The IMF estimates that State-Owned Enterprise (SOE) assets totalled US$45 trillion in 2018, close to 50% of the global GDP, and calculated the debt of the largest SOEs to be US$7.4 trillion. Clearly, SOEs have a direct bearing on the global economy. The most systemically important SOEs are the State-Owned Multinational Enterprises (SOMNEs) since they are focused on cross-border financing and business. A global framework for regulating SOMNEs is needed, one that defines SOMNEs clearly, enforces transparency and ownership of business accounts, maps cross-border financial interlinkages, and requires regular exercises on financial stability.abstract Attribution: Akshay Mathur, “Global Framework for Regulating State-Owned Multinational Enterprises,” ORF Special Report No. 166, November 2021, Observer Research Foundation. 3SOMNEs are deeply entrenched in the international financial and trading system. Their operations impact global supply chains, capital flows and macroeconomic policy. Yet, there is no universal framework for governing multinational SOEs. The challenge mismanagement of SOMNEs can be a major risk to the global economy and may spawn a global financial crisis. proposalSince SOMNEs have a direct bearing on the global economy, particularly financial stability, it is natural that efforts to design universal rules for their governance should be led by the G20. Without globally accepted prudential norms, SOMNEs may prove to be a systemic risk for the international financial system. The G20 can create a framework that helps:• Identify a SOMNE• Documents cross-border linkages and systemic risks for each SOMNE • Ensures that SOMNE activities are monitored regularly4Data on SOMNEs is limited, but since they operate in the same marketplace as private enterprise, they should be subjected to similar rules on transparency as multinational corporations. A good starting point is to use the regulations and standards that exist for SOEs. As per an IMF report, the share of SOE assets amongst the world’s 2,000 largest firms is nearly 20%; at US$45 trillion in 2018, these account for 50% of global GDP.1 The same report estimates the debt of the largest SOEs to be US$7.4 trillion. SOEs are present across the developed and developing economies. Some of the largest and most vibrant SOEs can be found in Germany, France, Norway, Italy, China, India, Brazil, Malaysia, Indonesia, and Saudi Arabia. They are spread across sectors such as finance, utilities, energy, transport, and communication in both developed and developing countries.Chinese SOEs are always under the scanner for potential cross-border systemic risks give