Experience of the Russian Federation and Eastern European Countries:

was piloted on a small scale and then lessons were learned for units at all levels and sectors to study and learn from. Finally, the equitization of new SOEs was implemented on a large scale. What is special about China compared to other countries when equitizing SOEs is the role of the state in developing plans, roadmaps and using strong measures of administrative management, so the results of equitization of SOEs have been very high. Specifically:

+ During the years 1991-1995, 13,500 enterprises were equitized. The equitization of a large number of SOEs created a large source of budget revenue for the government. Only 700 enterprises selling shares on the stock market earned 500 billion yuan, equal to 7.3% of China's GDP in 1996. With 97 companies selling B-class shares on the domestic market and 38 companies selling shares on the international market, 13 billion USD was earned. The government used this important source of capital for renovation projects and investment in key projects of the country's economy. The burden on SOEs after equitization was eliminated. 10,000 new jobs were created in the stock market, 31 million people bought stocks - a large amount of money in the population was attracted to the business activities of state-owned enterprises when equitized [48, p.57].

+ Equitization creates favorable conditions for businesses to transfer

change management, change production and business direction to improve operational efficiency

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business activities. State ownership has been transformed into other forms of ownership, the reasons for the state to directly intervene in the business process of enterprises no longer exist. Joint stock companies (products of equitization of state-owned enterprises) have the conditions to promote the role of autonomy and self-responsibility in their operations.

production and business activities, essential requirements of enterprises when transitioning to a market economy.

+ After equitization, enterprises have the conditions to reorganize the management apparatus in a streamlined, compact, and dynamic direction. Only the No. 1 Automobile Group after equitization in 1996, up to now, has reduced 12,000 people, 200

unit in organizational structure [48, p.48].

+ According to the operating mechanism of joint stock companies, after equitization, state-owned enterprises not only comply with business laws and government policies but also are closely supervised by shareholders (those who spend money to buy shares, contribute capital for business operations) represented by the Board of Directors. That pressure forces enterprises to innovate in management and business operations. They must directly research the market, accept and take initiative in

active in competition, finding ways to survive and develop when there is no longer any improvement

State support, when given the initiative. Enterprises are more dynamic and cautious when making business decisions.

+ From innovations in business operations, enterprises after equitization have become stronger. Equitization has created conditions for China to implement its strategy of building large economic groups, capable of competing strongly with foreign economic groups.

+ The effective operation of enterprises after equitization has enhanced the position of the state when holding controlling shares in enterprises. The "leading" role of the state economy has been gradually promoted.

However, to control stocks in joint stock companies, the state must have appropriate inspection and control mechanisms... To do this,

That requires the state to have reasonable policies and the state's management capacity to be improved.

1.3.3.2. Experience of the Russian Federation and Eastern European countries :

The implementation of economic reforms in the 60s and 70s of the 20th century in Eastern European countries in the direction of the market economy can be considered as the initial steps of innovation of state-owned enterprises in particular and centrally planned economies in general. However, in these countries, radical innovation of the economy, in

That includes the reform of state-owned enterprises carried out in the 80s and 90s of the 20th century.

There are some differences with some countries with transition economies in Asia.

¸, Eastern European countries and the Russian Federation attach importance to the transformation of state-owned enterprises into private companies, mainly privatizing state-owned enterprises. Equitization of state-owned enterprises in the direction of privatization is considered one of the key points and basic contents of the innovation process in these countries. It is considered as "shock therapy" and thoroughly implemented in Poland, Czechoslovakia (formerly), and Hungary. The purpose of "shock therapy" is to implement strong measures to achieve immediate results, helping to quickly change the ownership regime. It is hoped that rapid ownership reform will mobilize capital, technology and management experience of private entrepreneurs in economic development.

However, the equitization of SOEs in Eastern European countries and Russia took place in the context of the Communist Parties no longer being in power, and the countries all implementing multi-party systems. All countries wanted to use this program to take advantage of aid from Western governments to accelerate the process of economic transformation. The “shock therapy” itself was accompanied by funding for the transformation process through the International Monetary Fund (IMF), the World Bank (WB) and the European Union. The above contexts and conditions, together with the specific conditions of each country, enriched the process of equitization of SOEs, which was already very diverse and complex. However, a specific study of the equitization of SOEs in this region can make the following comments:

+ Regarding the subjects of equitization: Equitization of state-owned enterprises is carried out in all economic sectors. Although implementing "shock therapy", countries

Eastern Europe and Russia both maintain state-owned enterprises in important economic sectors that determine the economy, such as infrastructure sectors and sectors that orient socio-economic development such as post and telecommunications, transportation, etc.

electricity, mining…

+ Regarding the speed of equitization: all countries proceed at a high speed for enterprises identified for equitization to minimize state ownership in SOEs. However, when implementing economic liberalization

Macro management issues have not changed quickly enough, many problems have not changed quickly enough.

Negative socio-economic issues have the opportunity to arise. In Russia, after the liberalization of the economy, the underground economy developed and rampant, making it difficult for the state to control socio-economic processes. Equitization did not have the desired impact, resulting in Russia's financial collapse becoming increasingly serious. In October 1997, there was a serious financial crisis with a stock market decline of 20%/day. That situation lasted for years, until August 1998, when the Russian financial market basically collapsed. The Russian people's income in money was only 1/10 of the income of the American people. In other countries, the level was not as serious as Russia, but the positive impact of the equitization of state-owned enterprises in those years was also not as expected.

+ Regarding the form of equitization: The form of equitization is quite diverse. There are many forms applied such as issuing people's shares, selling low-priced shares to employees working in equitized state-owned enterprises. The sale of shares is carried out directly or through intermediary auditing organizations. For small and medium-sized enterprises, the main form is selling shares directly to employees or bidding for lease through management contracts. For large-scale state-owned enterprises, because they want to equitize in a short time but the purchasing power of citizens for shares is not large, some countries such as Poland, the Czech Republic, the Slovak Republic... have divided assets to citizens in the form of low-value ownership certificates or given away for free. Therefore, the speed of equitization has been accelerated; compensation for citizens for their previous contributions to the enterprise has been implemented.

+ Equitization is carried out at the same time as encouraging new private enterprises. Therefore, negative issues arising after equitization have conditions to develop. However, many countries have also introduced laws and policies focusing on specific issues such as private business solutions, conditions for independent economic activities of citizens, and capital market regulation, so negative issues have also been gradually limited.

1.3.4. Lessons learned on equitization and solving socio-economic problems after equitization of SOEs of the studied countries

Studying the equitization process of state-owned enterprises and handling post-equitization issues of some countries in the world can draw lessons that can be applied to the equitization process of state-owned enterprises in our country in general and the transportation industry in particular.

+ Firstly, equitization is commonly carried out in most countries and territories in the world, especially in countries with transitional economies and countries with underdeveloped economies.

In essence, the equitization process is to handle the relationship between the state economy and the non-state economy, reduce the level of ownership and direct intervention of the state in the production and business activities of enterprises. Implement the state management function of the economy according to the characteristics of the market economy, reduce monopoly, heavy state subsidies to reduce the economic burden of the state on enterprises, enhance the proactive role of enterprises. Positive manifestations in the transformation of state-owned enterprises after equitization.

This is a positive movement to help the economy escape from stagnation, lack of dynamism and inefficiency. Therefore, it is a suitable and necessary movement. From this summary, it is once again affirmed that the policy of reforming state-owned enterprises in general and equitizing them in particular of our Party and State is correct.

+ Second, equitization has a close relationship with enterprises after equitization. Countries carry out equitization with different scales, speeds, and methods. That is, the implementation is suitable for the requirements of equitization of state-owned enterprises. However, reality shows that: countries with short equitization time and good equitization results are countries that have determined the time, goals, and methods of implementation suitable for the specific conditions and circumstances of the country.

Usually, countries that have a solid implementation method, build a program, prepare legal and organizational conditions, research and choose

select targets, build a steering and implementation apparatus, determine implementation solutions, monitor, adjust, conduct steps from piloting, and summarize

If we summarize the experience and then widely implement it, the equitization results will be good, and the negative problems arising after equitization will be few. Singapore's specific, detailed, and solid implementation experience is proof of good equitization, while Russia's experience of rushing the process is proof of not-so-successful equitization.

+ Third, to successfully equitize, there must be participation and close coordination between the government and ministries, departments and branches with SOEs, the subjects of equitization. In the above coordination, the role of the government and ministries, departments and branches in building strategies, determining goals, implementation methods, identifying SOEs that need to be equitized, determining the proportion of state shares after equitization, methods for calculating enterprise value... The role of SOEs in proactively implementing policies and measures to equitize their enterprises. Usually, enterprises with dynamic staff, capable of effective business want to equitize. Enterprises with less dynamic staff, loss-making business do not want to equitize.

To achieve good results in equitization of state-owned enterprises, enterprises must have a clear understanding from the directors to the workers; all countries have a government agency in charge of equitization. This agency is organized uniformly from the state level to ministries, departments and enterprises. This agency must manage the entire equitization program of state-owned enterprises, and must also inspect, supervise, adjust, summarize, supplement and create all conditions to implement the established equitization program.

+ Fourth, to successfully equitize, it is necessary to establish a complete legal environment, determine the roles, functions, tasks and powers of organizations participating in the equitization process. In particular, it is necessary to build complete laws for the equitization process to take place smoothly, limiting negative effects arising after equitization. Reality shows that: in countries with developed economies, the legal system is quite synchronous and complete, without discrimination.

between enterprises of different economic sectors. State-owned enterprises are not afraid that after equitization, they will be at a disadvantage compared to before equitization... equitization has taken place very smoothly. Therefore, developing countries, countries with transitional economies are countries with legal systems that are not favorable for equitization. For these countries, building a complete legal system, establishing a stable macroeconomic environment

Determination is one of the conditions for successful equitization. At the same time, properly resolve problems that arise after equitization.

+ Fifth, to successfully equitize, to collect a source of capital for the budget, it is necessary to invest initial costs for the equitization process; there must be support for workers to solve social problems arising from equitization and after equitization. Obviously, to carry out equitization, there must be operating costs for the activities of organizations and individuals participating in the equitization process. In particular, it is necessary to spend a large amount of money to sell preferential shares to workers and low-income people. There must be costs for training and retraining workers in equitized enterprises; costs to pay social insurance, severance pay due to failure to meet requirements after equitization... All of the above are from the state budget. Experience shows that any country that accepts the above costs when carrying out equitization will create consensus among workers and businesses. Equitization took place smoothly, problems arising after equitization were gradually solved right in the equitization process. The reality of equitization in Russia and Eastern European countries with different ways of handling this problem and bringing different results is proof.

+ Sixth, in order for equitization to not weaken the economic potential of the state, leading to a weakening of the state's economic management function, most countries (including Russia, a country that wants to fundamentally transform the economy towards privatization) choose enterprises in non-key industries and fields that are not decisive to the economy to equitize. In particular, countries all use the capital obtained after equitization

investment to increase the economic potential of the state.

+ Seventh, the equitization of state-owned enterprises has positive impacts on the economy, but also raises economic and social issues that need to be addressed. If not addressed promptly, the advantages brought about by equitization will be reduced.

* *

Through systematization and analysis of theoretical and practical bases on equitization and post-equitization of state-owned enterprises, the thesis finds that equitization of state-owned enterprises is a form of transforming state-owned enterprises from a single state owner to enterprises with multiple owners in the form of joint stock companies. In essence, it is a process that includes a series of economic and organizational measures, both macro and micro, affecting state-owned enterprises, transforming them into joint stock companies. Equitization of state-owned enterprises is an objective necessity due to many factors and is influenced by

Research on equitization and post-equitization problem solving of state-owned enterprises in some countries in the region shows that the organization and implementation of equitization in a systematic and solid manner not only creates results in equitization but also limits negative impacts on enterprises after equitization.

Regarding post-equitization issues, the thesis affirms the relationship between pre-equitization issues and issues during the equitization process that are directly related.

to the issues after equitization. After equitization, state-owned enterprises have changed in quality, because they have moved to a new form of business organization, which is enterprises existing in the form of joint stock companies, so the advantages of equitization will be gradually promoted. However, the level of promotion depends on the problems that still exist after equitization, more or less. In particular, the problems after equitization, with the negative issues that arise, are both subjective and objective issues that need to be considered from all aspects.

The problems of equitization and post-equitization are also affirmed.

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