Before Gorbachev stepped down, the ownership of a unified "national" country was seriously out of control. The manager becomes the owner. State officials, party functional personnel and youth league activists became the first type of Russian entrepreneurs, the first group of millionaires and the "new Russians" in the early 1990s. According to the investigation and statistics of the Elite Research Office of the Institute of Sociology of the Russian Academy of Sciences, more than 75% of political elites and more than 6 1% of corporate elites are produced by former Soviet officials. The new political elite is mainly composed of the original party workers and Soviet workers, while the new economic elite comes from the youth league and economic workers. In this regard, even Yeltsin had to point out: "We have been arguing about the necessity of privatization for an unbearable long time. At the same time, the elites of these political parties and countries actively privatize themselves. Its scale, strength and hypocrisy are shocking. The privatization of the Soviet Union has been going on for a long time, but it is chaotic, spontaneous and often illegal. Today, it is necessary to take the initiative. We are determined to do so. "
It is based on this understanding that after the disintegration of the Soviet Union, Yeltsin began to actively promote "shock therapy" with privatization as the core in Russia. The measures actively promoted by the government, such as the privatization of securities, the full authorization of banks, and the opening of financial markets, directly contributed to the integration of financial capital and industrial capital and became the midwife of the newly privileged bourgeoisie. How did the newly born privileged bourgeoisie carve up public wealth, plunder the broad masses of people and accumulate original capital in the process of privatization?
Buy privatized securities at a low price first, and then buy the company's stock control shares. Russia's privatization began with the free issuance of privatized securities. During the period of 1992- 1994, the government issued securities with a face value of 10000 rubles (calculated at the exchange rate of 1992, US$ 72) to every citizen (1490,000 people), and each person paid only 25 rubles symbolically. Vouchers can be used to buy shares of enterprises or investment funds, and can also be transferred or sold with compensation. Millions of Russians have become shareholders. Some people have one share, and some people have two shares. In this way, the dispersion of property occurred in law. Privatization of securities only makes enterprises legally ownerless, but does not create property owners. The original owner of this property was the state, but now it is completely excluded from management. Groups of shareholders were completely at a loss and had to wait, but then hyperinflation occurred, reaching 25,065,438+0% in 65,438+0,992. The general public was forced to make a living and sold privatized securities one after another. Rich people and managers took the opportunity to buy at low prices, and privatized securities were concentrated in their hands. Therefore, enterprises are basically completely under the control of the rich and managers. Russia's privatization focuses on the planned rapid and large-scale transformation of ownership forms, rather than cultivating asset owners who can create benefits. With thousands of enterprises suddenly becoming joint-stock companies, the state can't participate in the privatization process at all, let alone play its due protection and support role in the implementation process. This situation is also due to the commercialization, cooperation and privatization of Russian enterprises. Because of this situation, coupled with the increasingly serious economic crisis and the complete liberalization of prices, there is only one way to develop privatization: let managers and factory directors control enterprises themselves. The starting point of doing this is to accomplish two tasks at the same time: one is to speed up the process of non-nationalization of the economy by privatizing the enterprise itself; The second is to destroy the foundation of the central bureaucratic economic management institutions by changing owners and competing for the right to supervise the reform process. But in this way, the power of privatization has actually been transferred to enterprise managers and some local officials, enabling them to turn the original asset management right into real asset ownership. Individual shares can be sold freely, which further encourages these managers and representatives of emerging business companies to control the enterprise. Moreover, all this happened at the moment when the Soviet Union collapsed and the Russian state system was in crisis. In the absence of a powerful country, there is no choice but to legally recognize managers and officials' control over enterprise property.
Two, in the enterprise restructuring and distribution of equity, the use of administrative or management power to control the stock. Due to the privatization of Russia, most of the original state-owned assets were transferred to new owners at a very low discount. The basic legislative guiding principle of privatization of large state-owned enterprises is to establish enterprises managed by employees by widely dispersing equity among residents. However, in the specific implementation process, because the government has a strong pro-capitalist tendency, the implementation of this plan deviated from the original intention. Most of the internal shares fell into the hands or under the control of the original managers, and the original "red factory director" became the business owner. The privatization plan puts forward three joint-stock schemes for enterprises to choose from: according to the first scheme, enterprise leaders can not only get preferred shares (priority dividends) that do not exceed 25% of the statutory capital, but also buy voting common shares that do not exceed 5% of the statutory capital on preferential terms. In the second scheme, employees of the enterprise can purchase 5 1% of the voting shares at the price stipulated by the SASAC and become the actual owners of the enterprise. According to this plan, the identity of the enterprise leader will change from the agent of state-owned assets to the actual controller of the enterprise. Option 3: 50% of the shares of the enterprise are sold freely, and 20% of the shares with voting rights are sold to employees at a discount of 30%. Most enterprises choose 1 and 2 schemes. Due to the confusion of market order, the dereliction of duty of government management departments, the prevalence of corruption and the distortion of the functions of asset appraisal institutions, the shareholding system has been transformed into a feast for the dignitaries to carve up state-owned assets. The government will openly auction some state-owned enterprises or state-controlled enterprises, and the enterprise managers and some local officials or other nouveau riche will buy them at a price far below the actual value through money and power transactions. Privatization in Russia is based on inaccurate valuation of the assets of state-owned enterprises. In the evaluation, the book value of Russian company in July 1992 is taken as the basic value of the company, intangible assets are not considered, and the value is not adjusted according to inflation. This decision enables investors to buy state-owned assets on very favorable terms, whether through auction or internal purchase. So it is not surprising that the total value of the whole Russian industry is extremely low in the end. 1when the privatization of securities ended in June 1994, the total industrial value of Russia was less than1200 million US dollars. Even Chubais's advisers were shocked. They asked themselves, "Are all the industrial assets in Russia, including oil, natural gas, part of transportation and most of the manufacturing industries, not as valuable as a Kellogg company in the United States?" According to Li Xijin, a member of the Russian State Duma Privatization Results Analysis Committee, the average selling price of125,000 state-owned enterprises sold in Russia is only 1300 US dollars, which is a world record. For example, Ural Machinery Factory, a large state-owned machinery manufacturing enterprise with more than 34,000 employees, only sold 3.72 million US dollars, Ryabin Sike Iron and Steel Factory with more than 35,000 employees only sold 3.73 million US dollars, Kovrov Military Factory with more than 10500 employees only sold 2.7 million US dollars, and Ryabin Sike Tractor Factory with more than 54,300 employees only sold 2.2 million US dollars. According to statistics, the actual value of a medium-sized bread in European countries exceeds 1 trillion dollars, but they only sold 7.2 billion dollars, causing trillions of dollars in losses to the country. From 1992 to 1996, the proportion of privatization revenue in government budget revenue is only 0. 13%-0. 16%. As for the "privatization vouchers" given to residents free of charge, the government did not get a penny. According to the figures provided by the financial department of the government of Lichkin, during the period from 1992 to 1996, the privatization income paid to the budget every year only accounts for about 0. 15% of the total budget income, which is only 1996. The losses caused by privatization of state-owned enterprises are more than those caused by Hitler's invasion of the Soviet Union.
Third, in the process of privatization of banks and full opening of financial markets, new dignitaries took the opportunity to collect money. They set up banks (up to more than 3,000 at most) and various savings institutions to absorb deposits at high interest rates and speculate in foreign exchange; Or set up investment companies and borrow private capital to acquire, merge and reorganize state-owned enterprises; Or by providing mortgage loans to the government (that is, the "stock mortgage loan plan" implemented by the Russian government), some enterprises with important strategic significance will be mortgaged by the government in exchange for "loans" from private banks and actually sold at low prices.