2023-03-28-亚开行-寻找平衡2023_太平洋国有企业的绩效基准和建立气候韧性（英）_98页_5mb

Summary of FINDING BALANCE 2023: Benchmarking Performance and Building Climate Resilience in Pacific State-Owned Enterprises

Introduction and Overview

The Asian Development Bank (ADB) report FINDING BALANCE 2023 evaluates the financial performance, economic impact, and climate resilience of state-owned enterprises (SOEs) in nine Pacific Island countries: Fiji, Kiribati, the Marshall Islands, Palau, Papua New Guinea, Samoa, Solomon Islands, Tonga, and Vanuatu. Released in March 2023, this is the seventh benchmarking study in a series focusing on SOE commercialization and its role in inclusive economic growth and climate adaptation.

Key Findings on SOE Performance

• Financial Performance: SOE portfolios in the region exhibit weak profitability, with average returns on assets (ROA) and equity (ROE) falling far short of covering capital costs. Between 2015 and 2020, only two out of nine portfolios achieved returns sufficient to cover costs. Profitability declined after 2018 due to external shocks and operational inefficiencies.
• Economic Impact: SOEs control significant portions of fixed capital but contribute minimally to GDP (0%–15% in 2020), indicating inefficiency. They distort markets through monopoly powers, subsidized debt, and underfunded community service obligations (CSOs), hindering private sector growth.
• Reforms and Partnerships: Governments have strengthened legal and governance frameworks, with seven countries enacting SOE laws or bills. Privatization and public-private partnerships (PPPs) are being pursued, but implementation is inconsistent. For instance, Fiji privatized parts of its airline and port, while Vanuatu further reduced its stake in its bank.
• Climate Change Risks: Climate change poses severe physical and transition risks to SOEs, particularly electric utilities. Pacific economies face intensified natural hazards, with rising sea levels and cyclones causing infrastructure damage. SOEs are urged to adopt the Task Force on Climate-Related Financial Disclosures (TCFD) framework, invest in renewable energy, and enhance resilience through partnerships and capital raising.
• Country-Specific Themes: Across countries, common challenges include low SOE productivity compared to the private sector, delays in financial reporting, and varying levels of political will. Countries like Fiji, Palau, and Tonga are leading in renewable energy transitions, while others face persistent losses in sectors like aviation and banking.

Recommendations for Improvement

• Policy and Governance: Strengthen SOE ownership monitoring, implement skills-based director selection, and codify CSO frameworks to ensure transparency and cost recovery.
• Climate Action: Mandate climate risk disclosures, raise capital for green investments, and leverage international financing (e.g., green bonds) to support decarbonization and adaptation.
• Private Sector Engagement: Expand PPPs and partnerships to improve efficiency, with reforms enabling SOEs to operate commercially while fulfilling public service obligations.

Conclusion

The report underscores that SOEs must transition toward commercialization and climate resilience to support sustainable economic growth in the Pacific. While reforms show promise, ongoing political commitment and international support are crucial for long-term success. Pacific countries are uniquely vulnerable to climate change, making SOE adaptation a priority for regional stability and development.