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Lang Xianping's Speech in Tsinghua University (1)

Lang Xianping's speech in Tsinghua University

Tsinghua University Museum Construction Lecture Hall, February 2005, 65438+February 2 1.

Tianya Yan Tao 1 18-2006. 1。 9。 10:08

Moderator:

Thank you very much for being a guest at the Times Forum, which is a large-scale comprehensive forum for the whole school sponsored by Tsinghua University Student Union. This speech is the 59th activity since the establishment of Time Forum. In the past two and a half years, many political and business elites, CEOs of Fortune 500 companies and people of the times in various fields have talked with our classmates in Tsinghua about their ideals and planned their lives on the platform of the forum. Here, scholars and masters join us in tracing the source and seeking true knowledge.

It's the most tense exam week in Tsinghua. In the largest classroom in Tsinghua, there are still so many students standing behind or sitting on the steps, which shows the charm and appeal of today's speakers. We regard this activity as a special year-end gift time forum. Our idea is that inviting such a heavyweight guest who is very popular with the students to come to today's speech site is the best reward for the students' support for the Times Forum. Welcome the teachers and students of Times Forum, thank you! (Applause)

/kloc-one summer night in 0/980, army captain Lin Yifu swam from Jinmen to the mainland with a basketball, which puzzled his comrades in the trenches: what ideal made him take such a risk? Twenty years later, someone suddenly realized this: if you want to do great things, you must go to the mainland of the motherland! The man finally came to the mainland.

He is a world-class financial expert, he has extraordinary courage, he has the widest public support, and he has caused the most concerned controversy. He "bombarded Delong, knocked TCL three times, asked Haier four times and knocked Greencool seven times", and Delong and Greencool, two prominent corporate empires, collapsed. He also triggered the most striking discussion on the reform of state-owned enterprises in 2004. Similarly, he was born in Taoyuan, Taiwan Province Province. He only got 7 out of 0/00 in junior high school math exam/kloc, and almost didn't graduate from junior high school. However, after 30 years of military service, he miraculously got a master's degree and a doctorate in finance from Wharton Business School in two and a half years.

He is the legendary Professor Lang Xianping.

I think the students have fully appreciated Professor Lang's style on TV, and they must be very eager to meet Professor Lang himself. Let's invite Professor Lang on the screen to take the stage. Let's warmly welcome Professor Lang Xianping! (warm applause)

Moderator:

Hello, Professor Lang. Many of our classmates in Tsinghua are meeting you for the first time. First of all, I hope you can describe what Tsinghua or Tsinghua people looks like in your mind in a few words. Enjoy it with us.

Professor Lang:

This question makes me feel good. Because when we study history from junior high school to senior high school, we always read the words "boxer indemnity", "Tsinghua" and "Tsinghua", which is the earliest university known to our young people studying in Taiwan Province Province. When I was in high school, I decided to study engineering and take the "Tsinghua" in Taiwan Province Province. Unfortunately, when I was a freshman, I failed in math and physics. Our teacher said, Lang Xianping, I think you'd better study liberal arts (laughter). You always miss it. So, "Tsinghua", what impression did it give me at that time? It is the word "pursuing Excellence". At that time, I realized that "pursuing Excellence" was my Tsinghua, but I was still far from "Excellence". I was not outstanding at that time, so I didn't go to Tsinghua. Then this "pursuit of Excellence" is also my goal. At the same time, will you give it to your classmates? (Applause)

Moderator:

In Tsinghua, there is also a teacher who has a deep relationship with Professor Lang-Professor Qin Hui of Tsinghua History Department. In the early 1990s, Professor Qin Hui also put forward some ideas about the reform of state-owned enterprises, which can be said to be "great minds think alike" with you. So, on the platform of Tsinghua Times Forum, do you think you have anything to say to Mr. Qin?

Lang Xianping:

I believe this sentence is not only addressed to Mr. Qin Hui, but also to famous professors such as Professor Cui Zhiyuan. What is the truth of this incident? Tsinghua sees things more clearly and further than I do. What is this performance? This is the performance of "pursuing excellence", which is the spirit of Tsinghua.

Moderator:

Some students asked me to ask one last question. Many students want to study abroad, so they have to take an English exam. Everyone is depressed when reviewing English exams, and they have to take GRE and TOFEL. But many students know that when you apply to an American school, the scores of GRE and TOFEL together seem to be less than 2400. I don't know what you think of this.

Lang Xianping:

I didn't want to study abroad at that time. I want to live a small life after leaving the army, that is, go to bed with my wife and children, get out of bed and put on shoes and socks to prepare for this life. At that time, my professor said, "Lang Xianping, you are not good at this level. Don't go abroad, just go to the bank and find something to do. " So I looked for more than a dozen banks, and none of them wanted me. In desperation, I had to apply for studying abroad. Unfortunately, GRE got 1640, and TOEFL got 550 after two efforts. I applied to seven schools, six didn't want me, and only one wanted me, that is Wharton Business School. (warm applause)

Moderator:

I am very grateful to Professor Lang for sharing some relaxing topics with us. The following time is left to Professor Lang. Please ask Professor Lang to open the altar and preach for us.

(warm applause)

Speech:

Professor Lang:

Thank you! From last year to today, I have always had a question in my heart: "What is reform and opening up?" I have been thinking about this problem, and I want to find a suitable occasion to state my thoughts. Today, I thank Tsinghua Student Union for inviting me. The invitation of students means a lot to me personally. Because the country needs you in the future. I'm going to talk about a new viewpoint on this occasion today-what happened to China's reform and opening up? What is the new thinking of reform? So many students here risked freezing to death to listen to my speech (laughter). I want to invite everyone at the scene to witness this history. Today, as a scholar, I will talk about what kind of thinking I should have in the reform and opening up, okay? (warm applause)

If you pay more attention to my remarks, you should be able to learn a thing or two from the recent online criticism of me. Many people say that I am "anti-reform" and that I have neglected the principle of "Let some people get rich first" put forward by Mr. Deng Xiaoping. Criticism like this has become commonplace. Because this kind of criticism is common to me. Today, in a world-class university that pursues Excellence, on such an occasion, I want to tell you what the correct reform is. I chose a topic-"the spirit of capitalism and socialist reform".

I want to ask all the students to think about it. Do you think our reform and opening up in the past 25 years has been successful? Let's look back. Twenty-five years ago, Deng Xiaoping said, "Let some people get rich first". If you don't see it, the people of the whole country unanimously support it. At that time, under the socialist environment, I could shout: "Let some people get rich first." But what are the conditions for some people to get rich first? I want to redefine this condition in Tsinghua. I don't want to have any arguments or doubts in our academic or business circles on this basic issue. Its condition is that some people can get rich first, while others cannot be poorer. This is the principle. (Applause)

Today, I want to talk about Deng Xiaoping's viewpoint with a textbook that you have read. This textbook is called Microeconomics. When we go back, the students will open the last chapter of the book "Welfare Economics" and talk about a theory-"Pareto Improvement". "Pareto improvement" means that some people's wealth can be increased, but some people's wealth cannot be reduced. Deng Xiaoping is a socialist country. Can let some people get rich first. But please note that this is a socialist country, and it is a prerequisite that others cannot become poor. However, as the crystallization of capitalism, the thinking concept of microeconomics is exactly the same as that of socialism. A basic principle of "Pareto Improvement" is that fairness must come first. What is fairness? The initial conditions are equal. In other words, given the same opportunity, you can't deprive him of it. Of course, a starting point of fairness is to allow some people to get rich without depriving them of fair opportunities. Therefore, whether from the point of view of socialism or modern capitalism, fairness is the starting point, and efficiency can be discussed from this starting point. It is an indisputable fact that "fairness produces efficiency", which was put forward by Deng Xiaoping, is also the concept of socialism and the spirit of modern capitalism.

You are all students of the highest institutions of learning. Have you ever wondered why, after listening to me today, you will find that modern capitalism and socialism are so similar? In our minds, the so-called "capitalism" should be followed by the so-called freedom, democracy, parliament, constitution, private economy and so on. How can we become a "welfare economics" that pursues fairness and is more efficient than fairness? Then let me tell you clearly that this is the result of the impact of Marxism for more than 100 years. So on this occasion, I want to talk to you: What is Marxism? What is capitalism? Okay？ (Applause)

I'll take you back to Europe at 1720 and tell a historical story. From 65438 to 0720, Britain, France and other countries drew up the "bubble bill" in response to the three European financial crises that occurred at that time. The so-called three financial crises are three consecutive stock market crashes. You can look it up online, including the French "Mississippi bubble" and the British "south sea bubble". Let's look back. What happened before 1720? 16th century to18th century is the so-called "mercantilism" era. At that time, European governments, in order to plunder a large amount of gold and silver, set up the world's first state-owned enterprise, the East India Company (which brought us endless nightmares in China). The East India Company is a state-owned enterprise and a gunboat-led, profit-making company. In order to plunder the colonies, European governments at that time kept fighting and impoverished their people. We will issue war bonds, which is the first bond in the world. But the problem is that war bonds have to be paid back when they expire. What if I can't afford it? Then there will be only "white bars". Students, can you tell me an English word-how to pile up these unpaid "IOUs" into a pile of stocks? Yes, it is what students call "stocks". In other words, the government uses state-owned enterprises to plunder wealth, and the debts that cannot be repaid are called "stocks". The government controls many bonds that cannot be repaid, or "IOUs". In the end, they must be repaid. How to repay them? At that time, several smart people said that if you want to return the "white note", you have to engage in a "market" to cheat. The market is called the market, so we set up the stock market-"white strip market" (we translated it as "stock market"). If you want to set up a market scam, you can't set up a dirty and messy vegetable market. It's not beautiful at all Then how did you cheat? You have to make it magnificent-marble floors, marble columns, magnificent, just like today's Shanghai Stock Exchange and Shenzhen Stock Exchange. (Laughter and applause). At that time, the king said, ok, I can do this, no problem. But how can we trick people into buying white bars? The wise man said, "white stripes" must not be sold now, because it is worthless. Then Wang said, how can I create the value of IOUs? Smart people say that the value of white bars can be created. Just tell them that the value of IOUs depends on the future cash flow. The king said, with what to ensure the future cash flow? The wise man said that the gold and silver treasures plundered by the "East India Company" in the future would be used as a guarantee. So when you look at financial management today, you find that the stock value depends on the future cash flow, and this concept began at that time. Then, the government advised people to buy "white stripes" because it represents the future wealth, that is, the gold and silver treasures plundered by the East India Company from Asia to Africa and South America, which is the guarantee of the future cash flow of "white stripes". The government sold the IOUs to the first batch of fools. The first group of fools sold it to the second group of fools for the same reason, and then sold it to the third group of fools. In the end, the price of "white bars" is extremely high. However, such a small and immature market only depends on the unpredictable cash flow in the future. Finally, there were three financial crises. I just said, "Mississippi bubble" and "south sea bubble".

At this time, European governments understood the essence of collusion between officials and businessmen, insider trading, manipulation of stock prices and borrowing money for stock trading. The illegal things we saw in China stock market today all happened at that time, but we don't know this history. After the three financial crises in Europe, the European government introduced the bubble bill in 1720. The British government banned joint-stock companies for one hundred years. The French government banned the term bank for 150 years.

"Mercantilism" has come to this step, which is the end. 1776, the great economist Adam Smith wrote a great masterpiece The Wealth of Nations. The Wealth of Nations resolutely opposes state-owned enterprises, calls for marketization and privatization, and advocates adjusting market supply and demand with invisible hands without government intervention. Isn't this similar to our slogan of reform and opening up? Almost all the slogans we shouted today and the reforms we made today, including the share reform, can be found in the past European history. It's just that we don't study, which is our greatest sorrow. Today, we are following the footsteps of history and repeating the tragedies of the past. (Laughter and applause)

"The Wealth of Nations" aimed at the disadvantages of state-owned enterprises, put forward the so-called new thinking at that time, that is, the government was completely separated from state-owned enterprises and the government withdrew from enterprise management. A very fashionable concept-privatization and marketization-came out. Adam Smith put forward the pursuit of wealth based on the rule of law and by means of freedom. But all this must be carried out under the principles of privatization and marketization. Please remember that it is 1776. 1776 to 1867 these 90 years were the most difficult period in Europe, and they were called the industrial revolution. Europe suffered a lot during the whole industrial revolution. Under the concept of free economy, privatization and marketization-similar to today's China, the phenomenon of "bullying the small with the big and bullying the weak with the strong" emerges endlessly, and capitalists deduct wages, hire child labor and create pollution.

1867, 90 years after the publication of The Wealth of Nations, the great economist Marx wrote a masterpiece Capital. This book plays an important role in the history of the world today, which is beyond our imagination. At that time, European society was full of riots and serious social unrest. The reason is that the rapid development of free economy and private economy has led to unfair social wealth and bullying the weak. Primitive capitalism has been challenged in the case of serious unfair distribution of social wealth. Marx exposed an inspiring theory in detail from a historical point of view, that is, the theory of labor surplus value. When he wrote this book, it was based on Ricardo, his former economist. Ricardo believes that the wealth created by this economic system is created by labor. We study economics today, still adhering to this kind of thinking. The most primitive productive force is labor, which creates capital, and capital can have follow-up activities only with labor (this theory was confirmed in a paper published by Samuelson 1966, the Nobel laureate in economics). Marx thinks that if the wealth of this society is created by labor, why are capitalists so rich? Obviously, capitalists have exploited the surplus value of workers. He used a considerable space to state a point of view, that is, from the perspective of great history, the industrial revolution ended the feudal dynasty, and after the industrial revolution, capitalism pursued fairness. At that time, the so-called "* * * production" was to pursue fairness. Marx did not ignore efficiency, but thought that efficiency was driven by external factors, such as the invention of steam engine, which improved efficiency. However, the pursuit of fairness in Das Kapital has influenced the changes of the rule of law system in European and American countries in the following decades. The situation described in this book deeply touched everyone's heart, because European capitalism came to an end around 1867, and the whole society could no longer tolerate injustice. At that time, a concept of pursuing absolute self made Paris, London and other cities dirty and smelly. Everyone dumps their urine and garbage in the street, because I just want to be good to myself, regardless of other people's lives. Isn't that what we often hear today? -"Things can only be done by yourself?" Isn't this the idea of our state-owned enterprise reform? However, if everyone only cares about their own interests and throws all the unnecessary garbage into the street, then the whole cities such as Paris, London and Vienna will stink. At that time, the economic structure and social environment were on the verge of collapse. So the conclusion of Das Kapital is that capitalism is bound to perish. I can tell you that the primitive capitalism in Marx's mind has indeed died out.

However, capitalism is gradually socialized under the impact of Das Kapital. For example, in Britain, the Royal Court established by King Henry II compiled past cases and formed the foundation of today's common law department (also known as the law of the sea, or common law). It is worth noting that due to the influence of Marxism, the Great Court of England began to study the Equality Act (translated into equity in China). The common law and the equality law were merged in the English Judicial Acts of 1873 and 1875, and became the common law today. What the common law pursues is to add the concept of equality in a society to the bill. What is the concept of social equality? For example, in the courts of Britain and the United States, it is not a judge like China who really makes the decision, but a jury. This idea is hard for us to understand, because we in China follow the idea of "elitism". The so-called "elitism" means that when you were young, your parents urged you to study every day. Otherwise, how could you be admitted to Tsinghua? You got 97 points this time, but it is not good enough. Work hard and get full marks. Read the book well, and now you can become the elite of society. We, a group of people, including me, are all poor people under "elitism". When I was a child, my parents forced me to study, and my wisdom was not very high. I study very hard. I thought at that time that when I became a father, I would never force my children to study. As a result, I became a father, not only forcing my son to study, but also forcing him to learn violin and piano. (Laughter) This is what elitism is doing. Under the "elitism" system, it is difficult for us to understand and appreciate the equality concept of common law.

I want to ask the students here a word. Suppose you go to court today and someone tells you that this judge is a doctor from Harvard University, and you will be relieved immediately. If someone tells you, "This judge is a farmer," you will be worried to death. "It's over, it's over, don't fight this lawsuit." We all think so, because we are all trained under "elitism". But the British judicial act emphasizes "non-elitism". The fairness standard of the whole society is not determined by social elites, but by ordinary people. In other words, the jury is composed of the general public. For example, a doctoral professor at Wharton Business School, like me, may be regarded as a psychopath, accused of paranoia and excluded from the jury. Because people like me are so self-righteous that it is impossible to judge a case under the common law system. Do you know why? Because I have always had a preconceived idea, studying for a doctorate is for this purpose, so that you can know how to stick to your prejudice before you can be called a doctor. (Laughter and applause)

2006-0 1-20 15:34

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However, the verdict was not good. The common law judgment can't make you biased, so the opposing lawyer will ask the jury members, "Have you read the newspaper recently to understand the case?" As long as you say that you have read the newspaper about this case, you may be eliminated, because you are not objective, so you are not qualified to be a member of the jury. What if it's a doctor It may also be eliminated. (Laughter) Juries will look for people who play mahjong every day without reading newspapers or books. Do you know why? This is a great creation of the common law system, because a person who plays mahjong all day, what he thinks in his mind and his value judgment standards are all edified from a small society, including ideas instilled by TV, radio, neighbors, friends, teachers and classmates. His simple idea is the condensation of the whole social value judgment, so he will judge the case. Guess what? Only in common law countries can there be a good stock market. If it is not under the common law system, there will be no good stock market. Continental Europe is a country with civil law system, and almost no country has a good stock market. For example, the Yin case, such an obvious fraud case, is difficult to pronounce in our China court, because the crime is usually before the law, and China is a country with civil law system, so it must be judged according to law. Without the law, we can't try this case. This is the shortcoming of the civil law system. But the common law system is different. Juries don't need to know laws and opinions. They will think that if my son's report card is false, I will beat him to death. If the son's report card can't be faked, why can the report card of a listed company be faked? Then you are guilty. (Laughter) He doesn't need legal knowledge at all, and he doesn't need to study. He can judge whether you are guilty or not through his simple and common concept. This sentencing method takes the value standard recognized by the whole society as the standard of social fairness. This creation is very great. What is the fairness of this society? That is what ordinary people think of as fairness, and that is fairness. And this fairness depends on a fair cognition of all people in the whole society. Jury represents the value standard of ordinary people, and that is fairness. Please note that this is the concept of equality formed eight years after Marx wrote Das Kapital.

In addition to pursuing a new form of equality by law, later laws were still influenced by Marx. Marxism clearly points out the contradiction between capitalists and laborers-capitalism must exploit labor surplus value in order to develop, so a basic premise of Das Kapital is that laborers and capitalists are antagonistic. Let me ask you to recall the antitrust law of the United States 1890. Antitrust law is antitrust in English. Reverse means "reverse". What is trust? Yes, the level of Tsinghua is really high. That's a trust fund. Anti-monopoly law is anti-monopoly fund in the final analysis. Do you find it strange? When you look back at history carefully, you will find how interesting this is-because American families are actually holders of many trust funds. So anti-trust, anti-trust law is actually anti-trust fund law, that is, anti-family law. The extended family represents not only the vested interests, but the ideas of a capitalist. Therefore, European and American countries not only seek the fairness pursued by Marx at the legal level, such as the common law level. At the same time, draft laws to solve the contradiction between capitalists and workers. The solution is to start with the capitalists, not the workers. This kind of thinking is too important. Because from 1844 to 1867, Marx and Engels suggested that capitalists with vested interests would poison workers with some wrong ideas, such as propagating the Christian spirit and asking workers to accept God's leadership and everything God has given them, including accepting the injustice of this society. Therefore, Marx put forward that if society wants to make progress, it is necessary to get rid of ideas that hinder social progress, including Christian ideas, which is also the origin of Marx's materialistic view. Therefore, in order to avoid the influence of Marxism, labor conflicts should be solved from capitalists, not from laborers. All this is because of Marx's influence, which led to such a great ideological change.

Let me give you an example. Bill Gates of Microsoft-he is also a great figure in every student's heart-proposed to donate all his wealth to set up the Bill Gates Foundation a few years ago. Because he believes that his achievements today, in addition to his personal ability, have made greater contributions to the cultivation of the whole society, and what he took from the society should be returned to the society. This is not a simple personal phenomenon, but a new form of capitalism that continues from the anti-monopoly law to maintain fairness. We are surprised to find that the American government is targeting the extended family. But it is definitely not solved by the so-called war (laughs), but I hope that the extended family can support themselves for a thousand years and withdraw from the American economic stage.

You should also pay attention to it. The United States and Britain are different countries. American immigrants are extremely individualistic people, who are willing to break off relations with their past cultures, nationalities, relatives and friends. This individualism has a great influence on the United States. Once these people become capitalists, they will bring turmoil and uneasiness to American society. My words can be confirmed by the US stock market crash of 1929. The phenomenon described in the second chapter of the Securities Exchange Law of the United States is exactly the same as that in the Bubble Law of 1720, that is, collusion between officials and businessmen, manipulation of stock prices and insider trading, which led to the stock market crash of the United States 1929. The total market value dropped from $89 billion at that time to1500 million, which can be said to be the end of American imperialism. However, please note that the continuation of the anti-trust law, as the result of the impact of Marxism at this stage, profoundly understands a truth-"A country must be people-oriented if it wants long-term stability", more specifically, it must hide wealth from the people in order to solve the contradiction between labor and capital. The result of hiding wealth from the people has created today's America.

I will take the American stock market as an example to explain how the wealth redistribution function of the stock market can achieve the effect of storing wealth in the people and resolving the contradiction between labor and capital. The United States and Canada are both common law countries, but more than 89% of listed companies in Canada are family controlled. What about America? Most of its companies are actually owned by the public rather than the family. Except for the United States and Britain, the whole world is family-owned. Why is America held by the public? This is the result of capitalist socialism. At that time, it was an extremely huge project, and the forty years from 1890 to 1934 can be said to be the era of rule of law in the whole United States. The whole project is huge, purposeful and shocking, which touched everyone.

How to build a stock market with wealth redistribution? First of all, the American government abandoned the strategy of 1720 (at that time, the British and French governments had no choice but to close joint-stock companies and banks) and adopted a great national policy of thoroughly solving the contradiction between capitalists and workers and avoiding the prediction of Marxism. In addition to restricting extended families through antitrust laws, the US government is further enriching the public to resolve conflicts. How can we make the public richer? That is, since 1932, a series of strict supervision laws have been implemented, and the wealth redistribution function of the stock market has been exerted through strict laws. At that time, the correct thinking of the stock market was put forward. The so-called stock market is to raise funds from the whole society and hand them over to the most capable professional managers. How does the public know that he is the most capable? Professional managers must disclose correct information, and the role of the government is very important at this time. The government must ensure that the information disclosed by professional managers is true, and this person has a sense of responsibility, that is, fiduciary responsibility. In other words, once you become a professional manager, you have the responsibility to do a good job and create wealth for shareholders. This is a fiduciary responsibility under the harsh laws of the United States, and there is no doubt about it. Professional managers of listed companies dare not have fiduciary responsibility. If this professional manager leaks false news, the US government will definitely file a lawsuit against the professional manager on the premise of the interests of the public (or minority shareholders) until the family is ruined and the wife is separated. I'm not kidding at all. Just look at Enron. Finally went bankrupt safely. Andersen, the five major accounting firms, closed down and its partners committed suicide. ...

Under the operation of the U.S. government, large families sold their stocks at a high P/E ratio and successively (while the rich) withdrew from the operation of listed companies, and listed companies in the United States became public companies. Through the strict supervision of the Securities and Futures Commission, the U.S. government ensures that professional managers have fiduciary responsibilities and all the information they disclose is true. If it is false, it will be hell. This is why WorldCom will be severely punished for a small matter. WorldCom's crime is to change some accounting subjects, change the original expense account into investment, and list expenses through depreciation. This kind of thing is a piece of cake in our country, and no one cares. It is not allowed in America, because you have violated one of the most important principles-the authenticity of information disclosure. The person in charge was arrested for this trivial matter. Every night, the news on American TV repeats a scene: the judicial personnel handcuffed WorldCom's head from behind and "paraded the streets for weeks". The U.S. government hopes that all Americans, from infants to the elderly, will clearly see that this is the result of their breach of fiduciary duty. Let every American child know that when you grow up in the future, all you have to do is have a fiduciary responsibility to shareholders. If you don't do this, going up the street will be your doom. This is significant! That's because ... ...