I'll start with that because we published a paper on foreign direct investment last year, and one of the issues we raised had to do with making sure there are even playing fields in acquisition markets. In other words, in our view, mergers and acquisitions are a very important way of having a dynamic business community, because you make sure you have—effectively—competition in managerial markets, and it is critical to have foreign direct investment as part of that element.
On the other hand, you don't want particular players in acquisition markets to have some sort of government advantage over others—an unlevel playing field—because you could end up with a mismatching of skills required to run businesses versus, let's say, government help that provides some people advantages over others. Two issues particularly concern me with respect to state-owned enterprises: sovereign wealth funds and also even non-taxable pension plans.
One is with respect to implicit government subsidies or explicit government subsidies. This is important with sovereign wealth funds and state-owned enterprises that follow non-commercial objectives but effectively get the support of their governments so they can stray from the goal of profit maximization.
The other is the non-taxability of those entities that allows those entities to buy up companies by offering a little higher price to acquire them, knowing full well they can restructure the company with more internal debt to eliminate corporate tax payments and therefore create more value on their behalf, allowing them to outbid taxables as a result.
I think these are important issues to deal with, and for that reason I think we need to spend a little more time thinking about that unlevel playing field.
I don't know, Michal, if you want to add anything.