There is no standard definition of a publicly-owned corporation or state-owned enterprise (SOE), although the two terms can be used interchangeably. Their defining characteristics are their distinct legal form, and their operation in commercial affairs. While they may also have public policy objectives, SOEs are different from other government entities established to pursue purely non-financial objectives.
State-owned enterprises can be fully or partially owned by the government. However, the line beyond which a corporation must be considered "state-owned" is unclear, as governments can also own regular stock and have no special influence over business. For example, in 2007 the Chinese Investment Corporation agreed to acquire a 10% interest in the global investment bank Morgan Stanley, but it is unlikely that this would qualify the latter as a government-owned corporation. SOEs are often the result of corporatization, a process in which government agencies are re-organized as semi-autonomous corporate entities.
The term government-linked company (GLC) is sometimes used to refer to private or public corporate entities in which an existing government owns a stake through a holding company. There are multiple ways of defining GLCs, depending on the proportion of the corporate entity a government owns. One rationale for calling a company a GLC is whether or not a government owns an effective controlling interest (>50%); another possible definition defines as a GLC any corporate entity that has a government as a shareholder.
Fannie Mae Headquarters
Fannie Mae was created by the US government to expand the secondary mortgage market.
A quasi-governmental organization is a corporation, business or agency that is regarded by national laws and regulations as being under the guidance of the government, but also separate from the government. While they may receive some revenue from charging customers for services, these organizations are often at least partially funded by the government. Sometimes they are even propped up with cash infusions in times of crisis to help offset situations that would bankrupt a normal privately owned business.
A notable example of an SOE is the Saudi national oil company, Saudi Aramco, which the Saudi government bought in 1988. The Saudi government also owns and operates Saudi Arabian Airlines, as well as many other companies.