Without access to enterprise financial information , funds are severely constrained in their ability to evaluate existing policy and contribute to formulating new policy. Given their relatively small ownership stakes, funds also need to secure the cooperation of other shareholders to put forward new initiatives. The evidence suggests that funds have been most successful in securing cooperation with management, as opposed to workers or administrators of the state shares. Existing management is probably the least likely owner to recognize and endorse the need for managerial and operational change. An alternative to attempting to influence enterprise performance under an existing ownership stake is to buy or sell shares.
Most funds trade privately and through local or regional exchanges.
Participants in trades are primarily other voucher funds, while managers are particularly reluctant to sell shares. The effect of trading among voucher funds is primarily to consolidate among funds the shares in given enterprises. Such consolidation can increase a fund's ability to exert influence on enterprise restructuring, but a fund's potential influence is ultimately constrained by the size of stakes that the state and insiders hold and their willingness to consider divestiture.