Zheng Zhigang: The reform of the state -owned assets management system from the management of people and management to the capital is the focus of the reform of state -owned enterprise reform in 2019, which also constitutes the most iconic differences with the previous round of state -owned enterprise joint -stock system transformation.
Since the launch of a new round of state -owned enterprises in 2014, many researchers and practitioners who are concerned about the reform of state -owned enterprise have eager to understand. What should the overall situation of state -owned enterprises after the completion of the mixed reform should be like?From the limited cases of Tianjin North Trust, which has been completed in the first share of the mixed reform of the central enterprise and the representative of the mixed reform of the local state -owned enterprise, it is difficult for a reader with a rich imagination.Essence
On December 12, 2018, at the 2018 CCTV Finance Forum and the Summit of China Listed Corporation, Mr. Weng Jieming, deputy director of the SASAC, revealed that 65.2%of total assets and 61.7%of net assets have entered a listed company, with 61.2%operating incomeThe total profit of 87.6%comes from listed companies.If Mr. Weng is more concerned about the operating status of state -owned assets as officials as the SASAC, but I have seen the shadow after the completion of all state -owned enterprises from the state -owned listed companies he is concerned about.
Listed companies are undoubtedly the representative of excellent companies.In addition to business methods and management concepts, the governance structure of listed companies is to a large extent that they are currently actively pursuing the goals and efforts pursuing the mixed reform.
First of all, the introduction of war investment and completion of the mixed reform should be like a state -owned listed company in the equity structure. Not only the shareholders have state -owned assets, but also private capital, it is the product of capital socialization. Second, the enterprise after the completion of the mixed reform shouldLike a state -owned listed company, a board of directors that represent the interests of shareholders of all parties, major matters need to be approved by the shareholders' conference.
The private capital and its directors with clear profit motivation have become important forces to restrict the pursuit of private income and harm shareholders' interests; third, after the completion of mixed reforms, it will even introduce the neutrality of the interests from the outside, like a state -owned listed company.Pay attention to reputation, and at the same time, social elites with specialized knowledge such as legal accounting finance are supervised and consulting as independent directors.
Through the establishment and improvement of the governance structure above the company, the company's operating rights in the hands of professional managers will be effectively separated from the control of shareholders after the completion of the mixed reform.The efficiency of professional division of labor is improved.
In fact, it is the reason why Mr. Weng's state -owned listed companies have noticed the use of 61.7%of the current net assets that are currently 61.7%of net assets.The above facts also prove that state -owned enterprises are restructured and paths through the introduction of combat investment and capital socialization.It is in the above sense that Professor Cao Fengqi of Peking University refers to this round of mixed reforms as the re -departure of state -owned enterprise joint -stock system.
Therefore, for state -owned enterprises that are undergoing mixed reforms, a expected result is that by introducing war investment and capital socialization, the establishment and improvement of the above -mentioned corporate governance structure can be effectively separated from the management rights and control.The division of labor has brought efficiency improvement.
It is not the theme of Mr. Weng's speech, but a basic fact that cannot be ignored is that among listed companies, even state -owned listed companies with good performance among all central enterprises, overallState -owned listed company.We take the current situation of state -owned enterprises in 2014 when a new round of mixed reform was launched.
According to the Chinese Enterprise Federation and the Chinese Entrepreneurs Association released by the Chinese Enterprise Federation and the Chinese Entrepreneurs Association, of the 43 companies with losses, in addition to one private enterprise, state -owned enterprises have become the hardest hit areas.Although in recent years, the above -mentioned situation has been greatly improved with the support of the relevant policies of state -to -state assets, but in terms of the efficiency of input and output, it is still an indisputable fact that state assets lower than private capital.
So, how should the state -owned listed companies that have been socialized and seem to have completed the mixed reform should further find new efficiency improvements?
We noticed that some of the practices currently adopted in the mixed reform of state -owned enterprises in fact have in turn to become a aspect of learning and reference for state -owned listed companies.In order to realize the transformation from previous management and management enterprises to capital management, the Tianjin State -owned Assets Supervision and Administration Commission has formed a state -owned capital investment and operation company such as Jinlian, Jincheng, and Guoxing as the new regulatory target of state -owned assets.Relations of property rights.
Jincheng and other state -owned capital investment and operation companies will jointly participate in related corporate governance as shareholders with the introduction of war investment operating entities through mixed reforms.
Therefore, in the future, state -owned listed companies may gradually transform the controlling shareholders of listed companies from the original operating entity to state -owned capital investment and operation companies, just as the mixed reform of state -owned enterprises in Tianjin, and realize the transformation from previous management and management enterprises to capital management.Through the above reforms, the operating rights of state -owned listed companies will be more effectively separated from control.The efficiency of state -owned enterprises that establish a modern corporate system will be further improved, so that the purpose of the state -owned assets involved in investment will truly achieve the purpose of preservation and appreciation.
We have noticed that the China Central Economic Work Conference, which ended on December 21, clearly stated that it is necessary to accelerate the reform of state -owned enterprises and state -owned enterprises, adhere to the principles of separation of government and enterprises, separate political and social, and fair competition.The enterprise transformed into the capital of capital, reorganized a group of state -owned capital investment companies, and established a number of state -owned capital operating companies to actively promote the reform of mixed ownership.
We understand that the reform of the state -owned asset management system from previous management and management enterprises from previous management affairs and management enterprises to the state -owned assets management system will become the focus of the reform of state -owned enterprises in 2019.At the same time, it constitutes the most iconic difference between the mixed reform of state -owned enterprises and the previous round of state -owned enterprise joint -stock system.
In fact, Ms. Shen Ying, deputy director of the State -owned Assets Supervision and Administration Commission of the State Council, stated at the 80th anniversary of the China Resources Group on December 17, 2018 that China Resources Group will carry out pilots of state -owned capital operation and investment companies.
It is also worth noting that at the Central Economic Work Conference this year, it is clearly stated that in recent years, the principles of adhering to the separation of government and enterprises, separation of political and enterprises, and fair competition in the Central Economic Work Conference in recent years.
This shows to a certain extent that the relevant decision -making departments may have realized that this may be the key to the successful reform of state -owned asset management systems that have been transformed from previous management and management enterprises to capital transformation and improving the ability to maintain value for preservation of state assets.Of course, how to advance and develop the new Central Economic Work Conference deployment and guidance next year's new Central Economic Work Conference will remain further observed.
(This article only represents the author's point of view. Editor -in -chief email: [email protected])
