Recently, the news about the reform of state -owned enterprise reform and "Double Hundred Actions Andrdquo; Andrdquo; is very arrogant, and it feels like the reform of state -owned enterprises seems to have been doing it quickly."The thunderbolt heavy rain point is small Andrdquo;, the results of some state -owned enterprise reform even deviated from the original intention of reform, especially the most fierce and the most fierce" state -owned enterprise mixed ownership reform andrdquo; as a result, it became the "big platter Andrdquo;Essence
The starting point of the reform of the mixed ownership of state -owned enterprises is good. It is hoped that the state -owned enterprise's inefficient operations are restricted through the model of equity transfer and hybrid development.However, from the results of the reform operation, the quality of the assets of projects that have been mixed in various places in recent years are generally not high, and private capital is generally not enthusiastic. There are also many state -owned enterprises operating managers.After that, the road was unknown, and he watched it simply.
Recently, a new phenomenon has also appeared. After this round of private listed companies' major shareholders burst out, a number of new Andrdquo;Of course, a small part of the pockets of state -owned enterprises are active and active and "holding thighs andrdquo; most of them are unsuccessful.
At present, those who can pay money may be the institution of the state -owned assets. Most of the private enterprises are in high debt and high interest rate borrowing. This round of deleveraging seems to be these companies. Therefore, some major shareholders have good assets of debt crisis.It has become the goal of state -owned enterprises for holding holdings.Since the beginning of this year, various state -owned enterprises have become A -share companies' control of the transfer of market power.According to media statistics, in the first half of the year, the state -owned assets intended to participate or completed the control transactions involved 16 listed companies.From the perspective of the acquisition party, three are the State -owned Assets Supervision and Administration Commission of the State Council, two are local governments/institutions, and two are central institutions.
Of course, this is only a part. In fact, a large number of private listed companies have recently discussed the plan for controlling the transfer and liquidity rescue of state -owned enterprises. I believe that the data at the end of this year will be even more amazing.
Although deleveraging does not subjectively, there is no Andrdquo; and the intention of suppressing the private economy, but through the actual operation results of this round of deleveraging, the private economy and private enterprises will become the biggest victim.At high attention, many private listed companies will be controlled by state -owned state -owned enterprises, so that the active and active private economy will also fall into a strange circle of state -owned enterprises. Lack of incentive mechanisms will cause many listed companies to lose vitality again. This round may be in financial and financial "deleveraging" deleveraging "deleveraging"Andrdquo; picked up cheap, but if the management mechanism is not reforming, the more state -owned capital control, the weaker the vitality of the real economy.
In this way, the task of state -owned enterprise reform will be heavier. If it is not large and substantially promoted, and the dilemma of "National Jinmin retreats Andrdquo; and the inefficient operation of state -owned enterprises will become more and more serious. Now in order to break through this embarrassing situation,The State Council's State -owned Enterprise Reform Leading Group and the State -owned Assets Supervision and Administration Commission once again launched the State -owned Enterprise Reform and "Double Hundred Actions Andrdquo; and selected more than 100 central enterprises and more than 100 local state -owned backbone enterprises.
During the 2018Andmdash; comprehensively implementing the "1+NANDRDQUO; policy requirements for the reform of state -owned enterprises in 2020, advanced comprehensive reforms, and strived to achieve breakthroughs in key areas and key links in reform, creating a number of scientific and well -efficient operating mechanisms to create a number of governance structures and flexible operating mechanisms., Innovation capabilities and market competitiveness have significantly improved state -owned enterprise reform.
Judging from the list of Andrdquo, the "Double Hundred Actions Andrdquo; Double Hundred Actions Andrdquo;: First, listed companies (39 state -owned listed companies have announced the list of "Double 100 Enterprises Andrdquo; List).The pilot reform pilot Andrdquo; and other companies have also entered the list of dual -hundred actions; the third is that companies with difficulty in business are mainly about how to get rid of difficulties to solve historical problems.
If the state -owned enterprise reform and "Double Hundred Actions Andrdquo; can really get rid of the constraints of institutional mechanisms, work in operating efficiency, and improve the level of state -owned enterprise corporate governance, then state -owned enterprise reform can really see the results and fall into practice.In advance, these pilot companies should be encouraged to try boldly.
If you want to improve the corporate governance and improve the governance of modern enterprise enterprises, the best way is to transform all the state -owned shares of competitive state -owned enterprises to the growth period of priority shares, allow official entrepreneurs to withdraw from the business decision -making level, and use market -oriented incentives and constraints to restrict the restrictions and constraints.The mechanism to hire the best and most understandable outstanding professional managers to take care of the enterprise, let state -owned enterprises and state -owned assets reborn, and realize the management of state -owned enterprises from management enterprises to management, thereby avoiding the current prevailing and "layman management internal banks andrdquo;This is the right way for state -owned enterprise reform.
I have been calling for the introduction of the preferred shares system in the reform of state -owned enterprise, because the important feature of preferred shares is that it does not participate in the company's operating decisions. The characteristics of preferred shares in the U.S. subprime crisis have played a significant role in the United States. The United StatesWhen the government rescue AIG, in order to avoid the administrative intervention after nationalization, state shareholders only reflect the cost of investing funds in the country, and do not interfere with the company's private governance structure.Harm.
If China ’s preferred shares can make full use of this feature, the company’ s company governance of state -owned listed companies and listed central enterprises, and restrict Andrdquo, “State -owned shares, and the reform of state -owned enterprises.
I have suggested that if the Chinese stock market really wants to play the role of preferred shares, it may be first to transform the current state -owned shares of the current listed company into preferred shares, so that the organization of listed companies to appoint cadres to withdraw from the board of directors. State -owned shareholders enjoy the rights of preferred shares without interfere with the listing of listing.Corporate governance is the revolutionary measure of China's preferred stocks.Otherwise, the leaders of the listed state -owned enterprises and listed central enterprises are all the "official hats Andrdquo; and may not be qualified professional managers.In the face of business decisions and crisis, they often can't keep up with the rhythm.
State -owned shares will be transformed into preferred stocks to greatly improve the level of governance of state -owned enterprise companies. At present, it should be the best way to reform state -owned enterprise reform. It is nothing more than the redistribution of operating rights and ownership. It does not involve the loss of state -owned asset transfer.The efficiency can prevent some formal reforms and avoid selling state -owned assets.Therefore, under the current situation of poor regulations and supervision, the reform of state -owned enterprise should not be eager to rush to quickly privatize, avoiding becoming a feast for a few people to divide state -owned assets.
There is no doubt about the starting point of the reform of the mixed ownership of state -owned enterprises. They all hope that the development of state -owned enterprises will become better and better, and hopes that state -owned assets will be preserved and appreciated to bear more social responsibilities.However, if the reform is not thorough and the rush is rushing, the final result will inevitably contrary to the original intention.In fact, state -owned holding may not be synonymous with low efficiency. The key depends on how to operate.Taking the Hong Kong Metro Corporation as an example, although the government is highly controlled, the operation and operation of the MTR Corporation has become the only model for the world's underground railway.The benefits and radius of enterprises have not been affected by government holding.
Obviously, simple and fast privatization is not the only way for state -owned enterprise reform. Instead, China's state -owned enterprise reform must avoid rapid privatization like the former Soviet Union. Especially in the current situation of rights and wealthy capital, we pay too much attention to the mixing of equity.After that, it is likely to be a chicken feather.
Therefore, this time the state -owned enterprise reform and "Double Hundred Actions Andrdquo; Since you need to pilot it first, you may wish to carry out thorough reform and bold pilot. You should try to introduce preferred shares reform in the" Double Hundred Action ANDRDQUO;Corporate GovernanceFormulating reforms and avoiding sale of state -owned assets.Therefore, under the current situation of poor regulations and supervision, the reform of state -owned enterprise should not be eager to rush to quickly privatize, avoiding becoming a feast for a few people to divide state -owned assets.
There is no doubt about the starting point of the reform of the mixed ownership of state -owned enterprises. They all hope that the development of state -owned enterprises will become better and better, and hopes that state -owned assets will be preserved and appreciated to bear more social responsibilities.However, if the reform is not thorough and the rush is rushing, the final result will inevitably contrary to the original intention.In fact, state -owned holding may not be synonymous with low efficiency. The key depends on how to operate.Taking the Hong Kong Metro Corporation as an example, although the government is highly controlled, the operation and operation of the MTR Corporation has become the only model for the world's underground railway.The benefits and radius of enterprises have not been affected by government holding.
Obviously, simple and fast privatization is not the only way for state -owned enterprise reform. Instead, China's state -owned enterprise reform must avoid rapid privatization like the former Soviet Union. Especially in the current situation of rights and wealthy capital, we pay too much attention to the mixing of equity.After that, it is likely to be a chicken feather.
Therefore, this time the state -owned enterprise reform and "Double Hundred Actions Andrdquo; Since you need to pilot it first, you may wish to carry out thorough reform and bold pilot. You should try to introduce preferred shares reform in the" Double Hundred Action ANDRDQUO;The company's governance plays an important role in order to restrict state -owned stocks and provide useful institutional design for the reform of Chinese state -owned enterprises.
(The author is chief researcher at the Institute of Public Policy of the University of Foreign Economics and Trade. This article only represents the author's point of view. Editor -in -chief email: [email protected])
