Zheng Zhigang: The seal of the authorization list provides an opportunity for us to understand the relationship between state -owned enterprises mixed and reform.Only mix can be released at ease; only mixing can achieve the true change of state -owned enterprises.
In early June 2019, as an important measure to promote the mixed reform of state -owned enterprises, the State -owned Assets Supervision and Administration Commission of the State Council issued a list of authority authorized decentralization (2019 edition).This list incorporates the mixed reform plan and equity incentive plan of the central enterprise into the scope of authorization and decentralization list, and supports enterprises affiliated with central enterprises in accordance with market -oriented vocational managers. The salary of the corresponding subsidiaries is determined by the corresponding subsidiaries.
Although this is only the authorization and decentralization of the State -owned Assets Supervision Commission to its direct state -owned enterprise, it is essentially to return part of the board of directors that originally belonging to the shareholders and its entrustment to the shareholders and its board of directors.Therefore, I tend to understand the issuance of the list as the opening of the return of the power of state -owned enterprise reform.It is undoubtedly a positive significance for promoting a new round of state -owned enterprise mixed reform.So why do we say that the listing of the list has opened the road to the return of state -owned enterprise reform to a certain extent?
First of all, the return of the power of shareholders behind authorization to decentralization highlights the principle of matching the responsibility of the modern enterprise system.The reason why an investor is willing to save his own food and shrink food is to invest in a strange company of the manager who is not familiar with Pharaoh, because the company made the investor to the investor to become the shareholder and enjoy the owner's equity to the owner's equity.The solemn commitment.According to the 2016 Nobel Prize winner, Professor Hart of Harvard Hart, as an owner, shareholders have the right to make a final decision on the form of collective voting of major issues such as asset reorganization and strategic adjustment, but on the other hand, they needThe amount is limited to the limited liability for the wrong decision.The former is called the surplus control, and the latter is called the remaining claiming right.
The reason why shareholders can have a final decision on major issues is obviously because their capital contribution can participate in themselves and may make corresponding responsibilities.The matching of power and responsibility has become the basic principles that need to be followed by the domestic production right arrangement of the modern enterprise system, and the authority of the shareholders to become the company's governance in the company's company is the implementation and manifestation of this principle.
The issue of the list means that the approval of the state -owned assets commission that was originally used as the state -owned assets supervision authorities to be approved by the SASAC on the mixed reform plan and the equity incentive plan of the manager, and gave it toDirect enterprises directly).In the future, further authorization will not be ruled out, so that it will return to the possibility of governing the authoritative shareholders of the company.
Secondly, the authority authorized by the SASAC to reflect the principle of information symmetry in the modern enterprise system.The issued list supports enterprises affiliated with central enterprises in accordance with market -oriented vocational managers, emphasizing that their salary is determined by the corresponding board of directors.This is easy to understand. For different enterprises with different market structures in the industry, different enterprises, and different performances, and different performances, if the manager's salary is formulated uniformly to the regulatory authorities to complete, the only result can only be a one -size -fits salary limit.The result of a one -size -fits -all salary of state -owned enterprise executives many years ago not only led to the loss of some state -owned enterprise talents, but also became the root cause of the system of lazy administration and mediocre phenomenon of some state -owned enterprises.
A board of directors that are effective and effective for managers' incentives and effective compensation is obviously scientifically handed over to the board of directors that are more symmetrical to the information.And ignoring the reasonable use of local information, it will inevitably lead to a fatal arrogance (Hayek).
Third, the authorization of the SASAC authorized the decentralization of the state -owned enterprise to a certain extent reflects the principle of professional division of labor in the modern enterprise system to a certain extent, which is conducive to the transformation of the state -owned assets management system from management affairs and management enterprises to management.
The rise of modern joint -stock companies characterized by the separation of ownership and operating rights, due to the realization of the professional division of labor between the shareholders' risk sharing and the professional decision -making of professional managers, it has greatly improved management efficiency and became human wealth.One of the important reasons for rapid growth in the past few centuries (Bartler).Although the separation of ownership and operating rights will bring the agency conflict between shareholders and managers, but on the issue of the relationship between ownership and operational rights, a correct attitude is obviously how to realize the socialization of capital socialization and the manager's occupation.The efficiency improvement and reduction of the cost of agency costs brought by the specialization of the division of labor between theization, so that the ownership and operational rights are effectively separated, rather than blindly strengthening control, and even controlling control.
Therefore, on the one hand, the listing and issuance will perform the conditions for investor management of capital management mechanisms such as the major shareholders of the SASAC as the major shareholders of the SASAC as the major shareholders of the subsidiaries and other shareholders.On the other hand, the SASAC was relieved from a large number of tedious administrative approval, focusing on the supervision of state -owned assets and the guidance of the industrial layout, and realized the preservation and appreciation of state -owned assets.Therefore, authorization and decentralization are conducive to the SASAC and central enterprises, and then the professional division of labor between the central enterprises and subsidiaries will help the state -owned asset management system from the management system from management affairs and management enterprises to management capital.
We noticed that authorization and decentralization were not the first time in the past forty years of state -owned enterprise reform.The original state -owned enterprise contracting system was promoted layer by layer at the guiding ideology of decentralization.Based on past experience, decentralization often falls into a strange circle when it is released, and finally has to return to the state of receiving rights in a chaotic and messy.In fact, it is also the concerns of the actual decision makers of some state -owned enterprise reform policies in the promotion of relevant policies.
So, how can we truly jump out of the above strange circle in a new round of authorization?
At present, it is actively promoting the introduction of private capital background war investments to carry out mixed reforms to jump out of the above strange circle.The fighting investment introduced by the mixed reform is firstly the risk shared by the risk of errors.After the introduction of the war, the risk shared between shareholders including war investment.In this way, the past decision -making errors had to be buried by fiscal subsidies from taxpayers in the end, making the original softened budget constraints gradually hardened.The governments faced by the state -owned enterprises under Father -in -law and the soft constraints of budget soft constraints have long been widely criticized by the theoretical circles, and even have become the focus of recent Sino -US trade war.Secondly, the power balance formed by the formation of combat investment has become an important error correction mechanism for making wrong decisions.The profit -making investment and its appointed director representatives will prevent the business decisions that will prevent the major shareholders from making their own interests that may be damaged.The above -mentioned measures may in turn protect state -owned assets that also need to be protected.
China Unicom, which completed the mixed reform, provides a possible logical example for us how to understand how to jump out of the above -mentioned monster circles through the introduction of war investments in the new round of authorization decentralization.Unlike the list authorized Unicom Group to approve the equity incentive plan of China Unicom, China Unicom, which is the first of China Unicom's mixed reform, its actual equity incentive scheme is under the guidance of the SASAC as the last puzzle of Unicom's mixed reform.Evaluated carefully.The list of natural concerns is that if the equity incentive plan is authorized to Unicom Group, it will be introduced to the uniform equity incentive scheme, which will even lead to the excess salary phenomenon of managers, and the damage includes the interests of shareholders, including Unicom Group.In order to increase the authorization of state -owned enterprises' vitality, the right circle was once again chaotic, and it was a strange circle of dying.
Let's imagine that if the above -mentioned decision -making is completed by the Unicom Group and the introduced Batj introduced by the mixed reform, then what may be?
We will see that BATJ, which has a clear profit -making motivation, will first support it, instead of opposing Unicom Group's equity incentive plan for incentive management and major employees.Because they naturally understand that although they seem to pay high salary to management and major employees, they will inspire full management and employees to create greater value for enterprises and bring more returns to investors.And these will far exceed the payable expenses paid.Second, BATJ and its assigned board barrierThe unreasonable equity incentive plan that the Unicom Group may put forward.That's not because this plan will harm Unicom Group and the interests of state -owned assets, but because it will harm their own interests.And I understand that even if there is a complex competitive relationship between BATJ and the complex of Yu Liang, I firmly believe that in the issue of preventing the phenomenon of excess salary in the manager's excess salary that prevent Unicom Group, they will stand firmly togetherEssence
Therefore, for the problem of how to decentralize the right to decentralization, avoid being chaotic when it is released in the past, the strange circle of death as soon as it is died. Based on the previous analysis, I think a possible idea may be to combine the decentralization with the mixed reform.On the one hand, it is issued by the list to give central enterprises as the actual responsible person in charge of capital that originally belonged to the power of shareholders, and better reflects the basic principles of modern enterprise system power responsibilities, information symmetry, and specialized division of labor.On the other hand, by introducing the mixed reform of the civil capital background, the power balance and error correction power of the central enterprises as the main shareholders are formed, so as to avoid the strange circle of chaos in the past, it will die.
For the relationship between the current practical community and the theorist's disputed state -owned enterprises, the seal of the authorization list provides an opportunity for us to understand the relationship between the two from a new perspective.That is, only by mixing can we rest assured; only mixing can finally realize the real changes of state -owned enterprises.
