The State-owned Assets Supervision and Administration Commission said on the 14th that in order to further strengthen the supervision and management of state-owned assets, effectively improve the efficiency of the operation and allocation of state-owned capital, and effectively prevent the loss of state-owned assets, the State-owned Assets Supervision and Administration Commission formulated documents on the study of strengthening the participation management of central enterprises and organized central enterprises to carry out self-examination and rectification. Standardize shareholding investment behavior.
In the next step, the SASAC will strengthen guidance and urging, promote central enterprises to continue to standardize equity investment, further improve the operating capacity and level of state-owned capital, and effectively promote the preservation and appreciation of state-owned assets.
State-owned enterprises comprehensively sort out the shareholding investment
In recent years, central enterprises have participated in joint ventures with various types of ownership enterprises in various ways such as equity participation, which has played an important role in improving the efficiency of the operation and allocation of state-owned capital and the development of mixed ownership economies.
Wu Qi, a senior researcher at Pangu Think Tank, told the First Financial Reporter that equity management of central enterprises is an important part of the reform of mixed ownership, which is conducive to improving the efficiency of the operation and allocation of state-owned capital and promoting the preservation and appreciation of state-owned assets. However, current equity management of central enterprises is in the investment direction There are unregulated and unclear issues in terms of cooperation partners, shareholding methods and participation in business management. In practice, it may cause the loss of state-owned assets.
Wu Qi said that one is that the relevant policies and regulations are unclear, especially in terms of investment direction, cooperation partners, shareholding methods and participation in management, etc., so that companies do not know how to invest, how to manage and how to retreat; second, the internal management of the company The internal control mechanism is not perfect, such as financial management and control, part-time management of the leadership, etc., resulting in problems such as unclear responsibilities and rights, and strict assessment and accountability, which in turn breeds job crimes and power rent-seeking.
In December 2019, the State-owned Assets Supervision and Administration Commission issued the "Notice on Matters Relevant to Central Enterprises' Strengthening the Management of Stock Participation", which puts forward standardized requirements for central enterprises to strengthen their participation in stock management from three aspects: standardizing equity investment, strengthening equity management, and strengthening supervision and accountability.
In order to ensure the implementation of relevant regulations, in March this year, the SASAC issued the "Notice on Doing a Good Job in the Self-check and Rectification of the Central Enterprise's Investment in Equity Investment", requesting the central enterprise to comprehensively review the investment situation of the equity investment, focusing on the direction of equity investment and the selection of equity partners , Key methods such as equity participation, equity management, and return on investment, etc., and complete self-examination and problem rectification on schedule.
At the same time, enterprises are required to perfect rules and regulations and establish and improve a long-term mechanism for shareholding management. All central enterprises attach great importance to strengthening organizational leadership, clarifying responsible departments, refining the division of tasks, strengthening the evaluation mechanism, and actively promoting self-examination and rectification.
Strictly control stock participation from the source
Since last year, the State-owned Assets Supervision and Administration Commission has regulated central enterprises to strengthen shareholding management. In terms of standardizing shareholding investment, it mainly puts forward strict requirements on the key links of main business investment, strict selection of cooperation partners, reasonable determination of shareholding methods, and improvement of decision-making mechanisms, and strictly controls shareholding behavior from the source.
In terms of strengthening the management of state-owned shares, the company puts forward targeted measures from performing shareholders' duties in accordance with the law, focusing on return on equity investment, strengthening financial management and control, standardizing property rights management, standardizing trademark management, and strengthening part-time management of leaders.
In terms of strengthening supervision accountability, it is required to establish and improve the internal control system, implement supervision responsibilities, strengthen supervision and accountability, and form a closed supervision loop.
The SASAC has drawn a number of red lines, for example, "Participation cooperation shall not be carried out in the form of fixed-share dividends and other 'named shareholding cooperation, actual borrowing and financing' means of shareholding and real debt". Partners with specific relationships among leaders of the controlling shareholder at the national level ", etc.
Central enterprises accelerate their exit from real estate
In the "Notice on Matters Related to Central Enterprises Strengthening the Management of Stock Participation", the SASAC once again required central enterprises to strictly control the direction of investment in the main business. Prohibited business such as real estate. This is regarded by the industry as a stricter "check-out order" for central enterprises.
The State-owned Assets Supervision and Administration Commission has emphasized many times before that strict control of the strategic planning of central enterprises, investment plan management and verification of non-main business investment control ratios, and resolutely prohibit central enterprises from illegally carrying out real estate and financial investments.
A few days ago, China State Grid and China National Aviation Corporation, two non-real estate main state-owned enterprises, announced their withdrawal from the real estate business. Non-real estate central enterprises engaged in the "zeroing" task of the real estate industry have taken a big step forward.
According to the news published on the website of the Central Commission for Discipline Inspection, the State Grid recently stated in a circular on the third round of inspections and improvements at the 19th Central Committee that it would stick to the main responsibility of the grid with a higher political position and be determined to withdraw from tradition The manufacturing and real estate businesses will resolutely complete the task of deepening the reform of collective enterprises on schedule.
China National Aviation Corporation stated in its circular on the third round of inspections and rectifications by the central government that it cleans up inefficient properties, withdraws from the real estate business, formulates and implements real estate disposal programs at home and abroad, and actively promotes real estate leasing and sales to further revitalize inefficient properties. Chengdu Southwest Airlines Real Estate Development Co., Ltd. has withdrawn from the real estate business through transformation.
Before the State Grid and China National Aviation Corporation, in fact, many central enterprises or large local enterprises have announced their withdrawal from the real estate business. Since the second half of 2019, China National Heavy Duty Truck, Shandong Gold, Yankuang Group, Shandong Expressway, etc. have been listed Transfer of real estate subsidiaries.
The State-owned Assets Supervision and Administration Commission pointed out that the next step would be to strengthen guidance and supervision, promote central enterprises to continue to standardize equity investment, further improve the operating capacity and level of state-owned capital, and effectively promote the preservation and appreciation of state-owned assets.
Author: sweet wish