The "construction drawing" has been drawn to "verify" the state-owned enterprise reform action in the capital market
Du Yumeng, the report group of the two sessions of our newspaper
From 2012 to 2021, behind the seemingly simple change of year numbers, the reform of state-owned enterprises is continuing and deepening.
After studying the government work report for ten years, we can find that the work related to the reform of state-owned enterprises is mentioned every year. Among them, the mixed ownership reform, which is regarded as the breakthrough point of the current round of state-owned enterprise reform, has also been "topic" six times.
On March 5th, Premier Li Keqiang of the State Council pointed out in his government work report that "the three-year action for the reform of state-owned enterprises shall be implemented in depth, and state-owned capital and state-owned enterprises shall be strengthened and optimized. The reform of mixed ownership of state-owned enterprises shall be deepened."
At the same time, the "Fourteenth Five-Year Plan for the National Economic and Social Development of the People’s Republic of China and the Outline of Long-Term Goals for 2035 (Draft)" submitted to the National People’s Congress for review and discussion this time also emphasized that “playing the strategic supporting role of the state-owned economy and promoting the state-owned economy Further focus on functions such as strategic security, industry leadership, national economy and people’s livelihood, and public services, adjust and revitalize existing assets, optimize incremental capital allocation, concentrate on important industries that are related to national security and the lifeline of the national economy, and provide public services, emergency capacity building, and public welfare The concentration of important industries related to the national economy and people’s livelihood, and the concentration of forward-looking strategic emerging industries".
Many representatives of the National Committee of the People’s Republic of China and the National Committee and experts in state-owned enterprise reforms interviewed by a reporter from the Securities Daily believe that while the reform of state-owned enterprises is steadily advancing along the road map, it can further utilize the resource allocation function of the capital market to achieve higher quality reforms. aims.
State-owned enterprise reform and the quality improvement of listed companies resonate
Mixed reform and listing as a "small target"
"With the acceleration of the reform of the national railway enterprise shareholding system, the Beijing-Shanghai High-speed Railway Company and the Tieke Railroad Company have been successfully listed, becoming the'China High-speed Railway No. 1 Share' and the'National Railway Science and Technology Innovation Board No. 1 Share'. The broad masses of people not only enjoy it. The travel convenience brought by high-speed rail, and the benefits of high-quality assets of high-speed rail can be shared from the capital market." During the National People’s Congress and National People’s Congress, National Railway Group Chairman and Party Secretary Lu Dongfu told the “Securities Daily” reporter that in the future, China National Railway Group Will continue to deepen the reform of national railway enterprises.
Liu Xingguo, a researcher at the Research Department of the China Enterprise Confederation, said in an interview with a reporter from the Securities Daily that at present, through the continuous advancement of state-owned and state-owned enterprise reforms in the early stage, the vitality of state-owned enterprises as a whole has been significantly improved, their competitiveness has been significantly enhanced, and their operating efficiency has been significantly improved. Significantly improved.
A large number of high-quality state-owned enterprises, especially those that have been reformed, have the basic conditions to enter the capital market.
The status and role of state-controlled listed companies in the entire state-owned enterprises can be said to be "high-end students" and "basic".
Analyzed from this perspective, listing should be a new force for high-quality state-owned enterprises to promote mixed reforms or secondary mixed reforms, and it is also one of the important ways to realize mixed reforms.
It is worth mentioning that the “Opinions on Further Improving the Quality of Listed Companies” issued by the State Council in October last year specifically mentioned that “encourage and support the listing of pilot enterprises for mixed ownership reforms” and “support state-owned enterprises to carry out mixed ownership reforms relying on the capital market”. .
Zhang Yichen, a member of the National Committee of the Chinese People's Political Consultative Conference and chairman and CEO of CITIC Capital Holdings Co., Ltd., said in an interview with a reporter from the Securities Daily that state-owned enterprises can use the capital market to achieve mixed-ownership reform and listing or further promote mixed-ownership reform. Development and financing needs, on the other hand, relying on the capital market to promote mixed ownership reforms and further optimize systems and mechanisms is undoubtedly an important way to stimulate the vitality of state-owned enterprises.
With the deepening of the reform of state-owned enterprises, the subjective initiative of the capital market for mixed-use reforms is also increasing. On the one hand, it is reflected in the state-owned enterprises actively "embrace" A shares. On the other hand, it is also reflected in the state-controlled listed companies relying on capital. The market stage has once again deepened the reform of mixed ownership.
Flushing iFinD statistics show that as of March 8, there are 1,253 state-controlled listed companies in A-shares, and since January 1, 2012, a total of 251 state-owned enterprises have successfully landed in the A-share market.
Among them, there were 30 companies last year alone, and 7 companies have successfully listed on the market since the beginning of this year.
"Listed companies have become the main carrier of the mixed reform of central enterprises, which has effectively promoted the complementary advantages and mutual benefit of various ownership capitals," said Hao Peng, director of the State-owned Assets Supervision and Administration Commission of the State Council, at a press conference of the State-owned Assets Supervision and Administration Office on February 23.
Of course, not only the state-owned enterprises, but for the entire state-owned enterprises, as a concrete construction drawing for the implementation of the “1+N” policy system and top-level design of the state-owned enterprise reform in the next three years, despite the "Three-year Action Plan for State-owned Enterprise Reform (2020— 2022)” (hereinafter referred to as the “Plan”) did not propose specific indicators for the securitization rate of state-owned enterprises. However, according to the relevant person in charge of the State-owned Assets Supervision and Administration Commission of the State Council, the “Plan” has clearly stated that The various reforms carried out by the listing include the active and steady advancement of mixed ownership reforms.
Zhang Chunxiao, a researcher at the Central Party School (National School of Administration), said in an interview with a reporter from the Securities Daily that from the perspective of the state-owned assets supervision department, increasing the capitalization rate of state-owned enterprises can promote the supervision of state-owned assets to manage assets, personnel, and affairs. The “three-management approach” has been accelerated to a regulatory approach that focuses on capital management and strengthens the supervision of state-owned assets.
Second, it can speed up the pace of market-oriented supervision and state-owned capital operation, and then give play to the core functions of state-owned capital operation companies and state-owned capital investment companies.
Third, it is possible to better adopt a market-oriented operation method to increase the decentralization and authorization of state-owned enterprises under supervision.
The capital market obviously plays an important role in increasing the securitization rate of state-owned enterprises.
Zhang Lichao, a senior researcher at Guosen Securities, analyzed in an interview with a reporter from Securities Daily that “state-owned enterprises can use the capital market to optimize their debt structure and increase the proportion of state-owned assets securitization; in addition, they are introducing strategic investors and social capital, and promoting mixed ownership reforms. In the process of promoting the overall restructuring and listing, the efficient, standardized and transparent capital operation mechanism of the capital market can also be used to force the improvement of corporate governance and its own quality."
The layout of the industrial chain of state-owned enterprises is at that time:
Play the "1+1>2" effect
"After the reorganization of COSCO Group and China Shipping Group, not only the line products are enriched, but the number of customers is also larger. As a comprehensive logistics supply chain service provider with a doubled volume, it also has a better scale advantage in business negotiations." The employee who worked in the customer service department of China Shipping Group before the reorganization said in an interview with the "Securities Daily" reporter during the two sessions this year that she had witnessed the reorganization process of COSCO Group and China Shipping Group. As a result, her job position has changed from customer service to route management. .
The capital market is a key platform for the implementation of the reform of state-owned enterprises, and it also provides an opportunity for the merger and reorganization of state-owned enterprises.
Dong Zhongyun, chief economist of AVIC Securities, told the "Securities Daily" reporter that an important direction for the optimization and structural adjustment of the state-owned economy is for state-owned enterprises to strengthen their layout in the industrial chain, key links of the supply chain, and mid-to-high-end areas.
Relying on the capital market to provide financing support for mergers and acquisitions is an important means for state-owned enterprises to accelerate resource integration and promote layout adjustment.
“Securities Daily” reporter learned from Poly Group that Xu Niansha, member of the National Committee of the Chinese People’s Political Consultative Conference, Secretary of the Party Committee and Chairman of China Poly Group Co., Ltd., also mentioned in the “Proposal on Promoting the Multi-Innovative Application of Silk to Help Build a Domestic Big Cycle”. Can be reorganized".
Xu Niansha suggested setting up a silk industry fund to provide new momentum for development.
The diversified and innovative development of the silk industry requires financial support and the guidance of leading companies.
It is suggested that under the guidance and financial support of the national authorities, the China Silk Group, the only central enterprise in the silk industry and the only national brand, should play the main role and take the lead in establishing the "China Silk and Sericulture Industry Fund" to promote the development of the silk industry with financial empowerment. Reorganization and integration, innovation integration and high-quality development.
Peng Huagang, Secretary-General and Spokesperson of the State-owned Assets Supervision and Administration Commission of the State Council, previously disclosed that during the 13th Five-Year Plan period, the State-owned Assets Supervision and Administration Commission accelerated the optimization and structural adjustment of state-owned capital. The number of state-owned enterprises and the number of state-owned enterprises at the end of the "12th Five-Year Plan" has been adjusted from 106 at the end of the "12th Five-Year Plan" to 97 at present.
In general, the results of the restructuring are very obvious.
Data shows that the mergers and acquisitions of state-owned enterprises in the A-share market continue to be active.
According to data from Flush iFinD, since last year as of March 8 this year, a total of 2,828 company mergers and acquisitions have occurred in the A-share market.
From the perspective of the nature of the company, since 924, it has been a state-controlled listed company at all levels.
In addition, since the beginning of this year, there have been 128 mergers and acquisitions and reorganizations of state-controlled listed companies at all levels, 15 of which have been completed and 113 are in progress.
Dong Zhongyun believes that the three-year action plan for the reform of state-owned enterprises lists “promoting the optimization and structural adjustment of state-owned capital, focusing on the main responsibilities and main businesses, and improving the efficiency of state-owned capital allocation” as one of the eight key tasks, which will ensure the completion of the three-year plan of state-owned enterprise reform this year. Driven by the goal of over 70% of the task, state-owned enterprise mergers and acquisitions, as an important measure to deepen the reform of state-owned and state-owned enterprises, adjust and optimize the structure of state-owned and state-owned enterprises, are expected to be further accelerated.
For the capital market, the implementation of mergers and acquisitions is one of the most basic and core functions of the capital market. Mergers and acquisitions are an important means to promote the optimal allocation of resources and realize the survival of the fittest.
Talking about how the future state-owned enterprises will use capital operation to realize the layout in the key links of the industrial chain supply chain and mid-to-high-end areas?
Dong Zhongyun believes that qualified state-owned enterprises should accelerate their own securitization level and use the capital market to introduce market capital.
At the same time, measures such as capital market mergers and acquisitions can be actively used to promote the integration of state-owned and private capital, and the effect of "1+1>2" can be exerted through strong alliances.
Tao Jin, deputy director of the Macroeconomic Research Center of the Suning Financial Research Institute, also told a reporter from the Securities Daily that on the one hand, the SASAC should be used as the coordinator, and its investment companies can select appropriate key enterprises in the industry chain for mergers and acquisitions in the capital market. , Invest or cooperate, and form synergy between the upper and lower industrial chains and regional operations with brother companies.
On the other hand, state-controlled listed companies should actively introduce strategic investors, including private enterprises, to absorb more enterprises’ experience and advantages in industrial chain operations.
Sample of capital market for mixed reform:
Two or two-way "marriage" has become a trend
Every time I recalled China Gold’s successful listing in February this year, a party staff member of the company couldn’t help but sigh: “This road is not easy.”
Chen Xiongwei, party secretary and chairman of China National Gold & Jewellery Co., Ltd., said that listing is not a stoppage, but a gas station.
China Gold will take the opportunity of listing to continue to play its leading role as a pioneer in the mixed reform of state-owned enterprises, forge ahead in the "14th Five-Year" journey, and continue to deepen reforms to demonstrate new achievements and make new contributions in the three-year reform of state-owned enterprises.
In recent years, as the mixed reform of central enterprises and state-owned enterprises has accelerated into the fast lane, the capital market has also played an increasingly important role.
For example, for unlisted state-owned enterprises, the use of mixed reform to achieve A-share listing has become a "road."
Chen Derong, Secretary of the Party Committee and Chairman of China Baowu Iron and Steel Group Co., Ltd., publicly stated last year that China Baowu will vigorously promote the reform of mixed ownership.
In the next three years, all first-tier subsidiaries of China Baowu, except those that have been assessed for special purposes, will be listed on the mixed reform, otherwise the qualifications of the first-tier subsidiaries will be cancelled.
Zhang Lichao said that at this stage, my country is in a critical period of transforming its development mode, optimizing economic structure, and transforming growth momentum. State-owned enterprises must play a leading and exemplary role in crossing the barrier and moving towards high-quality development.
With this year's government work reports and related central enterprises and state-owned enterprises successively putting forward the "KPI" indicators for promoting the listing of state-owned enterprises, this obviously indicates that the listing of state-owned enterprises has become another key means of this round of state-owned enterprise reforms.
In addition to listing, a reporter from the Securities Daily found that, driven by the reform of mixed ownership, the corporate nature of some listed companies is also changing.
According to Wind statistics, based on the actual date of occurrence, a total of 327 listed companies changed their actual controllers last year. Among them, many private enterprises "transformed" into state-owned enterprises.
In addition to the integrated development of private and state-owned enterprises promoted by the mixed reform, the reporter noted that in order to further promote the deepening of the reform of state-owned enterprises, improve quality and efficiency, the Shanghai SASAC proposed earlier to support and guide state-owned shareholders with a higher proportion of shares. State-controlled listed companies have introduced strategic investors as important active shareholders to participate in corporate governance, and implemented the "secondary mixed reform."
Pang Ming, chief economist and chief strategy analyst of Huaxing Securities (Hong Kong), said in an interview with a reporter from the Securities Daily that whether it is a "secondary mixed reform" or a "two-way mixed reform," the introduction of high matching, Strategic investors with a high sense of identity and high synergy, as important corporate shareholders, make full use of diversified capital sources, diversified investment portfolios and risk and benefit sharing mechanisms, which are conducive to the establishment and improvement of corporate governance systems and modern corporate systems And market-oriented mechanisms, strengthen asset revitalization, resource integration, structural restructuring, and value management, enhance corporate vitality and decision-making efficiency, promote deepening reform of state-owned enterprises, improve quality and efficiency, and promote further innovation in state-owned enterprise management and state-owned assets management systems.
"Mixing" refers to changes in the ownership structure, and "reforms" refers to the improvement of governance structure.
When talking about the "reform" of the next stage of mixed reform of state-owned enterprises, Liu Xingguo believes that the first is to speed up the improvement of corporate governance and management, and establish a modern state-owned enterprise system with Chinese characteristics; the second is to deepen the "three items" System reform” to optimize the internal incentive and restraint mechanism; third is to deepen the reform of the board of directors’ authorization and accelerate the implementation of the market-based appointment and professional manager system; the fourth is to accelerate the adjustment of capital distribution structure and industrial structure to improve asset quality; the fifth is to build enterprises suitable for mixed reforms A new model of state-owned capital supervision with new characteristics.
(Securities Daily)