The three-year action of state-owned enterprise reform enters the final year, and the system construction will usher in a wave of climax

  The interviewed experts believe that deepening the mixed reform, advancing the professional manager system of state-owned enterprises, and increasing the professional integration of state-owned enterprises will be important points of focus.

  Our reporter Du Yumeng

  A month ago, China Logistics Group came out; half a month ago, China Rare Earth Group, which has attracted much market attention, was established.

It can be said that in the first year of the "14th Five-Year Plan", the reorganization and integration of central enterprises gave the market a surprise.

Throughout the year, the reform of state-owned assets and state-owned enterprises delivered a dazzling report card, especially the successful completion of 70% of the three-year action target of state-owned enterprises reform, which provided a strong impetus for the high-quality development of state-owned enterprises.

  2022 is the most critical year for the reform of state-owned enterprises, and the three-year action will officially end.

The previous meeting of heads of state-owned enterprises clearly stated that the three-year action task of ensuring the reform of state-owned enterprises is basically completed before the 20th National Congress of the Party and fully completed by the end of this year.

  How to fight decisively and decisively win the three-year action of state-owned enterprise reform?

Industry experts interviewed by a reporter from the Securities Daily believe that deepening the mixed reform, advancing the professional manager system of state-owned enterprises, and increasing the professional integration of central enterprises will be important points of focus.

  Full bloom in many fields

  The construction of the board of directors becomes the biggest surprise

  In 2021, the reform of state-owned assets and state-owned enterprises can be described as full-blown in many fields. Among them, the "board building" is the most concerned in the industry.

  Wu Gangliang, a researcher at the China Enterprise Reform and Development Research Institute, said in an interview with a reporter from the Securities Daily that last year central enterprises made rapid progress in establishing a modern enterprise system and improving market-oriented operating mechanisms, including board building, managerial tenure system and contracts. These reform measures have been implemented and implemented quickly, and have achieved obvious results.

  Liu Xingguo, a researcher at the Research Department of the China Enterprise Confederation, told a reporter from the Securities Daily that in terms of board building, the state-owned enterprise group has established a standardized operation board of directors, and most of the second and third-tier subsidiaries have also completed the board building.

In addition, the board authorization has also made significant progress.

  The data from the SASAC is the best proof.

The reporter learned that at present, the central enterprises and 98.2% of their subsidiaries have completed their board of directors, more than 70% of group companies have established a board authorization system, and 89.9% of eligible second- and third-tier subsidiaries have achieved a majority of external directors.

  “System construction was a highlight of state-owned enterprises last year.” Zhu Changming, senior partner of Sunshine Times Law Firm and head of the State-owned Enterprise Mixed Reform and Employee Stock Ownership Research Center, said in an interview with a reporter from Securities Daily that China will be China in 2021. The year when the characteristic modern enterprise system is mature and finalized, especially the "Company Law of the People's Republic of China (Revised Draft)" promulgated at the end of last year, can be said to be a catalyst for the mature and finalization of the modern enterprise system with Chinese characteristics.

From the content point of view, it fully absorbed the reform results of state-owned enterprises and further upgraded relevant policies to the national legal level.

Among them, major changes have been made to the corporate governance structure, capital system, and senior management responsibilities to provide important legal support for the modern corporate system with Chinese characteristics.

  Zhu Changming also pointed out that at present, although most of the state-owned enterprise board of directors have been fully established, the implementation of the board of directors' powers, the establishment of the board of directors system, and the evaluation of directors are still relatively lagging behind.

Therefore, it can be expected that the construction of a modern enterprise system with Chinese characteristics will continue to expand in depth, and efforts will be made to enhance effectiveness on the basis of consolidating norms.

It is expected that in 2022, state-owned central enterprises will make further efforts to build a professional, responsible, standardized and efficient board of directors.

  In fact, strengthening the board of directors is not only an important part of improving the corporate governance structure of state-owned enterprises, but also the focus of the work of the State-owned Assets Supervision and Administration Commission in recent years.

The reporter noticed that the meeting of heads of central enterprises emphasized the need to "build a professional, responsible, standardized and efficient board of directors" when deploying key tasks for central enterprises in 2022.

  Wu Gangliang said that after the board of directors should be fully established, the next step is to implement the board of directors' powers.

  Reorganization and integration of central enterprises

  Good news

  With the continuous advancement of the three-year reform of state-owned enterprises, since 2021, the strategic restructuring, professional integration and related mergers and acquisitions of central enterprises have pressed the "fast forward button."

  For example, the implementation of the reorganization of the "Industrialization and Industrialization", the merger of China Putian into China Electric Power, Anshan Iron and Steel "hand in hand" Benxi Iron and Steel, and China National Building Materials accelerate the integration of cement sector business.

The newly formed China Satellite Network Group Co., Ltd., China Electric Equipment Group Co., Ltd., China Logistics Group Co., Ltd. and China Rare Earth Group also made their appearances.

  From the perspective of mergers and acquisitions, according to statistics from Flush Shun iFinD, 861 mergers and acquisitions involving state-controlled listed companies were excluded during the whole year of last year.

Of these, 278 have been completed and 583 are in progress.

  "On the whole, the reorganization and integration of central enterprises in 2021 will have the following three characteristics." Liu Xingguo said, first, there is a larger increase in number than in previous years; second, more specialized integration is selected in terms of methods; third, no stickiness Yu simply did "subtraction", but formed a group of new central enterprise groups at the right time.

  Talking about how the reorganized "new central enterprises" can achieve high-quality development, Qiao Mo, head of the KPMG State-owned and State-owned Enterprise Reform Service Center, said in an interview with a reporter from the Securities Daily that the reorganization and integration of central enterprises is only the first step. Integration plans, staffing and incentive mechanisms, capital management and use planning, etc., are the core power points that the “new central enterprises” need to pay close attention to, plan ahead, and put them in place. The clarity, enforceability and efficiency of related measures will become The key details that affect the restructuring of central enterprises.

  It is worth mentioning that, as an important part of the three-year reform of state-owned enterprises, the optimization and structural adjustment of state-owned assets will still be the focus of the work of the State-owned Assets Supervision and Administration Commission in 2022, and this is obviously inseparable from the reorganization and integration of state-owned enterprises.

  For example, the State-owned Assets Supervision and Administration Commission proposed that in 2022, it is necessary to deepen the integration of cross-industry, cross-field and cross-enterprise specialization, and strengthen the construction of collaborative development platforms such as offshore equipment, new energy vehicles, industrial Internet, logistics big data, and air cargo.

  In this regard, Liu Xingguo said that the reason for choosing the above-mentioned fields is that, on the one hand, objectively, many central enterprises have invested in these fields, resulting in a relatively scattered business, there is a more prominent phenomenon of repeated investment, and it is difficult to reflect the effect of economies of scale; On the other hand, the above-mentioned fields urgently need to accelerate development and accelerate the construction of international competitive advantages, and the current situation of decentralized investment development obviously cannot meet this requirement.

  In general, Liu Xingguo believes that the future professional integration of central enterprises may not only be confined to the formation of new central enterprise groups after the divestiture of similar businesses, but may take the form of building strategic alliances of enterprises.

  In Wu Gangliang's view, the effective way to promote the transformation and upgrading of traditional industries is to build a coordinated development platform, integrate industrial resources for core enterprises and regional economies, create an industrial ecological chain, and build an economic community.

At present, the central enterprises in the fields of offshore equipment, new energy vehicles, industrial Internet, logistics big data, air freight and other fields are large in scale and long in industry chain, and they can better play the leading role of "long supply chain".

  The final year of the decisive battle

  The reform effort is clear

  Since the start of the three-year action for the reform of state-owned enterprises in 2020, both the advancing strength and the organization method have been very different from the past.

In the words of State-owned Assets Supervision and Administration Commission Party Committee member and Secretary-General Peng Huagang, the reform of state-owned enterprises is no longer a partial reform, but a comprehensive reform. The reform measures are not independent of each other, but are interconnected and linked.

  Liu Xingguo said that this year, as the final year of the three-year reform of state-owned enterprises, it is necessary to further consolidate the reform achievements that have been made, and to focus on the pain points, difficulties, and obstacles of the previous reforms.

From the specific point of view, the focus is on the following five aspects:

  The first is the deepening of the mixed reform, including the innovation of mixed reform methods and paths, the exploration of the boundary of the equity transfer ratio, the exploration of the national special share system, the exploration of the internal reform of mixed reform enterprises, and the establishment of a differentiated supervision model for mixed reform enterprises; The steady advancement of the professional manager system of state-owned enterprises, that is, in a broader scope, the status of the state-owned enterprise's responsible person is transformed into a fully market-oriented professional manager; the third is the construction of a diversified incentive mechanism to achieve market-based incentives for the state-owned enterprise's responsible person The fourth is to accelerate the establishment of state-owned capital investment and operation companies, and use this as a starting point to further promote the merger and reorganization of state-owned enterprises; fifth, the steady advancement of state-owned asset securitization, to create more high-quality state-controlled listed companies.

  Zhu Changming believes that the focus of the reform of state-owned enterprises in 2022 will mainly focus on building a modern enterprise system with Chinese characteristics and stimulating the vitality and efficiency of state-owned enterprises. The former is the source of power for the latter.

It can be expected that with the promulgation of the new company law, the construction of the state-owned enterprise system will usher in a wave of climax, that is, the new company law and the important requirements of state-owned enterprise reform will be incorporated into the company’s articles of association and the corporate system to achieve the conversion of the old and new systems, so as to build China Significant results have been achieved in the characteristic modern enterprise system and the improvement of enterprise vitality and efficiency.

  "Securities Daily" reporter was informed that in order to further evaluate, test and strengthen the implementation of the three-year action of state-owned enterprise reform, in the first quarter of this year, the SASAC will conduct the first assessment of the progress of the key reform tasks of central enterprises as of the end of 2021, and will conduct the Conduct a second evaluation.

(Securities Daily)