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New mode and concept of state-owned capital operation: implement policies according to enterprises and industries

Time : 07/12/2021 Author : 0fe4uh Click : + -
        At the current stage, the corporate governance of state-owned enterprises is facing the lack of substantive management of capital, especially the supervision and management of mixed reform enterprises still use the traditional system type, which restricts the further promotion of the reform of state-owned enterprises. It is necessary to deepen the reform of mixed ownership of state-owned enterprises, promote the improvement of modern enterprise system, improve the allocation and operation efficiency of state-owned capital, and realize the preservation and appreciation of state-owned assets. Local state-owned enterprises continue to sum up experience from practice, deeply study the key issues in the reform of local state-owned assets system, closely focus on the two reform themes of "improving the state-owned assets management system based on capital management" and "transforming the management mechanism of state-owned enterprises by developing mixed ownership economy", and propose to build an investment and financing platform in the mode of "mixed reform + fund", through the establishment of mixed ownership enterprises, As well as the establishment of private equity funds to open up a new situation of state-owned capital management and open up new channels for the transportation industry to invest and finance in the capital market.
        The significance of the mixed ownership reform of state-owned enterprises is to solve the problem of the aging mechanism of enterprises at the present stage, effectively regulate the market, promote the effective mechanism transformation, and enable the development of large enterprises with competitive strength in China. At the same time, we should pay attention to the revitalization of the value of state-owned capital, constantly improve the allocation and operation efficiency of state-owned capital, maintain the steady improvement of the state-owned economy, pay great attention to the mutual promotion, mutual integration and common development of state-owned capital and non-state capital, stimulate the synergy of resources, and accelerate the improvement of the socialist market economic system. The reform of state-owned assets and state-owned enterprises focusing on the mixed reform can not only promote the continuous improvement of the income of state-owned capital and realize the further breakthrough of the market-oriented operation mechanism, but also realize the transformation of state-owned enterprises from passive operation to independent operation, improve the corporate governance system, significantly reduce the direct allocation of resources by the government, and truly establish the fundamental policy for the formation of the dominant position of state-owned enterprises in the market.
        Transportation infrastructure industry has always been a basic, service-oriented, guiding and strategic industry in the national economy. The report of the 19th CPC National Congress clearly proposed to build a transportation power. The government loan repayment Expressway accounts for a large proportion in the asset structure of the transportation industry. For a long time, the government loan repayment Expressway sector debt caused by the mode of "loan road construction, fee repayment" has been too high, resulting in the high asset liability ratio of the group company, which has always been in a passive situation with great pressure on capital repayment. As the overall profit of the expressway sector is not enough to repay the principal and interest at present, the original liabilities still need to be maintained by "borrowing the new for the old", and the interest payment needs to be guaranteed by adding new liabilities. The debt pressure is increasing, entering a vicious cycle of "rising debt - loan repayment - rising debt".
        With the transfer of the government loan repayment Expressway from the government to state-owned enterprises, the debt subject has also changed from local government debt to pure enterprise debt. Due to the change of the financing subject, although the debt subject is a state-owned enterprise, for creditors such as financial institutions, from the perspective of national policies and regulations, there is no implicit guarantee from the local government. The increase of the risk level will inevitably reduce the scale of credit to state-owned enterprises and increase the loan interest rate accordingly, resulting in the risk that the original debt of the transportation industry cannot be renewed after maturity. The revenue source of transportation infrastructure industry is mainly highway toll revenue, and the increase of toll revenue is affected by regional economy, transportation cost, vehicle flow and other factors, which requires a long cultivation time. A single profit model has become the core problem restricting the development of the industry.
        The "14th five year plan" proposes to improve the quality of the national expressway network and build the loop system of the expressway company. The construction task is still heavy, and the investment and construction fund gap is large. It is necessary to solve the fund problem through financing. How to make the transportation industry embark on a sustainable development path has become an urgent problem to be solved. Asset management companies have established the development concept of "equity investment, capital operation, financing to promote production, and the combination of industry and finance", and actively explore the use of state-owned capital investment and financing as a platform for capital operation. They need to be positioned as the main battle area of capital operation, the main camp of the integration of transportation industry and capital, the regulator of the new business layout, and the "ammunition warehouse" and "think tank" for the future development of transportation industry, Become the main force for the orderly "advance and retreat circulation" of state-owned capital, and efficiently build an investment center, financial center, profit center and internal bank that develop in coordination with the group company.
        1. Investment center. It is to take asset management companies as a platform, give full play to the role of fund managers' licenses, continue to explore investment opportunities in the capital market, especially to explore investment targets with collaborative value in the transportation industry, assist the transportation industry to accelerate the promotion of production by financing, bring finance by production, strengthen the sustainable development ability of industry innovation, achieve innovative financial leadership, iterative technology synchronization, global target integration, and optimize industrial layout, Effectively promote the high-quality development of the transportation industry. 2. Financial center. On the one hand, through a variety of effective financial tools, asset management companies not only improve the efficiency of the temporary idle funds of enterprises in the group, but also standardize and guide the flow of group funds to areas with good benefits and high value, optimize the allocation of resources within the group, and improve the overall economic benefits; On the other hand, we should use a variety of innovative financial means to build a diversified, long-term and stable capital guarantee system for the group, improve the scientificity and rationality of the financing portfolio, actively expand innovative financing methods, help the group reduce liabilities, reduce financial costs, speed up the capital flow cycle, and improve the efficiency of capital use.
        3. Profit center. It has two meanings: first, the asset management company should diversify its own interest deployment under the premise of controllable risk, so as to further form a new profit growth point of the group company; Secondly, asset management companies should help the group build a full license financial platform through their own investment and operation capabilities, improve the value-added service capability of the financial sector to the whole industrial chain of the group, and ensure the healthy development of the group's business. The platform aims to build the financial industry into a new profit center that keeps pace with the main industry of transportation, and help the group company change from production and operation to capital operation and production and operation. 4. Internal bank.
        It refers to taking asset management companies as a platform to effectively promote the group's industrial securitization model, and effectively support the development of other sectors of the group while strengthening and expanding listed companies. Especially in the fields of supply chain finance, industrial chain finance and digital finance, through factoring, leasing and other means, effectively promote the project and capital flow in the industrial chain, re match the internal assets and resources, and improve the overall operation efficiency of the group economy. According to the investment and financing needs and industrial layout of the transportation industry, combined with the particularity of highway assets and the advantages of having a listed company platform, it is inevitable and the best choice for the group company to finance through the capital market in the future.
        Establish asset management companies in the form of mixed ownership, introduce state-owned enterprises into non-public capital, aggregate resources from multiple parties, integrate advantages, complement capabilities, and establish a mutually beneficial and win-win substantive equity cooperation relationship. Through the establishment of mixed ownership asset management companies, the introduction of well-known investment research institutions with industry background, and with the help of the rich experience of market-oriented senior fund management companies in professional talent reserves, capital market operation, etc., we can directly improve the professional capital operation ability of asset management companies and solve the problem of insufficient talent reserves for capital operation of the group. Taking the mixed reform asset management company as the manager to initiate the establishment of the transportation industry fund and relying on the professional financial license to establish a special investment fund can not only be used as the fund manager to control the raising, investment, management and exit of the overall investment and financing projects, but also can reasonably standardize the use of financial instruments, expand the investment and financing channels of the group company with the help of the capital market, and find a reliable industrial investment direction.
        From the perspective of specific fund operation, the transportation industry fund adopts the umbrella structure of master fund and sub fund, which is initiated by the group company and the mixed reform asset management company to set up the master fund, give play to the guiding nature of the industry fund, and attract priority funds from banks, trusts, brokers and other institutions to enlarge the scale of the fund. After obtaining funds, the transportation industry fund can invest in highway assets with operational nature. When the time is ripe in the later stage, the high-quality assets held will be loaded into the listed company, and the listed company will purchase the assets held by the transportation industry fund at a premium by means of private placement or cash purchase. After obtaining funds, the transportation industry fund can reinvest in immature sections to repay existing liabilities and reduce its asset liability ratio and financial cost.
        1. Improve business efficiency. Establish a platform mode of setting up industrial investment funds with mixed ownership as the main body, and use the forms of flexible transaction structure and diversified investment modes of investment funds to realize equity diversification and promote the development of mixed ownership economy. Choosing to set up funds to participate in the reform of state-owned enterprises and absorb social capital through fund investment and operation can not only ensure the control of state-owned capital, but also realize diversification in the governance structure; It can not only ensure the operating efficiency of enterprises, but also realize the separation of government and enterprises. 2. Enlarge the function of state-owned capital. Asset management companies take advantage of the inherent advantages of mixed ownership, strengthen the link between the industry and the capital market, fully realize the combination of multi-channel industry and finance, drive the investment of non-state capital with a small amount of state-owned capital, continue to strengthen the source of funds and resource guarantee, use financial platforms to allocate resources, effectively revitalize highway assets, improve the capital structure, and promote the orderly flow of state-owned capital.
        By connecting with the transportation industry chain, the group's enterprise members use capital to continuously expand production, effectively improve the expansion and influence of state-owned assets, and realize the amplification function of state-owned capital. 3. Reduce financing leverage. The establishment of "mixed reform + fund" investment and financing platform is an effective way to reduce the group's debt and financing costs. The asset management company leverages most of the priority funds of financial institutions with a small amount of inferior capital of the group company by setting up the transportation industry fund. Although the source of funds is still the bank, it is not included in the liabilities after financing in the form of equity, which greatly reduces the overall asset liability ratio and optimizes the liability structure. 4. Promote industrial transformation and upgrading.
        Mixed ownership asset management company is an important carrier for the full combination of group companies and listed companies to achieve a win-win situation. As an important part of the group's development of multi-level capital market, through the effective combination of investment funds and listed companies, we can cultivate the external assets of listed companies, form a virtuous cycle of "investment - cultivation - loading into listed companies to obtain funds - investment", and realize the transformation of the group company from debt based operation to capital based operation. At the same time, give play to the dual advantages of the platform company in the field of industry and capital, and realize the transformation and upgrading of industrial strategy by investing in high-growth and high-tech companies in fields related to the group company, such as intelligent transportation, information logistics, transformation of old and new kinetic energy, blockchain, etc.
        Asset management companies are the product of the reform of mixed ownership of state-owned capital, private capital and financial institutions. They should give full play to their institutional advantages, adhere to market orientation, and actively change the operating mechanism, of which improving the corporate governance structure is the key. Formulate the framework according to the modern enterprise system standards, delegate more independent management rights to the board of directors and managers, so that the management has more room for value; Raise the board of directors to the core position, and further clarify and improve the rights and responsibilities of the board of shareholders, the board of directors, the board of supervisors, managers and Party organizations. We should follow the law of market economy and the law of enterprise development, strengthen the integration of resources in accordance with the articles of association, give full play to the advantages and roles of all shareholders, and constantly strengthen the connection, coordination and orderly connection between the legal person governance entities.
        To clarify the dominant position of mixed ownership enterprises in the market, we should change the old ideas and ideas of passive management, turn passivity into initiative, occupy the favorable opportunity under the new situation of economic development, break through the limitations of systems and mechanisms, and enhance the vitality and driving force of the state-owned economy. In the mixed ownership reform, people are the most active and positive factor in enterprises. Investment and financing platforms should actively explore new equity models of state-owned capital, private capital and employee stock ownership, and carry out pilot reform of employee stock ownership. At the fund level, it is necessary to establish a project follow-up investment system, improve the success rate and return rate of investment, bind talents with the operating benefits of enterprises, constantly enhance the cohesion of enterprises, and improve the check and balance mechanism between enterprises and talents, which is conducive to retaining and recruiting core talents, actively releasing talent dividends, and forming a community of interests closely related to employees and enterprises.
        Digital construction has become an important way for global enterprises to improve financial efficiency, promote the transformation of financial functions, and realize the refinement of group management and control and intelligent service. Based on the enterprise big data environment, establish a value creating financial sharing investment and financing platform, implement the integrated management of financial control and financial services, further strengthen the digital top-level design, make full use of big data, blockchain, Internet and other technical means, and build an industrial chain and supply chain financial service platform around traditional physical assets such as roads, toll stations, service areas, gas stations, scenic spots and so on, Cultivate the digital transportation ecological industrial chain and realize the overall digital process reengineering of transportation assets.
        The supervision of mixed ownership financial platform enterprises should be both liberalized and well managed. Investors and regulators should stand accurately, follow market-oriented rules, pay equal attention to investment income and supervision process, and implement sunshine supervision and real-time online supervision. In the new development period, the strategic structure of state-owned enterprises is undergoing major changes. The transportation industry is building a "mixed reform + fund" mode investment and financing strategic platform, and focusing on the orderly operation of state-owned capital, the cultivation of strategic emerging industries, the diversified provision of financial services, the professional development of asset management, etc., to explore new modes and new ideas of capital operation abroad, which is conducive to further realizing the transformation to the state-owned assets supervision mode focusing on "capital management", In line with national policy guidance.
        "Mixed reform + fund" must adhere to the correct direction of reform, implement policies according to enterprises and industries, release market players and stimulate the potential vitality of enterprises through mixing capital, injecting resources, reforming mechanism and strengthening guarantee, so as to truly become an important carrier and operation platform for deepening the reform of state-owned enterprises, optimizing the layout of state-owned capital, and promoting the maintenance and appreciation of state-owned capital.
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