The three-year action of restructuring and mixed reform ended with multiple incentives and a deep breakthrough in the reform of state-owned enterprises

2022-05-16

2022 is the end of the three-year action of state-owned enterprise reform. How to make a fundamental breakthrough in key and difficult tasks and complete the main tasks in the first half of the year is undoubtedly an answer for central enterprises and local state-owned enterprises. The reporter of the economic information daily learned that since the implementation of the three-year action in 2020, the state-owned assets and state-owned enterprises system has targeted the obstacles of the system and mechanism, made comprehensive efforts and multi-point breakthroughs, made a series of dramas of restructuring and mixed reform, and made a deep breakthrough in diversified incentives. At present, when the three-year action has entered the critical stage of ending, central enterprises and local state-owned enterprises are stepping up their efforts to tackle tough problems and make efforts to implement the reform with effective results. "By integrating resources, merging and restructuring, actively and steadily promoting the listing of mixed reform, the company has effectively improved its influence and competitiveness in the industry and upstream and downstream industrial chains, and its operation has reached a new high from a loss of nearly 100 million yuan to a profit." Li Guofu, chairman of Sinosteel luonai Technology Co., Ltd., has a deep understanding of the reform results in the past two years. Four low-end production lines have been shut down successively, reducing the production capacity of traditional inefficient refractories by 40%; Six strategic investors have been selected and 38.5% of the equity has been released... This state-owned enterprise, which was restructured by two enterprises subordinate to Sinosteel group in August 2020, has now obtained the approval of the CSRC for the registration application of IPO on the science and innovation board and entered the final issuance stage. In recent years, the state-owned assets and state-owned enterprises system has made great efforts to solve a number of problems that have been unsolved for a long time, promoted the steady improvement of the development quality of state-owned enterprises, and enhanced the development toughness of state-owned enterprises. The reporter of economic information daily learned that at present, decisive progress has been made in the three-year action of local state-owned enterprise reform, and the progress of completing the main tasks has exceeded 90%. The progress of many central enterprises has exceeded expectations. For example, China's chemical engineering has completed more than 98% of the overall tasks, and has better completed various key reform tasks. China Southern Power Grid plans to basically complete the three-year action key tasks of state-owned enterprise reform by the end of June this year. Promoting the optimization of the layout and structural adjustment of the state-owned economy is undoubtedly a bright spot. From promoting strategic restructuring to professional integration, and then to the layout of strategic emerging industries, the reform in this field has been "dramatic". In view of the prominent problems such as the distribution of assets of provincial managed enterprises in more than 70 subdivided industries and the "many but not strong" of individual enterprises, Henan SASAC has vigorously promoted the reorganization and integration of enterprises. At present, 8 newly established enterprises have been listed for operation, and the reform has entered the "fast lane". 120.6%! This is the year-on-year growth rate of investment completed by Anhui provincial enterprises in emerging industries in the first quarter of this year. While listing and establishing a number of specialized companies, Anhui SASAC launched the implementation of the layout of emerging industries, focusing on building four 300 billion yuan level characteristic industrial clusters such as emerging industrial clusters. Not just local state-owned enterprises. Since the 18th CPC National Congress, 25 groups of 46 central enterprises have been reorganized, and 9 new enterprises have been established, which has achieved positive results. Taking China rare earth group as an example, in the first quarter, the company's mining and smelting separation output increased by more than 15%, and its operating revenue and total profit increased significantly by 41% and 65.7% year-on-year respectively. While optimizing the layout and adjusting the structure, the state-owned assets and state-owned enterprise system has also pressed the "accelerating key" in establishing a modern enterprise system with Chinese characteristics and improving the market-oriented operation mechanism, and the mixed reform has become an important way. China chemical engineering has actively introduced strategic investors with high matching, high sense of identity and high synergy to promote "promoting reform through mixing and increasing efficiency through reform". Over the past three years, 24 secondary and tertiary enterprises have completed the mixed reform. Among them, Hualu company released 30% equity and introduced Wanhua chemical. The main economic indicators reached a record high in 2021. CRRC Zhuzhou Electric Locomotive Research Institute Co., Ltd. implements industrial differentiation reform in accordance with pillar, growth, cultivation and exit enterprises. Since 2018, a total of 7.62 billion yuan of non-state-owned capital has been introduced through mixed reform. In the process of mixed reform and listing, the breadth and depth of diversified incentives are also increasing. "The incentives and constraints of state-owned enterprises are more reasonable, and their creative enthusiasm is fully stimulated." Liu Xingguo, a researcher of the research department of the China Enterprise Federation, told the reporter of the economic information daily. Guangxi Liugong Group Co., Ltd. flexibly implements various forms of medium and long-term incentives in its subordinate listed companies Liugong Co., Ltd., ovim company, Liugong agricultural machinery company and other scientific and technological enterprises, and about 25% of technical talents receive equity incentives. "It not only provides a stable talent guarantee for the rapid development of enterprises, but also provides a useful reference for the improvement of medium and long-term incentives for emerging businesses." Zeng Guangan, chairman and CEO of Liugong, said. The "multi-point breakthrough" of State Power Investment Group Co., Ltd. accurately implements medium and long-term incentives. In 2022, a separate total salary of 500 million yuan will lead to the improvement of the quality and efficiency of stock assets, and the special incentive innovation achievements of 200 million yuan will be implemented, which is expected to generate profits and value creation 10 times more than the incentive salary. At present, the three-year action of decisive victory in the reform of state-owned enterprises has entered a critical stage. How to win the "closing battle" next? We should ensure that remarkable results are achieved in forming a more mature and stereotyped modern enterprise system with Chinese characteristics and a state-owned assets supervision system; We should ensure that remarkable results are achieved in promoting the optimization of the layout and structural adjustment of the state-owned economy; To ensure that significant results are achieved in improving the vitality and efficiency of state-owned enterprises... Recently, the SASAC made a deployment and stressed the need to make efforts to achieve results. Reform efforts in a series of key and difficult areas will be strengthened: focus on the main responsibility and main business, and establish a dynamic adjustment mechanism of state-owned capital with orderly advance and retreat; Promote tenure and contractual management to achieve high-quality and full coverage, and build a more systematic, integrated, accurate and effective positive incentive system; We will accelerate the in-depth transformation of the operating mechanism of mixed reform enterprises and strengthen the supervision of the whole process of mixed reform. Zhu Changming, senior partner of sunshine times law firm and head of the Research Center for mixed reform of state-owned enterprises and employee stock ownership, said that the reform of state-owned enterprises has indeed achieved a lot of practical results from point to surface, but some state-owned enterprises still have obvious weaknesses and weaknesses in changing system and mechanism, optimizing layout and adjusting structure and improving vitality and efficiency. He suggested that the group company should strengthen its authorization to subsidiaries, strengthen the board of directors and maintain the management right of the management. "The key to the effective implementation of reform is to fundamentally complete the transformation of ideas." Liu Xingguo believes that in terms of corporate governance, it is necessary to clarify the boundaries of functions and powers and truly implement the company's board of directors, so that the board of directors can not only have the ability and ability to make correct decisions on major matters of the company, but also really play its due role in enterprise development; To optimize the layout and adjust the structure, we should effectively curb the company's impulse to blindly diversify investment, and establish a long-term mechanism to ensure the company's deep investment and development around its main business areas; In terms of comprehensively stimulating the vitality of enterprise development, the key is to scientifically design appropriate diversified incentive schemes to ensure that there will be neither insufficient incentive nor excessive incentive. (Xinhua News Agency)

Edit:He Chuanning    Responsible editor:Su Suiyue

Source:Economic Information Daily

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