Detailed rules for the reform of mixed ownership of state-owned enterprises will be introduced soon. According to domestic media reports, the relevant plan has been completed and reported to the State Council. Except for companies involved in national security and state-owned capital investment and operation, other forms of state-owned enterprises can introduce social capital. Among them, there is no hard and fast regulation on the proportion of private equity participation, which is decided by enterprises according to their own development needs. According to reports, according to the above plan, electric power, telecommunications, petroleum, petrochemical, railway, resource development and other fields are expected to become the first batch of pilots. A few days ago, the market came out that the reform plan of mixed ownership of state-owned enterprises clarified the classification principle of state-owned enterprises, and determined the proportion of private capital participation. Zhang Wenkui, deputy director of the Enterprise Research Institute of the State Council Development Research Center, said in an interview yesterday that the reform plan of mixed ownership of state-owned enterprises has indeed been completed and submitted, but the proportion of private equity participation has not been determined according to the classification of state-owned enterprises, nor will it be stipulated according to the industry. The specific proportion will be determined by enterprises according to their own development needs and goals, and enterprises will have greater autonomy.
According to sources, not all state-owned enterprises will be open to the outside world. State-owned enterprises strictly controlled by the state involve national security, and some state-owned capital investment companies and state-owned capital operation companies will not be open to private capital because they are wholly state-owned. In addition, state-owned absolute holding and state-owned relative holding enterprises can introduce social capital.
The idea provided by SASAC is that state-owned enterprises in important industries and key fields involving the lifeline of the national economy can maintain absolute state control; Important state-owned enterprises involving pillar industries, high-tech industries and other industries can maintain state-owned relative holdings. For the specific upper limit of private equity participation, after the proposal is put forward, the equity ratio can be determined according to the needs of enterprise development, including the needs of mechanism and funds.
Wen, director of the State-owned Economic Research Office of the Institute of Finance of the Ministry of Finance, said that the focus of developing mixed ownership in the future is to open monopoly areas of single ownership, such as electricity, telecommunications, aviation, petroleum, petrochemicals and railways. It is expected that the national treatment plus negative list model will be adopted in the future, and the fields involving national security and economic lifeline will be included in the negative list, and the fields that are not included in the negative list will be fully open to all state-owned, foreign-funded and private capital. Zhang Wenkui also said that in addition to monopoly areas, industries such as steel and nonferrous metals in competitive areas will also undergo mixed ownership transformation. The development of mixed ownership is not only to transform the areas with poor benefits, but also to transform the areas with good benefits, such as the sales link of Sinopec and the upstream exploration link of PetroChina.
In fact, since February this year 19, China Petrochemical (600028, Share Bar) started the mixed ownership reform of oil sales business, many state-owned enterprises have followed suit. Including China Power Investment Corporation, private capital will also be allowed to participate in some subsidiaries and construction projects of China Power Investment Corporation. The latest case is that China Petroleum (60 1857) announced on Monday that it plans to set up a wholly-owned subsidiary, Dongfang Pipeline Company, with the assets and liabilities related to the first and second lines of the West-East Gas Pipeline Project, and all the shares are listed for transfer.
However, whether private enterprises can play mixed ownership also has hidden concerns. An expert from a state-owned enterprise said that participating in the mixed-ownership economy requires weakening family rule, not engaging in cronyism and breaking the consciousness of small production. However, many private enterprises are family-owned and have not reached the threshold of entering mixed ownership. Yun, the former general manager of Huadian Corporation, pointed out, "If private enterprises participate in the reform of mixed ownership, once there is a project loss, it will be over, because it is completely unclear. So we still have some concerns about holding shares by private enterprises. "In addition, even if the reform of mixed ownership may break through the restrictions of public ownership and non-public ownership, the actual operation is not that simple. Bao, president of China Private Enterprise Federation, thinks that although Sinopec has liberalized its upstream and downstream monopoly, private enterprises can sell refined oil, but state-owned enterprises may not be willing to supply them with refined oil. On the premise that the import of refined oil products has not been liberalized, private capital can invest in gas stations, but it cannot operate stably.
Guan Yibo, executive deputy general manager of Guangdong Airport Management Group Co., Ltd. and chairman of Guangdong Zhongke Baiyun Venture Capital Co., Ltd. said that under the premise that the general direction of mixed ownership reform is clear, the key to the reform of state-owned enterprises is to explore practical operations, effectively open up the capital market and mixed ownership channels, and make the reform of state-owned enterprises enter the "2.0 stage" as soon as possible.
Chen Zhijie, general manager of Huatai M&A Fund Management Company, said that M&A is an unavoidable problem for China enterprises to become bigger and stronger. At present, there are still some imperfections in market mergers and acquisitions. Chen Zhijie said that the merger and reorganization must be market-oriented, enterprise-oriented, and government-led return to enterprise-led. Mergers and acquisitions are risky, but many state-owned enterprises have social functions and naturally do not have the genes to do mergers and acquisitions. Chen Zhijie said that mixed ownership must change the mechanism of state-owned enterprises so that they can take risks.
But how does a company conduct mergers and acquisitions? Chen Zhijie divided the layout of enterprise merger and reorganization into three steps: determining the direction, finding the right target and determining the scheme. Chen Zhijie suggested that enterprises should determine the M&A strategy according to the industrial evolution cycle and grasp the overall M&A direction. Enterprises can be divided into four categories according to their different development periods: initial stage, scale stage, agglomeration stage and oligopoly stage. At present, most domestic enterprises are in the initial stage or large-scale stage. And entering the capital market is an important supporting platform for large-scale evolution. Chen Zhijie said that enterprises should look for different goals and development directions when they go public in different development periods. Therefore, only by doing a good job in the card position can enterprises better understand their advantages in mergers and acquisitions.