How to transfer the property rights of various state-owned assets in an orderly manner?

This transaction will be the largest overseas acquisition of China enterprises. Undoubtedly, the more and more frequent transfer of property rights between enterprises is related to the future and development of enterprises. 20 1 1, 1865 cases of state-owned property rights of Chinese enterprises were publicly traded through the property rights trading market, with a transaction amount of 82.22 billion yuan and an average appreciation rate of 24%. From 2007 to 20 1 1 year, 4 147 cases of state-owned property rights were publicly transferred by central enterprises through the property rights trading market, among which various types of private capital transfers accounted for 69.5%. Before the establishment of the State-owned Assets Supervision and Administration Commission of the State Council, the transfer of state-owned property rights did not enter the market, and it was generally by agreement, which was not open and transparent, and it was impossible to find and reflect the market price of state-owned property rights, which made it difficult to predict the price of state-owned property rights, unable to play its role through the market bidding mechanism, and even had problems such as black-box operation and selling state-owned assets at low prices. A good system can make bad people better; A good dharma can turn the devil into an angel. Since the establishment of the State-owned Assets Supervision and Administration Commission (SASAC), it has actively promoted the orderly circulation and optimal allocation of state-owned property rights, especially the entry and transaction of state-owned property rights of enterprises. Through sunshine behavior and electronic transactions, the interference of administrative power on resource allocation is reduced, which ultimately serves the reform of state-owned enterprises and the adjustment of the layout structure of state-owned economy. Broadly speaking, the transfer of state-owned assets of enterprises includes not only the transfer of intangible assets such as property rights, but also the transfer of tangible assets such as physical assets. Analysts pointed out that the use of the property rights trading market can realize the open, fair and just disposal of the physical assets of state-owned enterprises and effectively allocate market resources. In the future, the transaction of physical assets may become an important part of the business of property rights trading institutions, which can effectively enhance the value of assets and realize the preservation and appreciation of state-owned assets. There are still some problems to be solved urgently in promoting the transfer of property rights of various state-owned assets into the market. At present, the supervision of state-owned assets in administrative institutions is not in place. In the transfer, sale, sale and disposal activities, it is generally not reported to the state management department for approval, nor is it strictly evaluated. Most of them are negotiated by both parties, and the transaction and pricing are not open, which may lead to the erosion of state rights and interests in the transfer of state-owned assets and the loss of state-owned assets. However, there are also problems in the management of property rights of resource state-owned assets, which are mainly reflected in the definition, registration and transfer of property rights. Due to the imperfect property rights transfer market, the lack of scientific methods for the valuation of resource property rights transfer, and the unreasonable phenomenon such as transfer price, the transfer of resource property rights lacks an effective mechanism to protect the rights and interests of resource owners. According to industry experts, as China's economy accelerates the pace of economic restructuring, the profit growth rate of state-owned enterprises has generally declined since the second half of 201/kloc-0. The further adjustment of state-owned enterprises will be accompanied by large-scale changes in enterprise property rights, and the scale of state-owned property rights transactions of enterprises is expected to be further expanded. The value-added rate may be affected by macroeconomic adjustment, but it should not be lower than 20% this year. The important function of the market is to find prices through competition and promote transactions by finding investors. Practice has proved that through the open and standardized property rights trading market, the capital of state-owned enterprises is optimized and reorganized, the state-owned resources are rationally allocated, and the state-owned capital structure is optimized. The State-owned Assets Supervision and Administration Commission of the State Council requires that the state-owned property rights transactions of enterprises must be brought into the property rights trading market for public conduct, and the principle of "what can be advanced must be advanced" should be adhered to when entering the market. By publicly disclosing the information of state-owned property rights transfer items and transfer process in the property rights trading market, we can judge whether state-owned assets are preserved and increased or depreciated, thus effectively avoiding the loss of state-owned assets that may be caused by private transactions and black-box operations of state-owned property rights. At the same time, analysts believe that in practice, it is necessary to effectively handle the connection between the state-owned property rights market entry system and the Company Law. From the perspective of equal protection of various ownership economies, the state-owned property rights transaction system should safeguard the legitimate rights of other shareholders of limited liability companies and cannot violate the relevant provisions of the Company Law. That is to say, it is necessary to pay attention to whether the introduction of competitive trading in the entry transaction following the principle of the highest bidder conflicts with the provisions of the Company Law that shares transferred with the consent of shareholders have the preemptive right of other shareholders under the same conditions. In addition, on the basis of the continuous improvement of the state-owned property rights trading market of enterprises, can we consider including small and medium-sized enterprises and private enterprises to help them solve the problems of financing difficulties and lack of information in development, especially the needs of enterprises to adjust existing assets, integrate and revitalize idle production factors, integrate enterprise resources through property rights transfer, and promote enterprises to reflect value through the market? On the whole, the property rights trading market can provide funds for enterprises and expand the financing scope through the transfer of part of the shares of enterprises. With the help of the rich information in the property rights trading market, we can provide relevant information services and consultation for enterprises, thus reducing the transaction costs of enterprises. The use of cross-industry and cross-regional property rights transactions, acquisitions, mergers and other means to achieve scale expansion or industry withdrawal is also conducive to the formation of other forms of capital alliance with foreign capital. With the adjustment of China's economic structure, the optimal allocation of enterprises' own resources requires China's property rights exchange market to provide safer and more effective services. Bringing the transaction of state-owned property rights of enterprises into the standardized property rights market can guide all kinds of state-owned capital to participate in the layout and structural adjustment of the state-owned economy, evaluate the value of state-owned property rights through the price discovery mechanism of the property rights market, and promote the orderly circulation of state-owned property rights of enterprises. In a wider range of state-owned assets supervision, the orderly transfer of property rights between various state-owned assets will better promote the effective allocation of state-owned resources. In the future, we should focus on strengthening the integration of state-owned property rights trading institutions of enterprises in various places, unifying the trading rules of state-owned property rights of enterprises, and improving the standardization and overall efficiency of the property rights trading market. At the same time, by improving the property rights trading market, we can realize the cross-industry and cross-regional merger, reorganization and transfer of assets of enterprises with various ownership systems, effectively reorganize assets among different entities, introduce all kinds of capital, promote the benign development of state-owned enterprises and other enterprises, and realize the integration of public ownership economy and non-public ownership economy.