As an important breakthrough in the reform of state-owned enterprises, mixed correction in the acceleration of batch landing, the capital market boom again. "Economic information daily" reporter learned that the fourth batch of pilot expansion of the number of expansion of the field, shortlisted enterprises or more than 150, and more recently in the overall increase in mixed reform efforts, intensive promotion of related projects.

It is worth noting that mixed reform will be further promoted in depth, restrictions will be lifted in many places, and more breakthroughs will be made in shareholding ratio and employee incentives of competitive industries. The personage inside course of study thinks, below the premise that adjusts equity scale, want to be deepened further on administrative structure, market mechanism, arouse the effect that mix corrects direction in the round.

The fourth batch of mixed pilot projects or more than 150

The state development and reform commission (NDRC) and the state-owned assets supervision and administration commission (sasac) have formed a list of candidates for the fourth batch of pilot projects, which will be submitted to the state council's leading group for soe reform, according to the report. After being examined and approved by the leading group, the pilot implementation will be launched.

According to yuan da, spokesperson of the national development and reform commission, the fourth batch of pilot projects for mixed reform is similar to moving from the "laboratory stage" to the "pilot" and "pilot" stages. He pointed out that considering that the first three batches of mixed reform pilots are mainly concentrated in a few important areas and the number of them is small, the fourth batch of pilots is mainly positioned as "expanding the number" and "expanding the area". From the perspective of "expanding the number", the total number of the first three batches of pilot enterprises is 50, and the fourth batch of pilot enterprises will exceed 100. From the perspective of "expanding areas", the fourth batch of pilot selection is not limited to enterprises in important areas, but also includes enterprises in areas with strong demonstration significance and full competition, and mixed ownership enterprises that have realized mixed ownership and plan to further improve governance, especially some influential and demonstration mixed ownership enterprises.

The reporter of economic information daily learned from many sources that the number of enterprises in the fourth batch of candidates is about 158. In addition to central enterprises, there are also local state-owned enterprises. Among them, most competitive central enterprises have declared two or three pilot enterprises, and the railway, power and other key areas of some competitive business is also planning to mix.

Many are also increasing mixed efforts. Recently, the state-owned assets supervision and administration commission of the Inner Mongolia autonomous region selected more than 40 mixed reform projects of enterprises in 8 districts. The state-owned assets supervision and administration commission of liaoning province publicly promoted 53 province-owned enterprises in shenyang, dalian, Beijing, Shanghai, shenzhen and other property exchanges. Shanxi on the whole to increase efforts to mix up the level from the subsidiary to a group.

More breakthroughs are expected in competitive areas

From the central to local governments, the mixed reform of state-owned enterprises accelerated the expansion of the number of areas, the capital market boom again.

May 8 opening half an hour, *ST jin bin on the board. The previous evening, it announced that its controlling shareholder, tianjin teda construction group, would implement mixed-ownership reform by combining capital and share expansion with equity transfer, bringing in two strategic investors.

In the past, similar moves have been frequent. Under the background of "mixed reform" of China unicom, its Internet of vehicles subsidiary unicom zhiwang technology co., ltd. introduced 9 strategic investors. Tianjin real estate group co., LTD., the controlling shareholder of tianfang development, plans to restart the mixed reform work. Harbin pharmaceutical group, the controlling shareholder of Harbin pharmaceutical shares, also tried again to promote mixed reform through capital and share expansion.

It is worth noting that the intensity of reform is increasing, especially in competitive areas. Like gree, teda will retain only 30 per cent of its state-owned shareholders. After the capital increase of Harbin pharmaceutical group is completed, it may be changed from a state-owned holding enterprise into a state-owned equity enterprise.

Peng huagang, secretary general of the state-owned assets supervision and administration commission of the state council, previously responded that for commercial enterprises in highly competitive fields, the reform of state-owned enterprises requires that they can hold absolute shares, relative shares or shares. The key is to take into account the market situation and the development of enterprises. At the same time, local state-owned enterprises are subject to the examination and approval of local governments for the mixed reform of commercial enterprises.

"There are already examples of similar equity changes in competitive soes such as autos and commerce." Zhou lisha, deputy researcher at the sasac research center, told the economic information daily. For example, tianjin aquaculture transferred its 100% equity to the private enterprise megalith holdings co., LTD., and baosteel metal publicly transferred its 51% controlling stake in baosteel gas through Shanghai united equity exchange.

The action plan for the reform of state-owned enterprises in 2019 released by Shanxi Province makes it clear that in principle, mixed ownership reform should be carried out for all competitive enterprises, except for the state-owned capital investment and operating companies and the state-owned capital holding for enterprises involved in the public welfare field.

Mixed change in the process of change is not only equity, but also the introduction of market-oriented management mechanism. According to zhou, there are some breakthroughs in some policies, especially employee stock ownership and equity incentive, from the perspective of the three batches of enterprises that have been established in the early stage. With the change of shareholding structure, the employment and incentive measures may be more market-oriented.

Overall excitation of mixed correction effect

According to peng huagang, on the premise of adjusting the shareholding ratio, the key to further deepening the governance structure and marketization mechanism of mixed enterprises is to ensure equal protection of property rights, equal shares and rights in governance, and open and transparent process.

A person in charge of a central enterprise involved in mixed reform told the economic information daily that the positive effect of mixed reform on enterprises has begun to emerge, but it is undeniable that the four major problems revealed in the current mixed reform practice are worth paying attention to. First, "mixed" on the surface, did not change the administrative nature of state-owned enterprises. Although the mixed reform of some enterprises has changed the ownership structure of wholly state-owned enterprises, there still exists the phenomenon that the major state-owned shareholders interfere in corporate governance by force. Second, blind pursuit of listing. Some local soes are only listed in the new third board and other ways to achieve mixed reform, but failed to touch the substantive level of reform. Mixed ownership shareholders only pursue financial investment, ignoring the long-term development of enterprises and reform and innovation. Third, "mixing" for the sake of "mixing", the form of shareholder diversification, but the industry chain synergy is not strong, mixed into a mere formality. The fourth is to borrow "mixed" for profit, thus causing the loss of state-owned assets.

"In fact, 'mixing' is the first step, 'reform' is the key, the introduction of capital is the means, the mechanism to increase vitality is the purpose. The central enterprise said to reporters in charge. He thinks next mix reform should break the path dependence of administrative change cogent, respect market rule. Reduce administrative intervention in the operation of enterprises, and introduce market-oriented mechanisms in property right system, salary assessment, internal power distribution and organizational structure.

Zhou lisha also said that mixed change is not a panacea, to mix is appropriate, appropriate to participate in the participation, some industries are not suitable for mixed change, some competitive industries can not be a blanket withdrawal. Moreover, listing is a means of mixed reform rather than an end, and some asset securitization does not help enterprises themselves. To achieve listing through mixed reform, we should achieve a win-win situation in terms of capital risk control and return, industry development space and complementarity.

Many experts also said that the mixed reform subject needs to have a clear strategic development plan or potential, in order to "get rid of the burden" for the purpose of mixed reform will appear larger problems. What needs to emphasize more is, mix change should prevent state-owned assets to run off, realize maintain value appreciation.

Source: China financial information network