What are the latest policies for the reform of mixed ownership of state owned enterprises?

The "Opinions on the Development of Mixed Ownership Economy by State-owned Enterprises" clearly encourages all types of capital to participate in the reform of mixed ownership of state-owned enterprises. Looking at the current policy, there are several key points: First, encourage non-public capital to participate in the reform of mixed ownership of state-owned enterprises.

The second is to support the participation of collective capital in the reform of mixed ownership of state-owned enterprises. The third is to orderly attract foreign capital to participate in the reform of mixed ownership of state-owned enterprises. Fourth, promote the first-class and social capital partnership (PPP) model.

Fifth, state-owned capital should be encouraged to invest in non-state-owned enterprises in a variety of ways. Sixth, explore and improve the methods of preferred shares and national special management shares. Seventh, explore the implementation of employee stock ownership in mixed-ownership enterprises, which Zhongda Consulting can.

Reform of state-owned enterprises. It has always been a hot topic, and one model of state-owned enterprise reform is the reform of mixed ownership of state-owned enterprises.

Introduce new shareholders.

I feel that this method is particularly common, because the financial strength of state-owned enterprises is dependent on state appropriations, and if you want to reform, you must introduce new shareholders and let new shareholders make decisions, so that state-owned enterprises can radiate new vitality. The introduction of new shareholders is to select the most suitable investors for the development of state-owned enterprises by setting new investor qualifications and carrying out comprehensive bidding or selection, which is also an important way to solve the capital needs of state-owned enterprises in mixed-ownership reform. This method can effectively solve the asset-liability ratio of some state-owned enterprises.

Employee stock ownership.

We should all know that if an employee has shares, then they will have a sense of belonging, and they especially want to work hard, because then their dividends will be more and more. Employee stock ownership is also one of the important ways for state-owned enterprises to carry out mixed ownership reform, on the one hand, the introduction of employee stock ownership can enrich the shareholding structure of state-owned enterprises and improve operating income. On the other hand, it can be used asEquity incentivesFully mobilize the enthusiasm of employees to reduce the turnover rate of talents.

Therefore, in practice, employee stock ownership is often used to increase capital and shares.

so that the best results can be achieved.

Foreign investment and mergers and acquisitions.

I feel that this method is more suitable for state-owned enterprises with strong financial strength, because foreign investment and mergers and acquisitions need to spend a lot of money, and if the capital chain is weak, there is no ability to carry out foreign investment and mergers and acquisitions. In fact, mergers and acquisitions can also optimize the allocation of resources, and they are also an important channel to achieve their own development. Now many state-owned enterprises have made foreign investment, mergers and acquisitions and development is getting better and better, I think this is also a very good way to reform the mixed ownership of state-owned enterprises.

The more common methods are: 1. Mixed reform, 2. Transfer of property rights of original shareholders, 3. Listed subsidiaries, 4. Introduction of strategic investors, and 5. Addition of new shareholders.

Generally, the core company will be adjusted, the original shares will be transferred, new shares will be introduced, new strategic investments will be introduced, employees will hold the corresponding shares, and so on, these are all ways to see.

The more common models include the listing of core companies, and then also include the transfer of property rights, as well as the introduction of new shareholders, and the introduction of strategic investors, and then the choice of employee stock ownership, and then the choice of foreign investment and mergers and acquisitions.

I have consulted an expert from CUHK Consulting on this issue, and he believes that state-owned enterprises should clarify their actual situation, proceed from reality, analyze the reasons, and on this basis, ensure the normal implementation of the follow-up implementation plan, and formulate several measures to deepen the mixed ownership of state-owned enterprises in order to achieve the expected goals, mainly including:

The first is to optimize the reform environment. To further optimize the environment for the reform of state-owned enterprises, it is required to appropriately delegate authority, reduce interference with state-owned enterprises, and create a relatively relaxed environment for the reform of mixed ownership. For state-owned enterprises in the period of economic transition, all levels should fully play the role of the market, try their best to prevent the phenomenon of market and enterprise replacement, implement rational governance, streamline administration and delegate power, stimulate the endogenous power of enterprises, and enable state-owned enterprises to negotiate with other entities on an equal footing.

The second is de-administrative. In the construction of mixed ownership, state-owned enterprises can take advantage of their independent and free enterprise status to negotiate and sign contracts with other economic components in accordance with the industry norms set by the market, so as to avoid excessive interference by the administrative system and form new mixed enterprises that do not hinder the above process. In order to achieve this expectation, it is necessary not only to abolish the administrative mechanism of state-owned enterprises and managers, to observe the basic principle of equality, and not to rely solely on the administrative level to suppress the other party, but also to create an atmosphere of cooperation that is spontaneous and equal.

At the same time, when establishing the ownership structure, the role of SOEs is not to over-dominate and control, but to follow the principle of "independent and reasonable, and proper management."'to stimulate the willingness of self-employed businesses, private capital, and foreign capital to actively participate, and promote the comprehensive reform of national mixed-ownership enterprises.

The third is to reorganize and integrate property rights through diversified investment entities. First, it is a process of reconfiguring the capital, assets, labor, technology, management and other elements of state-owned enterprises, building a new production and operation model, and enabling enterprises to maintain their competitive advantages in the face of changes. Second, we should focus on cultivating institutional investors with long-term investment needs, actively cultivate institutional investors, expand the capital inflow of enterprises, integrate the capital structure of enterprises, and realize the diversification of investment enterprises.

At the same time, we should actively explore effective channels and methods for the ownership of managers and employees of mixed-ownership enterprises, and promote the reform of mixed-ownership state-owned enterprises.