Since the beginning of this year, the reform of state-owned enterprises has entered a “deepening construction period”, including the comprehensive reform of the company system reform, mixed ownership reform, and the reorganization of central enterprises. Xiao Yaqing, director of the State-owned Assets Supervision and Administration Commission of the State Council, said recently that the next step is to actively promote the reform of commercial enterprises in the fully competitive industries and fields, promote the strategic restructuring of state-owned enterprises, and promote the reform of the shareholding system on the basis of the complete implementation of the corporate reform by central enterprises. The central enterprises will welcome the corporate system as a precondition for a series of reforms such as mixed reform and asset securitization. It is imperative for central enterprises to carry out corporate restructuring. Although the General Office of the State Council officially issued the "Implementation Plan for the Reform of the Central Enterprise Company System" in July this year, and requested that the central enterprises complete the corporate restructuring before the end of the year, the "Securities Daily" reporter learned from the State-owned Assets Supervision and Administration Commission of the State Council, as early as this year 6 In the month, the State-owned Assets Supervision and Administration Commission has successively held a symposium on restructuring work to arrange the transformation of central enterprises. According to the data disclosed by the State-owned Assets Supervision and Administration Commission, under the framework of the previous 101 central enterprise reforms, a total of 69 state-owned enterprise groups with 8 trillion yuan of headquarters assets and 3,200 nationally owned subsidiaries were involved. Zhou Lisha, an associate researcher at the Research Center of the State-owned Assets Supervision and Administration Commission of the State Council, said in an interview with the Securities Daily that the state-owned enterprises' restructuring of the company system is conducive to the establishment of a modern enterprise system. Equity diversification can promote the formation of effective checks and balances, coordinated governance mechanisms. In addition, it is also conducive to the reform of the state-owned capital authorization management mechanism, and further promote the establishment of institutional firewalls between government and enterprises. In fact, in recent times, a number of central enterprises have completed the restructuring of the company. The most notable of these is the 18 railway bureaus affiliated to the China Railway Corporation. The company has completely completed the registration of changes in the company system and has been officially listed for operation in the near future. The reporter learned from China Railway that while promoting the reform of the railway company system, China Railway is also actively promoting the reform of the company-level company system, guiding the railway bureau group companies to speed up the construction of new operational mechanisms, and steadily promoting their non-transport enterprises. The restructuring will be basically completed within the year. In addition, a number of central enterprise groups, including aerospace science and technology, China's nuclear construction, China's weapons industry, State Grid, China Construction, China Gold, Sinopharm Group, Datang Group, etc., have completed the restructuring of the company system. Liu Xingguo, a researcher at state-owned enterprise reform, said in an interview with the Securities Daily that the corporate restructuring is a prerequisite for state-owned enterprises to improve corporate governance and promote mixed ownership reform. At present, the change of industrial and commercial registration is only the first step in the reform of the company system. In the follow-up, it is necessary to further improve the governance of state-owned enterprises and improve the modern enterprise system in accordance with the requirements of market-oriented development; explore the diversification of equity and actively introduce non-public capital. Develop a mixed-ownership economy; establish a market-oriented employment mechanism that can be able to enter and exit, and improve the market-based incentive and restraint mechanism. Local state-owned enterprises have mixed reforms and reformed as a breakthrough in this round of state-owned enterprise reform, and mixed ownership reform has taken significant steps this year. The "Securities Daily" reporter learned that on the basis of launching the first batch of nine mixed reform pilots last year, the National Development and Reform Commission started the second batch of 10 mixed reform pilots in March this year, and in November finalized the third batch of 31 mixed Change the pilot list. There are both central enterprises and local state-owned enterprises. Liu Xingguo believes that with the launch of the third batch of mixed-reform pilots, it is expected that the pace of local mixed reforms will be significantly accelerated in 2018. But on the whole, there is still a certain distance from the comprehensive start of the mixed ownership reform. Liu Xingguo explained that although there is no policy obstacle to the comprehensive initiation of local state-owned enterprises' mixed reforms from the policy framework, there are still some problems to be solved in terms of policy landing. In particular, it is necessary to clarify which state-owned enterprises can participate in the mixed reform, and what is the upper limit of the equity transfer ratio when different types of state-owned enterprises participate in the mixed reform, and which mixed-reform enterprises can implement employee stock ownership. Only by clarifying these issues can the mixed ownership reform be able to usher in a new phase of full launch. In fact, judging from the situation of local state-owned enterprises mixed reforms this year, there is still a situation of “hundred flowers”. For example, Tianjin launched a classification and stratification and multi-dimensional promotion of “mixed reform” – “prostitute” enterprise strategic “mixed change”, “flat female” enterprise reorganization “mixed change”, “ugly female” enterprise factor stripping “Mixed change”; Shanxi will import 22 state-owned enterprises into Shanxi state-owned capital investment and operation company for equity management; Shanghai will use capital market as the main body of mixed reform, and introduce state-owned enterprise reform ETF index fund; Jiangsu will adopt a comprehensive listing method for mixed ownership. reform. "For local state-owned enterprises, it is expected that in 2018, it will be the main task of gaining experience through trials, discovering problems, and exploring specific paths for reform. Before this, it is difficult to say that it will be fully launched." Wang Jun, chief economist of Zhongyuan Bank In an interview with the "Securities Daily" reporters, it is believed that after the pilot of the mixed reform, local state-owned enterprises should continue to insist on a sound and coordinated promotion, adapt to local conditions, follow the rules of the market, and do not engage in sports-style mixed reforms. In Wang Jun's view, there are many ways and means to achieve a mixed ownership economy. For example, for some joint-stock enterprises with better foundations, IPOs can be realized through domestic and overseas multi-level capital markets; equity structure can also be optimized through equity transfer, increase holding, reduction, capital increase and share expansion, issuance of convertible bonds, and private placement. Promote the integration of various types of capital; continue to adhere to and improve the successful practices of restructuring and restructuring of state-owned enterprises, deepen the partial reform, and cultivate high-quality assets to the market. The number of central enterprises has been reduced to less than 100 as an important measure to optimize the layout of the state-owned economy and structural adjustment. This year, central enterprises completed the largest restructuring and integration in the past two years. On November 28th, the National Energy Investment Group Co., Ltd., which was reorganized from the former Guodian Group and Shenhua Group, held a restructuring meeting. The group is a veritable “big Mac” in the energy sector: its assets exceed 1.8 trillion yuan, it has the world's largest coal production company, the world's largest thermal power generation company, the world's largest renewable energy power generation company and the world's largest coal. Oil production, coal chemical company. Xu Yunan, an analyst at Zhongyu Information Coal Industry, said in an interview with the Securities Daily that due to the large differences in the marketization of China's coal and electric power industries, that is, the marketization of coal and the use of electricity, the contradiction between coal and electricity will not be long-term. Thoroughly resolve. The establishment of the National Energy Group can be said to be a manifestation of coal-electricity joint ventures. In the case of respecting the laws of the market, it has better guidance to the coal-fired power market, which is conducive to promoting long-term stable operation of the coal market and ensuring energy supply security. It is of great significance to alleviate the contradiction between coal and electricity. It can be seen from the restructuring of central enterprises this year that after the restructuring of China's machinery industry and China Hengtian, Poly Group and Light Industry Group and Technology Group, the number of central enterprises has dropped to 98. "Overall, the current round of reorganization and integration of central enterprises mainly adopts the following three methods: one is horizontal inter-bank merger, the other is vertical integration along the upstream and downstream of the industrial chain, and the third is the joint construction of new mergers. Zhou Lisha told reporters that central enterprises have realized the concentration of resources to advantageous enterprises through reorganization and integration, revitalized the stock, reduced competition and redundant construction, and optimized the layout of state-owned capital and resource allocation. It is expected that the next step in the restructuring of central enterprises will continue to focus on deepening supply-side structural reforms, promoting industries such as coal, power, shipbuilding, and equipment manufacturing to optimize production capacity and increase industry concentration to achieve orderly industrial development.

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