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"Debt" and the strategic restructuring of state-owned enterprises

Author: Anonymous From: www.yourpaper.net Posted: 2007-11-19 05:05:58 Read:
Over the past two decades, China's economic reform, if only from the point of view of the source of capital for state-owned enterprises, "Debt" happened to be walking a "circle" - from the state finance long-term to the state-owned enterprises in full capital (fixed asset investment and the supply of liquidity) to the state finance is no longer provided to the state-owned enterprises of any capital changed to businesses seeking loans to banks ("Bo Gaidai and working capital loans), and again in today's" debt transferred shares "to return to the country to provide an adequate amount of capital (though perhaps just a period of time). If you can not find the new shareholders of state-owned enterprises, "Debt" will once again state whether on behalf of the State by the financial asset management companies to float or state financial Finally assume all debt from the bank transfer from the enterprise solely to take money from the state finance. "Debt" in this way, can we realize the true value for the state-owned enterprise restructuring? High degree of enthusiasm of the current management of the state-owned enterprises "Debt" what is a very rational choice to consider, or deep fundamental misunderstanding of his mouth was less than the "Debt"? "Debt" Where the core content of the strategic reorganization of state-owned enterprises? If there is no better state-owned enterprise restructuring options, and Debt "how to do the most effect level?

"Debt" function with the strategic restructuring of the core content

After the founding of New China, the Chinese government through the socialist transformation of capitalist industry and commerce ("public-private partnership", etc.) and the creation of a large number of state-owned enterprises to the new way, the main framework of the socialist public ownership. The state finance the construction or purchase of fixed assets of state-owned enterprises, are directly funding; corporate liquidity needs, divided into "fixed" and "non-fixed" in two parts, the so-called "fixed" part refers to the normal flow of enterprise production and management need a minimum amount of funds, it is borne by the state finance: "non-fixed" part, the need to belong to the enterprise production and management, seasonal and temporary turnaround funds over fixed, to solve it by bank loans. Although the the liquidity supply side of the state-owned enterprises have always been in full by the Financial bear controversy or borne in full by the banks, but also the actual operation of some subtle adjustments, but before the reform of the economic system, the liquidity needs of the enterprise mainly borne by the state finance. As for the construction or purchase of fixed assets, prior to the reform of the economic system, in theory, never view through a bank loan to solve, not to practice the "pilot".

The state-owned units in 1979, investment in fixed assets Bo Gaidai pilot began the changes in the supply side of the source of funding of the fixed assets, "Bo Gaidai" in 1985 to carry out a comprehensive, completely cut off the source of investment in fixed assets of state-owned enterprises by the National May 5, 1983; liquidity is also approved by the State Council in full by the banks. This reform appears the enterprises' own funds "concept, that is part of the original quota liquidity into the own funds of enterprises, the enterprises themselves can also be obtained in terms of financial allocation, some kind of" independence " funding sources, the formation of a certain amount of their own funds, but the relative development of enterprises, increase the liquidity of the financial follow-up is no longer invested capital of state-owned enterprises will become progressively more severe, the burden of the bank correspondingly heavier and heavier. This is not today, "Bo Gaidai formed capital in the 1990s finally return to corporate capital account, go a long way to restore the national capital for state-owned enterprises invested imply, but this is just a helpless choice; flow funds, the state finance no longer has any ability to provide. And even to this day, the state-owned enterprises for bank debt ratio is generally up to 80% or even higher. Precisely today to discuss the problem of state-owned enterprises, no longer be able to simply state-owned enterprises and state financial linked to make irresponsible remarks ", and had intricately discussion of state-owned enterprises and banks' non-performing assets" linked sexual key. Such pattern, we can no longer simply the way through the "Debt" to come up with money from the state finance, becomes the main channel bank provides enterprise operating funds for fiscal main channel it? The answer of course is no. Today's financial actually do anything. To look at the four state-owned commercial banks, each stripping the assets of 250 billion yuan by the asset management company to "Debt trillion yuan of funds by the state finance today took out to buy the bank's assets, can only be a dream in raving. "Debt" from the beginning, he would face the problem of who was the last person to buy "shares", which come out of a series of related questions.

From a practical point of view, the state-owned enterprises for bank debt into investment of some main general there are four aspects of the function.

Firstly, to increase the capital of state-owned enterprises. Corporate bank debt conversion, the first change of the bank's liabilities for the state-owned capital invested to increase the scale of the capital, to reduce bank debt ratio.

The second is to improve the capital structure of state-owned enterprises. This feature has two meanings: one meaning, "Debt", the state-owned capital increase, the formation of the "state component increasing the proportion of corporate capital, because the capital of state-owned enterprises in the reform of state-owned enterprises have been structure is already rich, state-owned enterprises, state-owned holding enterprises; another meaning, "Debt", by the operation of the asset management company, to sell part of the shares, the absorption of other domestic and even foreign capital, so as to realize for fundamental adjustment of the capital of state-owned enterprises.

Third, is to reduce the banks' interest burden of the state-owned enterprises. This is the most realistic and visual function, for a considerable part of the business, "Debt"

Is tantamount to a "complete liberation". According to the view for the application of the "Debt" enterprise, any bit of bank loans of state-owned enterprises are in the fight "to squeeze into the last train of the" Debt ".

Fourth, it is the model of corporate governance of state-owned enterprises. The so-called establishment of a modern enterprise system, it is probably the most important thing is the different owners of capital structure, by way of the market, and to achieve a market center for the fundamental transformation of the enterprise organization model, the formation of the Board of Directors, The general manager of the management hierarchy and management system to adapt to market requirements. Conditions are relatively mature capital market in China has been the case, relying on the the rich capital structure and Jiyi existing capital markets, capital flow, change and vitality of the owners of capital injected the operation and management of corporate capital owners a high degree of concern, prompting the management level of competition in the market to create the results of operations. Then, the so-called state-owned enterprises, generally also only part of the amount of capital from the point of view makes sense from a corporate governance perspective, we no longer have any special traces.

In the above four functions in the central position of the "Debt", should be the realization of the corporate governance model. This is under realistic conditions in China, the core content of the strategic reorganization of state-owned enterprises. The basic reason is that capital scale changes in the structure is important for businesses, but it is just a basic thing, it can promote the enterprise management system and the change in the way, is not the real crux of the transformation of the Chinese state-owned enterprises . In other words, if the state-owned capital is sufficient to support the operation of the modern state-owned enterprises, we probably do not need to completely transform the capital structure will be able to solve a large problem, but simply need to be considered in the model of corporate governance. Reduce the interest burden, just a financial processing, which contribute to the development of a certain period of state-owned enterprises, but it is not the root of the problem of the future, enterprises also must have a lot of external financing, there will be considerable interest burden does not solve the problem from the fundamental aspects of future interest on bank loans and through the "Debt" is difficult to achieve.

The realization of the corporate governance model is different, it is a fundamental revolution is the negation of the mode of operation of state-owned enterprises under the traditional system. One of the most prominent advantage in the competition in the market made its commissioned - the Agent structure of relatively complete, corporate human resources, monetary funds, material resources (that is, the nature of economic benefits and efficiency achieved way), a variety of long-term and short-term The contract to construct the enterprises to standardize the legal framework, relatively democratic style of business management, production and operation management authority, commercial authority, technical authority, such as the "authority of diversification" for the corporate nature of the "official position" negative regression enterprises for social security cause monetization support the elimination of corporate "do social" function (a huge burden on traditional state-owned enterprises), the only goal of economic efficiency, and thereby generating enterprise culture and moral incentives, and so on. These, instead of the traditional state-owned enterprises that are not, is that they can not, or part of their vulnerable. "Debt" for the strategic reorganization of existing state-owned enterprises in China, this focus under the force, and that it has real value.
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