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Powered Corporation System Reform Practice

Author: LiShaoJuan From: www.yourpaper.net Posted: 2010-02-09 06:29:53 Read:
Abstract: The power supply enterprise corporate reform is an inevitable requirement of the important aspects of the reform of state-owned enterprises, but also the national energy strategic adjustment, is conducive to the transformation of operational mechanisms, and to separate government from enterprises, the formation of effective checks and balances of corporate governance structure, improve the management level . Here, the power supply enterprises in China's corporate reform and summarized in order to provide a reference for the deepening of the reform of state-owned enterprises and the establishment of modern enterprise system.
Keywords: power supply enterprises; corporate system; reform

1 Introduction

Power system reform objectives in accordance with the requirements of establishing a modern enterprise system and the "separation of generation, bidding, and the majority of power supply enterprises have actively implemented a corporate reform. Corporate reform can make the state the nature of power supply enterprises toward the market, separate government from enterprises. Provide a good system to protect the healthy development of the power supply enterprise. First, it helps investors to safeguard their own interests. The appointment and removal of the company's major issues must be adopted by the shareholders, the board employ and supervise the managers running board of supervisors to supervise the company directors and managers. The owner of the enterprise specification, effective supervision. Conducive to rapid large-scale gathering capital. The company made investors enter and exit most convenient standardize enterprise system, but also enterprises to enter the capital market is widely financing large scale accumulation of capital, and obtained rapid development organizations form. Thirdly, it is conducive to the establishment to adapt to market competition mechanism. Reform before the majority of power supply enterprise responsible for the higher levels of government, to establish for the goal to maximize the interests of investors and accountable to all shareholders, the company focused on economic benefits, so market-oriented change their operational mechanism. Gradually formed the survival of the fittest, the operators promoted or demoted, personnel can be hired, income can be increased less, technology innovation, increasing the value of state-owned assets to adapt to market competition mechanism. Fourth, it is conducive to improving the management level. Investors not the wisest operators in various industries. Investors property trust to be reliable, the composition of the Board of Directors have the ability to make decisions in business. Board of directors as a standard business management acumen select professional managers. Managers to maximize the effectiveness of the company for the pursuit of their career, the personal value of. This allows investors, operators and managers of their abilities, their proper place, the company management to reach a higher level.

The supply enterprise corporate reform of the status quo and principles

Previous monopoly of power supply enterprises to break through the corporate reform, the introduction of competition in the market has been greatly enhanced, making the operational efficiency of the power supply enterprise, at the same time, reduce operating costs, improve the tariff mechanism, so that the resources can be optimized configure, build the separation of enterprise from government regulation and fair competition, open, orderly and healthy development of the electricity market system. The majority of power supply enterprises based on the power reform program, the implementation of the "separation of bidding, government regulation, the national power company reorganization Guodian, Huaneng, Datang, Shandong, China Power International five power generation groups and northeast, east, central, Northwest, North China's five largest power grid company; formation of the State Electricity Regulatory Commission, to play government regulation and macro-control functions. Worth pondering is this reform has a profound impact on the power supply enterprise operational mechanisms and the basic pattern of the electricity market, but also related to the vital interests of the majority of power supply enterprise workers and power users, it is a profound and fruitful change of the electric power industry . In the reform process, the majority of power supply enterprises to actively explore in order to effectively summed up the three principles of corporate reform, mainly as follows:
(1) to achieve the diversification of investors. Power supply enterprises reform process in the distribution of investment entities have common characteristics: the high side of the wholly state-owned enterprises, state-owned shares of one exclusive, equity structural imbalance; equity liquidity, considerable part of state-owned shares and legal person shares can not flow. And property rights on behalf of the personification of the lack of state-owned shares. The main distribution characteristics of the investment in the power supply enterprise corporate reform can also be expressed as a single investment entities, centralized and impersonal. The resulting drawbacks is difficult to separate government and enterprises; sound corporate governance structure is difficult; serious internal control. To this end, the power supply enterprises, corporate reform, should improve their own quality, to eliminate some of the policy barriers to the creation of an appropriate legal environment on the basis of multi-channel to attract investors.
(2) standardized corporate governance structure. Swept under the wave of globalization, the majority of the power supply enterprises are likely to be continuously in the broader domestic and international investors to raise long-term funds obtained rapid development. The necessary condition is to have a standardized corporate governance structure. In other words, the power supply enterprises in order to obtain sufficient capital support from the global capital markets. Its governance structure must be reliable, able to get the understanding of the domestic and foreign investors. Legitimate and investors cast beneficial to get a reliable system security, governance structure on behalf of the enterprise market image, good governance structure will help stem the capital market business confidence, making it possible to obtain lower-cost financing to obtain stable sources of funding. To this end, the power supply enterprise corporate reform should follow an important principle is to establish a standard corporate governance structure.
(3) to safeguard the interests of the state-owned assets to curb the loss of state assets. The power supply enterprise corporate reform, an important goal is to asset restructuring by corporate stock, and optimize resource distribution amount. Improve the operational efficiency of the power supply enterprise, preservation and appreciation of state-owned assets. To this end, the power supply enterprise corporate reform must adhere to safeguard the interests of this important principle of state-owned assets. 3 generation enterprise corporate reform experience

(1) the timing and purpose of the corporate restructuring should be standardized. The choice of the restructuring opportunity to fully consider four factors: business conditions, the policy environment, the actual needs of the pros and cons. If business conditions are not met, the policy environment is not loose, do not have a strong inner needs of power generation enterprise restructuring, after the reform does more harm than good, the loss is greater than was neither relieved the historical burden, they can not get the effect of a diversified investment reform, restructuring The timing on the immature. Conditions are not ripe, the hard-line restructuring, is improper timing. The main purpose of the enterprise restructuring gradually get rid of dependence on government, autonomous self-go-to-market, relieved the burden of traveling light. The purpose of the restructuring, the timing is appropriate, is the standardization of the basic requirements of the restructuring motivation.
(2) progressing smoothly separation of major work. Separating enterprises from social functions to lean main industry, the stronger the main industry and alleviate the burden of history, and smooth to promote the separation of major work. Should do the following: First, it is clear the industry positioning. Supply enterprises should be based on the capacity of its own resources, market demand and industry development. Enterprise development strategies to develop a scientific and rational, clear dominant industry - power supply, power supply enterprises to determine the main business and accurate market positioning, and clearly defined criteria for the classification of the primary industry, secondary industry, determined on the basis of need separation of specific industries, businesses and units. Second, improve internal reorganization. Around the division of primary industry and secondary industry, enterprise optimization and reorganization of internal resources. Finally, the parent-subsidiary relationship. In addition to a wholly-owned subsidiary, after the reform, the original main enterprises in addition to the relationship between ownership and no longer has administrative relationship. Management model to establish a parent-subsidiary assets relationship as a link. The only original main enterprise capital contribution limits to the exercise of shareholders' rights, restructuring of enterprises to bear the responsibility of the investor. After the restructuring of the company in accordance with the norms of a modern enterprise system operation management, the management of the parent company of a subsidiary by the administrative management into equity management.
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