A new round of state-owned enterprise reform has been on the line.
On July 15, the State-owned Assets Supervision and Administration Commission (SASAC) reported on the work arrangements for the “four reforms†including mixed ownership, and will promote reforms in the “exploration by the pilot†approach and continuously improve related systems.
Although the automotive industry is not within the scope of the first batch of pilots of the SASAC, the reform of mixed ownership is highly concerned by the automotive industry. Compared with the pace of reform of central enterprises supervised by the State-owned Assets Supervision and Administration Commission, the reform of local state-owned enterprises is much more important. Local governments such as Shanghai and Anhui directly affected the local auto companies such as SAIC Group and Jianghuai Automobile (600418, shares) and became the pioneers in the reform of auto companies. Jianghuai Automobile's management shareholding is a precedent for the reform of state-owned enterprises in Anhui Province.
For a long time, auto companies, especially automakers, have dominated state-owned holdings, including FAW, Dongfeng, SAIC, Changan, Beiqi, GAC, Jianghuai and other automobile groups, all without exception, wearing the golden coats of “central enterprises†or “local state-owned enterprisesâ€. The data shows that state-owned enterprises in the automotive industry account for more than 75% of domestic automobile sales, accounting for more than 80% of the industry's operating income, and accounting for nearly 90% of the industry's profits. However, as an industry that is fully competitive in the consumer market, the institutional problems of state-owned enterprises have severely restricted the vitality of state-owned automobile groups. The domestic six major automobile groups have long relied on the sales and profits contributed by the joint ventures. They are generally “big but not strongâ€, and the problems of weak independent innovation and weak self-owned brands have become the “heart disease†of the industry. Since last year, whether it is the cross-shareholding between BAIC and Daimler, Jianghuai Group's introduction of external investment, optimization of internal shareholding structure, or the purchase of PSA shares by Dongfeng Group indicate that the reform of the automobile industry in the capital field has been undercurrent.
As China deepens the path of reform and opening up, the policy dividends and market dividends of state-owned auto companies will gradually weaken, and the pressure for future development will be great. Mixed ownership is a medium for further integration into the market economy. If it is implemented smoothly, it can be released. A huge mechanism bonus.
First, the rationalization of the shareholding structure will form an endogenous force to promote corporate governance, which can improve the company's decision-making mechanism, executive appointment and incentive mechanism. For example, let the board of directors of the enterprise play the role of a true "corporate person" in the business process. The decision-making, assessment, and appointment and dismissal of the company's personnel are no longer the SASAC's decision, so that the enterprise truly becomes the market subject. Through the management of the company and the shareholding of employees, it is possible to further liberate the productivity and stimulate the vitality of the company from within. The realization of the automobile strong country dream must rely on the strong automobile enterprise. With the help of the mixed ownership system, it is conducive to building a multinational automobile company that is organized according to the modern enterprise system and has various ownership and international competitiveness.
Secondly, for a long time, the auto industry has been seriously lacking in market access. With the help of mixed ownership, it can break the administrative monopoly, remove the factors that hinder competition in various markets, and establish a fair competition market order. Incorporate the majority of private capital or social capital into the automobile industry, cancel the policy and welfare of state-owned enterprises, and stimulate state-owned enterprises to enhance their competitiveness from the outside. The market integration of private capital and state-owned capital can also give full play to their respective advantages and achieve a truly competitive automobile strong enterprise.
It can be seen that the development of a mixed-ownership economy is a means of realizing a strong automobile enterprise. Its purpose is to change the relationship between the government and the enterprise, and to divest the two, so that the state-owned enterprises can truly become the main players of the market to participate in fair competition in the market, thereby further stimulating the enterprises. Vitality and competitiveness.
Correspondingly, the management system of the enterprise will inevitably require fundamental changes. This means that the SASAC must also “reshape its own life†and transition from managing assets to managing capital. Otherwise, “mixing†can only become a display.
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