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State-owned central enterprises need to accelerate the pace of reform


Safety, environmental protection, universal service regulation, but also the implementation of price controls, such as imposing price hearing system so as to safeguard the legitimate rights and interests of consumers. Fourth, continue to advance the state-owned assets management system. China's National Congress Party a clear policy of reform of state-owned asset management tasks. First half of 2003,[link widoczny dla zalogowanych], SASAC has become a 5 set, the central control 189 state-owned enterprises and the net assets of 2.59 trillion yuan, Can be seen that the central state-owned assets supervision has already begun, is constantly improving and perfecting. State-of promoting the reform of central enterprises, asset restructuring and increasing the value of state assets in terms of shouldering responsibility. In this regard, there are many issues worthy of research and improvement in practice. For instance, more than a hundred SASAC supervises the central enterprises, even after several years of reorganization of assets, there will still be hundreds of companies. According to management principles, is difficult to have high efficiency. The possibility of a second between the SAC and business investment companies, such as the holding company level (such as Singapore's Temasek), etc. to manage, it is worth studying. In another example, listing a number of central enterprises, high quality assets are first spin-off companies, non-quality assets is left to the parent company, and is again listed the parent holding company. This arrangement is very easy to make use of a controlling stake in the parent company, related party transactions or through other forms of borrowing money to listed companies, listed companies and damage the interests of minority shareholders. In real life the past few years have been many cases of such serious incidents occurred, serious damage to the reputation of the state-owned enterprises. So, how to deal with listed companies in the central business relationship with the parent company is an urgent need to address the problem. In addition to strengthening supervision of financial activities of listed companies,[link widoczny dla zalogowanych], listed companies shall protect the interests of substandard, but the need to accelerate the reform of the parent company, including the disposal of bad assets, to operate social burden. Also, the future market of central enterprises the best overall market, not first quality assets spun off the market. Again, the state-owned assets management organizations how to truly control the assets and personnel, and the combination of affairs, only when the boss and fulfill the responsibilities of investor, improper State-owned institutions on how to be good shareholders, the exercise of shareholders, not the power of board of directors and management team; how to send directors, sent representatives of shareholders and directors of state-owned company with what is the relationship, the directors can open recruitment from the community; on the owned Assets Supervision and agencies how to evaluate and assessment of their performance, how to create incentives, constraints and oversight mechanisms, including how to build 6 state-owned capital operating budget system, and so on, are of this kind of problem. The new Appropriate here to point out that in 2003 the party's third plenum decision had been made policy,[link widoczny dla zalogowanych], is necessary and reasonable. but now has set up a SAC, the SAC to carry out the responsibilities of investor on behalf of the Government, the state-owned enterprises has reached 5 over one hundred billion yuan profit, which reached 478.5 billion yuan of central enterprises (2004 years) is huge, if you still leave all the enterprises, state-owned capital to invest in hard together in important industries and key areas,[link widoczny dla zalogowanych], the central enterprises to further strengthen and expand to form large internationally competitive companies and large groups will also be affected, state-owned assets appointed as the investor's responsibility are not well implemented (on the right to control the profits of enterprises dominate). Therefore, the state capital budget system should be established as soon as possible. the central problems facing enterprise reform, the above four aspects are the most important , and have eight or ten years of effort, not a short period of time can be completed. These four aspects of the work well, the former state-owned central enterprises will be big change,[link widoczny dla zalogowanych], may be holding shares of many large state-owned companies in the international competitive domestic market, an independent market players. they join together with other state-owned enterprises in the national economy continue to play a leading role. the reform of state-owned central enterprises, about the overall situation of the state-owned enterprise reform. smooth progress of the reform of state-owned central enterprises, not only change the status of state-owned enterprise reform lags behind, will effectively promote the financial and banking system reform and improve the unity of the market system. In this sense, the effectiveness of the reform of central enterprises, determine the effectiveness of the reform of state-owned enterprises. from such a height, a profound understanding of the central importance of state-owned enterprise reform, and make great efforts to push forward. (The author: Institute of Economic Research Fellow, Academy of Social Sciences; CASS Institute of Finance and Trade Economics, deputy editorial) Editor Yin true 7
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