In the next step, the State-owned Assets Supervision and Administration Commission (SASAC) will strengthen guidance and supervision, push the central enterprises to constantly standardize their share-holding investment, further enhance the operational capacity and level of state-owned capital, and effectively promote the preservation and appreciation of state-owned assets.
Central enterprises comprehensively sort out the situation of equity participation investment.
In recent years, joint ventures and cooperation between central enterprises and enterprises with various ownership systems have played an important role in improving the efficiency of state-owned capital operation and allocation and developing a mixed-ownership economy.
Wu Qi, a senior researcher at Pangu Think Tank, told the First Financial Reporter that the equity management of state-owned enterprises is an important part of the reform of mixed ownership, which is conducive to improving the efficiency of state-owned capital operation and allocation and promoting the preservation and appreciation of state-owned assets. However, there are nonstandard and unclear problems in the investment direction, partners, shareholding mode and participation in management of state-owned enterprises, which may lead to the loss of state-owned assets in practice.
Wu Qi said: First, the relevant policies and regulations are unclear, especially in terms of investment direction, partners, shareholding methods, and participation in operation and management, which makes enterprises not know how to invest, manage, and retire; Second, the internal management and internal control mechanism of enterprises are not perfect, such as financial control and part-time management of leaders, which leads to unclear rights and responsibilities and lax accountability, and then breeds job crimes and power rent-seeking.
On February 20 19, 19, the State-owned Assets Supervision and Administration Commission (SASAC) issued the Notice on Strengthening the Management of Central Enterprises' Equity Participation, which put forward normative requirements for strengthening the management of central enterprises' equity participation from three aspects: standardizing equity participation investment, strengthening equity participation management and strengthening supervision and accountability.
In order to ensure the implementation of relevant regulations, in March this year, the State-owned Assets Supervision and Administration Commission (SASAC) issued the Notice on Doing a Good Job in Self-inspection and Rectification of Central Enterprises' Equity Participation Investment, requiring central enterprises to comprehensively sort out the equity participation investment, focusing on the investment direction, partner selection, equity participation method, equity management and return on investment, and complete the self-inspection and rectification on schedule.
At the same time, enterprises are required to improve rules and regulations, and establish and improve a long-term mechanism for equity participation. All central enterprises attach great importance to it, strengthen organizational leadership, clarify the responsible departments, refine the division of tasks, strengthen the assessment mechanism, and actively promote self-examination and rectification.
Strictly control equity participation from the source.
Since last year, the State-owned Assets Supervision and Administration Commission (SASAC) has standardized central enterprises to strengthen the management of equity participation. In the aspect of regulating equity participation investment, it mainly puts forward requirements for key links such as the investment direction of main business, strict selection of partners, reasonable determination of equity participation mode and improvement of decision-making mechanism, and strictly controls equity participation from the source.
In strengthening the management of state-owned shares, this paper puts forward some targeted measures from the aspects of fulfilling shareholders' responsibilities according to law, paying attention to the return on share investment, strengthening financial control, standardizing the management of property rights, standardizing the management of famous brands and trademarks, and strengthening the part-time management of leaders.
In strengthening supervision and accountability, it is required to establish and improve internal control system, implement supervision responsibility, strengthen supervision and accountability, and form a closed loop of supervision.
SASAC has drawn a number of red lines, such as "it is not allowed to carry out equity participation cooperation in the form of' nominal equity participation cooperation' such as agreed fixed dividends, but actually loan financing'" and "it is not allowed to choose partners who have a specific relationship with equity investors and their controlling shareholders at all levels".
Central enterprises have accelerated their withdrawal from real estate.
In the Notice on Strengthening the Management of Central Enterprises' Share Participation, SASAC once again asked central enterprises to strictly control the investment direction of their main businesses and not to carry out prohibited businesses such as commercial real estate specified in the negative list of central enterprises' investment projects by means of share participation. This is regarded by the industry as a more stringent "check-out order" for central enterprises.
The State-owned Assets Supervision and Administration Commission (SASAC) has repeatedly stressed that it is necessary to strictly review the strategic planning of central enterprises, check the management ratio of investment plans and the control of non-main investment, and resolutely prohibit central enterprises from investing in real estate and finance in violation of regulations.
Recently, two non-real estate central enterprises, State Grid and AVIC, announced their withdrawal from the real estate business. Non-real estate central enterprises have taken a big step forward in the task of "clearing out" the real estate industry.
According to the news published on the website of the State Supervision Commission of the Central Commission for Discipline Inspection, the State Grid recently stated in its briefing on the progress of the third round of inspection and rectification of the 19th Central Committee that it will stick to the main business of the power grid with a higher political position and make up its mind to quit the traditional manufacturing and real estate industries and resolutely complete the task of deepening the reform of collective enterprises on schedule.
In the progress report of the third round of inspection and rectification of the central government, AVIC said that it would clean up inefficient real estate, withdraw from real estate business, formulate and implement domestic and foreign real estate disposal plans, actively promote real estate rental and sales, and further revitalize inefficient real estate. Chengdu Southwest Airlines Real Estate Development Co., Ltd. withdrew from the real estate business through transformation.
Before State Grid and AVIC, many central enterprises or large local enterprises actually announced their withdrawal from the real estate business. Since the second half of 20 19, China National Heavy Duty Truck, Shandong Gold, Yankuang Group and Shandong Expressway have successively listed and transferred their real estate subsidiaries.
The State-owned Assets Supervision and Administration Commission (SASAC) pointed out that the next step will be to strengthen guidance and supervision, promote the central enterprises to constantly standardize the equity participation investment, further enhance the operational capacity and level of state-owned capital, and effectively promote the preservation and appreciation of state-owned assets.