Reform of state-controlled listed companies deepens SASAC encourages central and local state-owned enterprises to cross shareholding
Author: Zhu Yanran
This year marks the conclusion of the three-year reform of state-owned enterprises, and the reform of state-controlled listed companies has also made substantial progress.
On May 18, the State-owned Assets Supervision and Administration Commission held a special promotion meeting on deepening the reform of state-controlled listed companies and striving to be a model for state-owned enterprise reform in three years. Weng Jieming, deputy director of the State-owned Enterprise Reform Leading Group Office of the State Council and deputy director of the State-owned Assets Supervision and Administration Commission of the State Council, said at the meeting that state-controlled listed companies have played an important leading and exemplary role in the three-year action of state-owned enterprise reform.
Weng Jieming said that we should continue to increase the injection of high-quality assets into listed companies, prudently explore the spin-off and listing of eligible multi-sector listed companies, speed up the clean-up and integration of sectors, and encourage central and local state-owned enterprises to cross shareholdings. At the same time, it is necessary to intensify efforts to promote equity incentives for listed companies in an orderly manner, pay attention to the system integration of various incentive tools, further enrich incentive methods, enhance incentive penetration, and expand incentive coverage.
In recent years, remarkable achievements have been made in the reform and development of state-owned listed companies. The State-owned Assets Supervision and Administration Commission disclosed on the 18th that by the end of 2021, there were 1,317 state-controlled listed companies with a total market value of 33.54 trillion yuan, accounting for 28.26% of domestic and Hong Kong-listed companies.
Since 2020, a total of 38 companies in the state-owned assets system have been listed on the main board, and 51 companies have been listed on the Growth Enterprise Market, the Science and Technology Innovation Board, and the Beijing Stock Exchange, with direct financing of 257.4 billion yuan. At present, listed companies of central enterprises contribute about 65% of the operating income and 80% of the total profits of the central enterprise system.
Coordinate and optimize the layout of the listing platform
As an important realization form of mixed ownership, many listed companies have made substantial progress in the marketization mechanism and the stimulation of vitality. At the same time, there are still some problems in the reform of state-controlled listed companies. For example, the main business and core competitiveness of some listed companies are not prominent enough, the ownership structure and governance structure need to be further optimized and improved, and the reform of the internal market-oriented mechanism of listed companies needs to be deepened.
“It must be solved in a targeted manner in the deepening of the three-year action.” Weng Jieming said that it is necessary to continue to increase the injection of high-quality assets into listed companies. The group company should systematically sort out the unlisted and listed resources, and gradually inject the existing unlisted high-quality assets into the listed company in a planned way according to the actual situation, and may also be listed separately if necessary. Strengthen the cultivation and reserve of listed resources, incubate a batch of high-quality resources with strong scientific and technological innovation strength and good market prospects to connect with the capital market, and pay attention to supporting the “Double Hundred Actions”, “Scientific Reform Demonstration” and other special reform project enterprises and “specialized, refined, special and new” enterprises. “Enterprise listing.
Weng Jieming mentioned that factors such as strategic positioning, the independence and growth of the business to be spun off, governance arrangements and management costs after the spin-off should be taken into consideration, and support is conducive to straightening out the business structure, highlighting the advantages of the main business, optimizing the industrial layout, promoting Subsidiaries that realize value are spun off and listed.
In addition, for some group companies that lack the ability to continue operating, lose financing functions for a long time, or have unresolved issues left over from history for a long time, it is necessary to adjust and exit or transfer to other group companies that are more suitable for development according to corporate conditions. For those that still have development potential, they should be revitalized through mergers and acquisitions, asset reorganization, etc.; for those that are difficult to revitalize, they should be liquidated in various ways to realize the return of funds and feed back the main business.
Weng Jieming emphasized that the relationship between state-owned controlling shareholders and listed companies is not an administrative relationship, not a relationship between superiors and subordinates, but a governance relationship between different legal persons based on capital ties. State-owned controlling shareholders must take the lead in the governance-based management and control of listed companies, perform their responsibilities as investors in accordance with the law and compliance with the proportion of their capital contributions and the company’s articles of association, and not interfere with the operational autonomy of listed companies through administrative means.
System integration of various incentive tools
Incentive mechanism is the key to stimulate the vitality of enterprises. At present, the coverage of equity incentives for listed companies controlled by central enterprises has reached 40%, and there is still much room for promoting this reform.
The State-owned Assets Supervision and Administration Commission made it clear that state-controlled listed companies should build a pragmatic, effective and dynamic multi-incentive system. It is necessary to intensify efforts to promote equity incentives for listed companies in an orderly manner. Group companies and listed companies should, on the basis of the large increase in the number of listed companies’ equity incentive companies in the previous two years, promote qualified companies to do their best, and strive to continue to maintain their due quantity and quality this year.
Weng Jieming said that we should pay attention to the system integration of various incentive tools. For eligible listed companies and enterprises of different levels and types within listed companies, a variety of incentive methods can be combined to carry out. Encourage listed companies to implement incentive policies such as equity, options, dividends, transformation and sharing of scientific and technological achievements in eligible grass-roots enterprises, as well as sharing of excess profits of scientific and technological reform demonstration enterprises, and separate listing of total wages, so as to further enrich incentive methods, enhance incentive penetration, expand Incentive coverage. Encourage commercial first-class listed companies to explore the professional manager system in a safe and orderly manner.
Weng Jieming pointed out that in the process of implementation, it is necessary to properly handle the relationship between strengthening incentives and universal benefits. It is necessary to gradually reflect the principle of common prosperity, and also to avoid “incentives” becoming “welfare” and becoming a tool for cashing out.
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