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New Huang Yaowen: the path of actively cultivating new central enterprises
Release time:2018-06-15

        The state-owned capital to achieve advanced form, to foster a number of influential in the field and driving force of the new central enterprises. Recently, "learning times" published "the path of actively cultivating new central enterprises", and introduced the new way of cultivating new central enterprises with "state controlled city battalion" as the basic system, capital plus intelligence partnership as the core model and converse mixed reform into realization under the new idea.

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       Xiao Xin shares the following full text for you.

       Central enterprises are the important material basis and political foundation of socialism with Chinese characteristics. Looking back on history, the establishment and development of central enterprises always respond to the proposition of the times. In the period of "standing up" in the socialist construction, a batch of heavy industrial central enterprises, such as FAW and Anshan Iron and steel company, have become the backbone of the industrial system in China. In the stage of "rich" reform and opening up, the ten major military workers, five major electric power, three major aviation, and three major telecom industries are in the stage of the reform and opening up of "rich". Leading central enterprises have made historic contributions to China's economic development, scientific and technological progress, national defense construction and improvement of people's livelihood. To this end, in the new era of "strengthening", there is an urgent need to cultivate a number of new central enterprises leading the development of new economy.

New era calls for new central enterprises 

       he nineteen major report of the party points out that the economy of our country has turned from high speed growth stage to high quality development stage in the new era, and the main social contradictions are transformed into the contradiction between the people's growing good life needs and the uneven development. With the continuous expansion of the people's needs for a better life and the continuous improvement of the levels, the new industries, new formats, and new business models are constantly emerging in the process of integration of the Internet, large data, artificial intelligence and the real economy. In the middle and high end consumption, innovation lead, green low carbon, shared economy and modern supply chain And human capital services and other fields to form new growth points. Some of these areas, some of which belong to the strategic forward-looking industry, have an important role in the development of social and economic development, but the capital technology is high and the risk is large, and the private capital is difficult to continue to invest for a long time. It is necessary to play the role of the state-owned capital and the risk bearing capacity of the strong risk bearing capacity; some belong to the new industry. But when it develops, it will involve the vital interests of the people and national security. In the future, state capital must play a leading and leading role. To achieve advanced form of state capital, it is necessary to cultivate a number of new central enterprises with influence and motivation in the above fields.

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       Compared with the traditional central enterprises, the "new" of the new central enterprises is reflected in three aspects:

       One is the new mission. The main task of the traditional central enterprises is to complete the national task, accelerate the transformation and upgrading of the traditional industries, ensure the control of important industries and key areas, and the new central enterprises are mainly responsible for the development of strategic emerging industries and the cultivation of new growth points.

       The two is a new model. The traditional central enterprises take production as the core, pay attention to the organizational elements along the supply chain, emphasize the internal formation of closed loop, and pursue the standardization of products and services, while the new central enterprises emphasize the open platform thinking, organize the elements according to the value chain, pay attention to the sharing and cooperation, and pay attention to the individuation of products and services.

       Three is a new path. The traditional central enterprises is a product of the planned economy, is based on the top-down national economic layout set up, or by the government departments and institutions, and on the basis of the merger, separation and integration, and the new central enterprises was born in the market, the development of the market, through the development and other subjects of equal competition in the market to grow.

Cultivating new central enterprises needs new ideas  

       The core demand of China's current state assets management system and traditional central enterprises' basic system and mechanism is to prevent the loss of state assets and realize the preservation and appreciation of state-owned assets. This system is adapted to the requirements of the era of industrial economy, but facing the challenge of information and industry 4, the traditional system is not conducive to the creation of business model innovation based on platform thinking, and it is difficult to support the destructive innovation of large probability of loss. Just as the traditional farming economy can not produce the modern industrial economy, the traditional enterprises under the soil of the industrial economy are also difficult to cultivate the enterprises that meet the requirements of the new era. Although the central enterprises of the traditional industry have done a lot of attempts, whether it is in the network shopping, large data and other new areas, or in the logistics express, aviation information application and other central enterprises have the traditional advantages of subdivision, the new enterprises which hatch from the traditional central enterprise system are lack of competitive power.

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      To cultivate new central enterprises in the new era, we must change the idea of cultivating new central enterprises from the traditional central enterprises. According to the party's nineteen report requirements, we should explore a road which is not only in conformity with the principle of market, but also conducive to the cooperative development of real economy, scientific and technological innovation, modern finance and human resources. In August 2016, with the approval of the State Council, China's state-owned capital venture capital fund Limited by Share Ltd (hereinafter referred to as the national venture capital fund) was formally established. The state wind investment fund is based on the application of market mechanism to promote the implementation of the national strategy. In accordance with the principle of marketization and specialization, under the premise of paying attention to the profit and controlling the risk, the fund is committed to providing new kinetic energy for the development of the central enterprise in the new technology field and cultivating new central enterprises in the new economic field, forming a new train of thought for the cultivation of the new central enterprises. Compared with the traditional form of state-owned company project investment, the state-owned capital fund in the new form of partnership system can be better integrated with the social capital outside the system, and can make greater contribution to the cultivation of the new central enterprises. This requires the national venture capital fund to focus on partnership as the core of the three main lines when developing new central enterprises.

       One,Maintain a new format. We should tap subdivision leaders, control core links, actively integrate into related industries, and cultivate new central enterprises in big data, AI and other new fields.

       Two,Cultivate new kinetic energy. Using advanced technology to change roads and overtake, we should use platform thinking to cultivate new central enterprises in the traditional industries such as automobiles and pharmaceuticals.

       Three,Promote new development. Taking capital as a link, using the openness of the underlying structure, integrating state capital and social capital, we cultivate the new central enterprises through the construction of the ecological circle.

Exploration and cultivation of the new path of central enterprises under the new thought

       Under the new train of thought, the national venture capital has explored the way to cultivate the new central enterprises with the "state controlled city battalion" as the basic system, the capital plus the intelligence partnership as the core model and the reverse mixed transformation into the realization mode.

       On the basis of "state controlled city battalion". To cultivate new central enterprises, we need to establish an innovative system mechanism in the level of corporate governance and business operation, not only to ensure the control of state-owned capital, but also to ensure that the invested enterprises are completely independently operated according to the principle of marketization, so as to stimulate the vitality of all factors such as social capital and professional talents to the maximum extent. In terms of corporate governance, according to the principle of "pipe capital", the state wind investment fund insists on the management idea of keeping "one arm distance" with the invested enterprise and stationed the directors, supervisors and executives according to law. Through perfect corporate governance, the will of the state-owned capital can be ensured and the management system after the establishment of a standardized fund is established. Degree, enterprise information tracking system, regularly to the investors to feedback the operation of the enterprise, to strengthen the dynamic risk monitoring of the company, to reveal the risk of the enterprise, focus on strengthening the management of funds and internal control, to ensure the compliance of enterprises with compliance with the law. In the enterprise operation, the state-owned shareholders do not interfere with the daily operation of the investment enterprises. The organizational structure, the selection and employment, the incentive constraints and the decision implementation of the invested enterprises are completely based on the development stage and the industry characteristics of the enterprises, and the enterprise management team is determined by the principle of marketing according to the principle of marketization.

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       The partnership system of capital and intelligence is the core model. In the field of venture capital, the core advantage of partnership is to effectively promote the highly integration of industrial capital, financial capital and intellectual capital. The managers representing intellectual capital are highly sensitive to the market and have the most understanding of competition. The shareholders representing industrial capital and financial capital have significant advantages in the strategic height of controlling, long-term investment and resource allocation. Industrial capital, financial capital and intellectual capital are interlinked and taken advantage of each other through decision-making mechanism. First of all, in the form of partnership, the fund contributive parties agree with the attribute of venture capital, which can accept the possibility of loss and the degree of loss of the venture capital higher than the general investment method. Secondly, the fund contributive parties identify the professional investment concept and risk preference of the market management service providers, create a good institutional mechanism for the management service providers, so that the managers can make investment decisions scientifically to maximize the overall return level under the reasonable risk and benefit ratio. This requires the investment fund of the country to consider the return and risk of investment in the course of the study of the investment targets. At the same time, it will focus on the core team and realize the union of the state capital and intellectual capital, and cultivate the project into a potential new central enterprise.

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       Reverse mixing is used as a way of realization. Under the market environment of our country, according to the life cycle law of the enterprise, the enterprise is often invested by the management team and the angel in the initial stage. After the basic business model is formed, the capital of all parties, including the state-owned capital, begins to step in gradually. Subsequently, the state-owned capital gradually increased its shareholding ratio in the invested enterprises, and ultimately controlled the stock and completed the "reverse mix reform". In the process of project investment, the state capital generally maintains the relative controlling level, in order to enlarge the state-owned capital more effectively, and also help to form the share structure and the corporate governance structure of the shareholders to balance each other, and lay a solid foundation for the follow-up capital operation and long-term sustainable development of the enterprise. In the design of the transaction scheme, the state capital insists on the pricing of the market practice, and agrees with the counterparty for the provisions on the benefit compensation, and synchronizes the employee stock ownership or the long-term equity incentive plan of the core team. After the "reverse mixed reform", after the state-owned capital is held, the invested enterprises will gain the grafting advantage, which can be greatly promoted in the aspects of capital strength, market access convenience, and the configuration of production factors. It will accelerate the implementation of innovation driven development strategy, and help them to quickly make big rules, prolong industrial chain and increase market share. Rate.

       Content source: learning times  


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