The hottest large state-owned enterprises compete

Large state-owned enterprises vie for takeout to highlight several major problems of the state-owned enterprise system

large state-owned enterprises vie for takeout to highlight several major problems of the state-owned enterprise system

China Construction machinery information

Guide: in this round of high-quality large state-owned enterprise takeout boom, we see not only the enthusiasm of enterprises, but also the initiative of local governments to operate in person. Since the mid-1990s, the upsurge of foreign capital mergers and acquisitions has entered a new stage, which is characterized by: not only foreign capital

in this round of high-quality large-scale state-owned enterprise takeout boom, we see not only the enthusiasm of enterprises, but also the initiative of local governments to operate in person

the upsurge of foreign capital mergers and acquisitions since the mid-1990s has entered a new stage, which is characterized by: not only foreign capital has begun to actively merge and acquire China's large state-owned enterprises, especially high-quality large state-owned enterprises with great development potential, but also China's large state-owned enterprises have shown extraordinary enthusiasm for foreign capital and even vied for takeout. For example, Lafarge group, the world's largest cement producer, successfully acquired 66.5% of the state-owned equity of Sichuan Shuangma, a large cement enterprise, the largest transaction case of foreign capital acquiring A-share equity created by Mittal, the world's steel king, acquiring Valin pipeline, and the case of Goldman Sachs Group acquiring Henan Shuanghui group, a Chinese food industry giant, and Carlyle investment group acquiring XCMG, China's largest construction machinery manufacturing enterprise. In this round of high-quality large-scale state-owned enterprise takeout boom, we see not only the enthusiasm of enterprises, but also the initiative of local governments to operate in person

what all this highlights is the current institutional problems of state-owned enterprises

first, the problem of human capital compensation system faced by managers of state-owned enterprises has prompted large state-owned enterprises to compete for takeout. For example, after more than 20 years of efforts, Wanlong, the current chairman of Shuanghui group, and his team have turned a small meat factory on the verge of bankruptcy into a giant in China's food industry, and the remuneration received by enterprise managers from the enterprise is extremely disproportionate to the growth of enterprise earnings. Takeout is the key to solve this problem. Because of takeout, state-owned enterprises have been converted into foreign-funded enterprises, the human capital value of managers can be priced by the market, and their remuneration will be greatly improved due to the integration with the world

second, the problem of human capital allocation and use system faced by managers of state-owned enterprises has prompted large state-owned enterprises to compete for takeout. At present, the right to allocate and use the managers of state-owned enterprises, as the carrier of human capital, is still in the hands of the superior party committee and government. The retirement of the original managers and the emergence of new managers have become the lingering shadow of the current managers. It is the difficult problem of the existing manager allocation and use system of state-owned enterprises that makes enterprise managers and local Party committees and governments choose takeout at the same time. When enterprises take out, the problem does not exist. Because Shuanghui and XCMG takeout have determined in advance a number of conditions conducive to managers and others, such as the buyer must be a non peer competitor and promise not to change the existing management of the enterprise

the dilemma of property rights

since property rights are ownership, the reform of property rights of state-owned enterprises is naturally marked with the brand of privatization. At present, with the widening gap between the rich and the poor, enterprise workers and society have shown more and more resistance to the privatization of state-owned enterprises. With the help of the platform of the plastic trade fair, it can be said that large state-owned enterprises do not have good public opinion support to rely on private enterprises for property right system reform. At the same time, under the condition that the national policy also imposes many restrictions on the entry of private enterprises into the field, large state-owned enterprises rely on private enterprises to reform the property right system, which is beyond the institutional limit. For example, during the takeout of XCMG machinery, Sany Heavy Industry, a famous private enterprise in China's construction machinery industry, has repeatedly expressed its intention to acquire, but it has never been considered by the takeout object of XCMG machinery

between the inevitability of the reform of the property right system of large state-owned enterprises and the practical infeasibility, state-owned enterprises and local governments choose to sell enterprises to foreign capital. This action has at least two advantages in avoiding the suspicion of privatization: first, selling to foreign capital belongs to attracting investment. The success of mergers and acquisitions is the political achievement of local governments and enterprise management rather than the privatization of state-owned enterprises. They can make a reasonable explanation to the society and the state. Second, selling to foreign capital is easy to gain the understanding of state-owned enterprise employees. The Chinese people have a long history of worshiping foreign countries, and the backwardness of modern times has created the general inferiority complex of the Chinese people. In the view of the employees of state-owned enterprises, there is little doubt that foreigners have both money and ability to invigorate Chinese enterprises. Moreover, foreign capital is not domestic private capital, and foreign mergers and acquisitions are just the capitalization of state-owned enterprises, not the privatization of state-owned property rights. In addition, it is not difficult for employees of state-owned enterprises who are used to the traditional system to adapt to foreign capital management, but they face huge obstacles to adapt to the management of domestic private enterprises. This problem has been proved by historical experience that it should meet the shear resistance index specified in the standards of the Ministry of construction

human resource management failure

there are widespread human resource management problems in state-owned enterprises, such as the heavy burden of redundancy, the inactive employee incentive mechanism, the poor exit channel of employees, the failure of salary system, the defect of performance appraisal, etc. large state-owned enterprises are even more troubled by the heavy burden of personnel and a series of human resource management problems. For example, Shandong Laigang, acquired by Arcelor, the world's second largest steel giant, has more than 30000 employees, more than four times the number of employees of Shagang Group, a private steel enterprise of the same size. Another example is XCMG group, which has 6000 retired, 3000 laid-off and early retirement, and more than 8000 people need to be resettled

due to the fact that most of the remaining large state-owned enterprises have a certain ability of survival and development, their human resource management reform is still limited by the traditional system, and little progress has been made. In the face of the dual attribute that employees are both resources and costs, large state-owned enterprises always face the dilemma of not only promoting the reform of human resource management system without hesitation, but also protecting the legitimate rights and interests of employees formed by history. It is difficult to simplify personnel simply, and it takes a long time to rely solely on the efforts and development of the enterprise itself. Relying on external forces is a more realistic shortcut. However, with what kind of external force? Restructuring among state-owned enterprises is not only difficult to produce institutional innovation, but also full of obstacles. Seeking the reorganization of private enterprises can innovate the human resource management system in theory, but the past practice has not provided sufficient and reliable basis. In fact, after many private enterprises restructure state-owned enterprises, the problem of human resource management system has not been solved. The cases of large-scale private enterprises restructuring state-owned enterprises such as Delong group, greenkor, Hongyi investment, Chenggong group and so on have provided lessons. Therefore, under various tradeoffs, the use of foreign capital has become an inevitable choice for large state-owned enterprises to solve the problems of human resource management system

who will supervise

although Shuanghui group, XCMG machinery, Valin pipeline, Shandong Laigang and other enterprises also face many operational and institutional difficulties of state-owned enterprises, on the whole, their quality is still relatively good. For example, Shuanghui group is the leader in China's food industry. Only its holding listed company Shuanghui development achieved 0.72 yuan per share in 2005, and the brand evaluation value of "Shuanghui"

trademark alone reached 10. The general office of the State Council forwarded the green building action plan formulated by the national development and Reform Commission and the Ministry of housing and urban rural development of 636 million yuan. It is such a large state-owned enterprise called "profit cow", whose price sold to foreign capital is only 2billion yuan. The sales revenue of XCMG machinery, the leader of China's construction machinery, reached 13billion yuan in 2005, and the take out price, if the so-called "bet" is removed, is only 2billion yuan. Mittal's purchase of 36.67% shares of Valin pipeline with us $338 million seems not to be a low price, but Valin pipeline is the essence of the assets of Valin Group. Its cold-rolled sheet production line and supporting projects with a total investment of 10.6 billion yuan and the advanced level of the same type of equipment in the world have been fully completed in early 2006, while Valin Group made a profit of 1.3 billion yuan in 2004, ranking eighth among the top ten steel mills in China. Strategically, The sale price of Valin pipeline is still far lower than its intrinsic value. However, due to the fact that M & A itself is mainly operated by the local government, the whole incident is covered with a legal and high sounding coat, so the issue of "sale at a low price" has never received positive support

in fact, in terms of the current management mechanism of local governments and the management level of civil servants in China, they are far from having the conditions to operate international mergers and acquisitions, and they can only carry their names on the basis of the operation of enterprise managers; The operation of enterprise managers will inevitably put their own interests in the first place. They not only have the motivation to sell the enterprise at a low price, but also have the internal driving force to finally seize the controlling stake of the enterprise. In the face of the loss of state-owned assets that has occurred and will occur, local governments lack both subjective impulse and objective ability to supervise enterprise managers

solutions to the above institutional problems

first, boldly change the current state-owned enterprise manager system to regulate the cross-border mergers and acquisitions of state-owned enterprises and prevent state-owned enterprise managers from borrowing foreign capital to annex China's backbone enterprises. On the one hand, we will thoroughly reform the compensation system for managers of state-owned enterprises and implement the human capital compensation management system in state-owned enterprises. On the other hand, we will thoroughly reform the allocation and use system of managers in state-owned enterprises, and implement the lifelong appointment of managers in state-owned enterprises and the entrepreneurial team system

second, we should further promote the reform of the property right system of state-owned enterprises, give state-owned enterprises, private enterprises and foreign-funded enterprises exactly the same national treatment, and provide a fair, transparent and loose social environment for mergers and acquisitions of large state-owned enterprises

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