Capital and property right market as important support

category:Finance
 Capital and property right market as important support


The state owned assets supervision and Administration Commission of the State Council said that the introduction of the operation guidelines provided a systematic operation guide for the central enterprises to carry out the reform of mixed ownership, which was conducive to the central enterprises to standardize the work process of the reform of mixed ownership, deepen the connotation of the reform of mixed ownership, promote the reform mechanism with mixed capital, and effectively improve the competitiveness, innovation and control power of the central enterprises Influence and anti risk ability, consolidate the micro foundation of the basic socialist economic system.

According to the operation guidelines, the implementation of the reform of mixed ownership by the subsidiaries of central enterprises at all levels should generally follow the following basic operation procedures: feasibility study, formulation of the reform plan of mixed ownership, implementation of the decision-making and approval procedures, audit evaluation, introduction of non-public capital investors, and promotion of the reform of enterprise operation mechanism. If the reform of mixed ownership is carried out in the form of newly established enterprises, foreign investment, merger and acquisition, investment and equity, the relevant procedures for investment management of central enterprises shall be implemented.

Specifically, in the aspect of mixed capital, the operation guide points out that the enterprises to be mixed mainly introduce non-public capital investors through market-oriented platforms such as property rights market and stock market, in an open, fair and just way; introduce non-public capital investors through property rights market, mainly through capital increase and share expansion, and transfer part of state-owned equity. The main ways to introduce non-public capital investors through the stock market include IPO, share transfer of listed companies, issuance of securities, asset restructuring, etc. Among them, those enterprises that are in line with national strategy, have key core technology, have outstanding scientific and technological innovation ability, mainly rely on core technology to carry out production and operation, have stable business model, high market recognition, good social image and strong growth can actively apply for listing on science and Technology Innovation Board.

The operation guideline emphasizes that in the process of introducing non-public capital investors through the market platform, the central enterprises should pay attention to the protection of equal participation rights of all kinds of social capital, and the requirements for the conditions of the proposed participants should not have clear direction or violate the principle of fair competition.

In the aspect of reform mechanism, the operation guide focuses on the corporate governance and control mode of mixed ownership enterprises, three system reforms and incentive and restraint mechanism.

Among them, in terms of equity incentive of listed companies controlled by central enterprises, the guideline proposes that for small and medium-sized listed companies with market value and technological innovation listed companies, the number of equity granted by the first implementation of equity incentive plan accounts for the proportion of the total equity of the company, which can rise from 1% to 3%. The cumulative number of equity granted by a listed company in two complete accounting years is generally within 3% of the total share capital of the company, and special needs such as major strategic transformation of the company can be appropriately relaxed to within 5% of the total share capital. The upper limit of regulation is no longer set for the actual income of equity incentive objects.

In addition to the above content, the operation guide also focuses on the financial and tax support policies and land disposal policies related to the reform of mixed ownership.

In an interview with Securities Daily, Zhou Lisa, a researcher at the research center of SASAC under the State Council, said that on the whole, the operation guidelines not only emphasized the mixed part of the mixed ownership reform, but also provided clear operating rules in the reform mechanism and other links. It is expected that the mixed reform of central enterprises in the next stage will be more efficient and standardized.

Source: responsible editor of Securities Daily: Yang qian_nf4425