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百色翻譯公司關鍵字Now I talk about specific ideas point. I know my views have caused "extreme", some people, especially government departments, not necessarily than hear. Theory to do a compromise, I propose this idea: first, the state-owned assets should not only operate as equity, should also operate as a debt, or at least set aside a certain percentage as a debt management. Second, the existing state-owned enterprises should be divided into three categories, a group of countries to maintain equity, and the other only for debt investment, the third abandoned. To maintain equity should be limited to a few monopoly, large enterprises, small and medium enterprises are the third category. Third, the state-owned assets should not only allow the SAC's National Asset Management Company to conduct business, and should be delegated to other parties to conduct business, such as banks, non-bank financial intermediaries, investment companies, etc., should also be involved in the operation. I called them authorized to operate and commission business, especially as this part of the debt, but should allow them to operate. Many state-owned asset management companies, supervision is very difficult. So I argue that state-owned asset management companies have up to 100 can be, generally speaking, there are so few national level, so each province on average 3 to 4, the rest can be delegated to others. Fourth, the structure of state-owned asset management company's assets should also be provided, must be part of the business as a debt, thereby increasing the external role of the other shareholders. These ideas are not entirely rigorous theoretical analysis, but the theory is applied to some practical result of a compromise made.
Such a reform should be state-owned enterprise debt restructuring at the same time. As we all know, Chinese state-owned enterprises is very high debt ratio in 1994, more than 70% on average, a high of 100%, and the company's debt ratio is still rising. This makes the state-owned enterprises at any time in bankruptcy. This is not entirely due to poor business, but because of over-indebtedness. In a market economy, every enterprise has a more appropriate for their assets - liabilities ratio. Why China's state-owned enterprises debt is particularly high it? Mainly due to the direct financing market is underdeveloped, residents can put money in the bank, the bank and then lend to businesses. Such an increase in deposits of residents, will increase a company's liabilities. Government agreed to open direct financing market, but as long as no restrictions on direct financing market, high corporate debt on every day, how do you do? The fundamental way out is to open up direct financing market. Of course, development of direct financing market is not one or two days, so I do not advocate everyone regarded the deposits taken out to buy the stock. However, investors must be given freedom of choice. China now appears the problem is that asset ownership and business ownership serious dislocation (mismatching), 70% of investment funds from individuals, that is, people are owners of business assets, the government no money, but it is the business the owner. It is time for asset owners to become business owners the time.
I can take a call, "Third Party" approach. The so-called "Third Party" refers to the original only two governments and enterprises, the relationship is not good old downtown, the introduction of a third party may help solve the problem, some things are often easy to handle. For example, the state-owned enterprises to dismiss a worker, to spin a very tough battle. To foreign-funded enterprises, the words of no one. "Third party" could play such a role. I said "third party", including foreign, non-state-owned, township, private and other enterprises. Inserted into these enterprises, the involvement of state-owned enterprises, stock options, and that part of the country can become claims. You can also reach an agreement by countries and banks, corporate capital verification of the assets after the country into a debt, so that the country become a creditor, the bank becomes the debtor; banks as creditors, become the debtor. Due to space limitations, but I am not engaged in specific operations, we can not talk about very fine, only to talk about my general idea. In fact, in real life, good corporate reform was also mostly through the "Third Party" approach to be successful. Such as stock market non-state-owned enterprises mergers of state-owned enterprises, and if the so-called "second choice phenomenon", as well as many parts of Guangdong, have adopted this approach. There Shandong Zhu Cheng, put the company sold, the funds collected into a debt. This shows me this idea is not entirely a fantasy, there are some practical value. How to use non-state-owned enterprise reform state-owned enterprises and how to use non-state-owned enterprise reform and development of state-owned enterprises is an important issue.
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