Henan'S State-Owned Enterprises Speed Up, And Many Listed Companies Have Been Transferred To The Finance Department.

Under the overall thinking of "state-owned capital" reform and decentralization without involvement in operation, the actual controller of three listed companies in Henan has formally adjusted to the ground.

In January 4th, three companies of Zhongyuan securities, Henan Nen holdings and Henan high tech group announced that the Henan provincial finance department had obtained all the shares of Henan Investment Group Limited (the "Henan investment group") through the transfer of state-owned property rights. The actual controller of the company was changed from the Henan development and Reform Commission to the Henan provincial finance department, and the Henan Provincial People's government had no change in the final actual control relationship of the company.

"The reform and decentralization of state-owned assets in Henan" is actually the gradual formation of a state-owned assets supervision system based on capital management, and a scientific and reasonable definition of the boundary of ownership and management rights. This will help to give more autonomy to enterprises and further strengthen the dominant position of enterprises in the market. In January 6th, a researcher who studied the trend of SOE reform in an interview with the economic report reporters in twenty-first Century said that the transfer of equity rights reflected the responsibilities of state assets investors of functional and public welfare enterprises such as the Henan provincial development and Reform Commission and other provincial departments. It was implemented by Henan provincial finance department to promote the relationship between the government and state-owned enterprises.

In addition to the transfer of shares of the three listed companies, a large number of state-owned assets in Henan have been transferred to the finance department, so that they can perform their duties as investors and do not interfere with the daily operation of listed companies. The daily operation of listed companies will take a more market-oriented approach, and the salaries of professional managers will also be in line with the market.

Reform and decentralization

According to the above announcement, after the completion of this acquisition, the Henan provincial finance department will hold 823 million shares of Zhongyuan securities through the Henan investment group, accounting for 21.27%; holding 739 million shares of Henan Henan holdings, accounting for 64.20% of the total share capital of Henan Province; holding 408 million shares of the company, accounting for 47.26% of the total share capital;

"SASAC decentralization has been going on for several months, and the transfer of shares also means that there may be more market moves next year." Those people said so.

The reform of state-owned assets in Henan began in 2016. At that time, the Henan provincial government issued the "Implementation Opinions on strengthening and improving the supervision of state-owned assets of enterprises", and put forward that "we should mainly manage capital and improve investor supervision, and strengthen internal and external supervision of enterprises". In addition, it is emphasized that the supervision of state-owned assets should be strengthened, and departments and agencies should not interfere in the normal operation of enterprises.

In March 2017, the Henan provincial Party committee and the Henan Provincial People's government requested all departments and units to conscientiously implement the plan of promoting reform of non industrial enterprises in Henan province.

According to the reform plan, the classification of enterprise functions is clear. Henan investment group and other enterprises have been classified into functional enterprises. At the same time, it is required to promote the classified supervision of provincial operating state-owned assets. The provincial finance department will be entrusted with the functions of the state assets investors of functional and public welfare enterprises such as the provincial development and Reform Commission, the provincial Transport Department, the provincial water conservancy department and the Provincial Department of land and resources.

It is precisely according to this requirement, in September 30, 2019, the Henan Provincial People's government issued the reply of the Henan Provincial People's government about the change of the Henan Investment Group Co., Ltd. to perform the contributor's responsibility organization, so that the responsibility of the investor of Henan investment group, which was assigned to functional enterprises, was changed from the original Henan development and Reform Commission to the Henan provincial finance department.

Public information shows that the Henan investment group is a wholly state-owned company approved by the Henan provincial government. It belongs to the provincial government. It operates state-owned assets within the authorized scope of the provincial government, with a registered capital of 12 billion yuan, credit rating AAA and international A-. There are 45 holding companies, 5 of which are 1216.HK, 1375.HK, 601375.SH, 001896.SZ, 600207.SH and 000885.SZ.

Market continuity

According to the spirit of the meeting of heads of central enterprises held at the end of 2019, the SASAC will further promote the "discharge service" next year, fully implement the power and responsibility list management system, and dynamically adjust the list of authorization and decentralization, giving enterprises more autonomy. On the one hand, it will continue to increase the authorization of the pilot enterprises of the two types of companies, and on the other hand, it will reorganize or form new two types of Companies in due course.

As a leading province in the reform of state-owned enterprises, Henan also issued the authorized list of Henan provincial government's SASAC (2019-2020 Year Edition) in December 9, 2019. According to the list, the remuneration of professional managers, the approval of mixed ownership reform plan and the proportion adjustment of state controlling shareholders are included in the scope of authorization and authorization list, which gives enterprises more autonomy.

It is worth noting that according to the spirit of the list, the professional managers who are employed by the enterprises of the provincial enterprises will implement the market-oriented salary distribution system. The total level of remuneration will be determined by the board of directors of the corresponding sub enterprises, and the middle and long term super profit incentive bonus plan and stock option plan will be explored. This also means that the remuneration of professional managers of state-owned enterprises will be fully integrated with the market.

However, the incentive effect of such decentralization on professional managers remains to be tested in time. "Executive incentive mechanism is one of the important driving forces in the reform of state-owned enterprises, but the incentive mechanism for executives is not necessarily optimized with the reform of" capital management ". According to the above analysis, "in the actual landing process, it is necessary to mobilize the elements of" human "in state-owned enterprises in order to give full play to the incentive and release the inherent vitality of state-owned enterprises.

In addition, the disposal rights of provincial enterprises are more market-oriented. Zheng coal machine, Henan Province and other provincial A shares listed companies can be high holdings, low holdings. According to the "list", the provincial enterprises approve the transfer of shares held by the state-owned shareholders through the securities trading system in a certain proportion or quantity. At the same time, they should clearly meet the requirement that the shareholding ratio of the state controlled shareholders is no less than the reasonable shareholding ratio.