Discussion on Corporate Asset Management Innovation after System Reform å¾ Xuzhou Engineering Machinery Group Co., Ltd. Xu Weike Wu Jianglong Yuan Peng/Writing Reform is still an important task of state-owned enterprise reform. Through restructuring, many companies have indeed shown new vigor, their business conditions have improved significantly, and their economic returns have risen sharply. However, due to the fact that state-owned enterprises did not have a scientific and mature operating model during the reform of the property rights system, non-standard and imprecise trade behaviors brought many potential problems to the management and disposal of the remaining assets after restructuring, and formed a large number of hidden issues. "Sex" assets, and it is possible to form a new asset loss. Therefore, through the review of the above-mentioned restructuring process, only by strengthening the management of 'hidden' assets after restructuring, can we ensure that state-owned assets continue to preserve value and value.
I. Strengthen the significance of 'hidden' asset management. It is obvious that according to the current corporate policy, some of the state-owned assets are still managed within the company, such as divested employee placement fees, bad assets written off, and even state-owned enterprises in some companies. Equity, etc. Although these assets are state-owned in nature, they are not under the control of state-owned assets management, but they are in a 'vacuum zone' for a long time, and the management of this asset cannot be controlled by the company's management, resulting in the loss of new state-owned assets. Strengthening the management of this part of assets has important practical significance.
(1) Since the operators of reformed enterprises only paid attention to the management of marketing, production quality and product development, they turned a blind eye to the staff placement fees for their trusteeship and the bad assets written off during the restructuring. On the other hand, the operators of some reformed enterprises generally believe that individuals or a small number of people have acquired property rights. Enterprises are owned by themselves. There is no strict management regulation and strict and effective system for the staff resettlement fees that are stripped from the system reform. The non-performing asset of the company lacks a supervisory control system. If you do not strengthen the management of this part of assets, it is easy to cause the loss of state-owned assets.
(II) As far as the enterprises that have already completed restructuring are concerned, almost all the reformed enterprises have occupied the resources of the group and used them to varying degrees in the initial stage of restructuring. Such as: brand, trademark, font size and other intangible assets, the use of the head office equipment and the company's land resources, etc. If you do not stop or require them to regulate the use of these intangible assets as soon as possible, it will inevitably cause huge losses to the country in the future.
(3) Before the system reform, the company generally maintains frequent economic relations with its superior company. Due to historical reasons, such relations are generally the liabilities of the reformed enterprise to the superior company, and the amount of money varies in size. Up to tens of millions. For upper-level companies, on the one hand, because they have undertaken a large amount of reforms, they are unable to extricate themselves from the financial crisis. On the other hand, from the perspective of local interests, the reformed enterprises will not be able to return large amounts of funds from superior companies on time. What is more, some restructuring companies not only fail to put debt on the agenda, but also spend a lot of money on creditors, buying limousines, and enjoying high-end consumption. This undoubtedly greatly damages the interests of creditors. If you do not strengthen the management of this part of the assets, it will cause greater economic losses to the country.
(4) The balance of payables and welfare funds payable before the restructuring of the enterprise is used as the amount payable to individual workers. Some enterprises have quantified the transfer of share capital to employees. Most of these enterprises have not been quantified to individuals and still correspond to current liabilities. The assets were left to the restructured new company. From the point of view of the formation of these liabilities, it should belong to the nature of state-owned assets. It is only natural to strengthen the management of these assets.
II. Implicit “Analysis of Causes of Asset Formation†We found that the overall situation of enterprise restructuring is good, but there are also many problems and a large number of 'hidden' assets have formed. The reasons for this are generally expressed in the following aspects: (1) The reform is not thorough and not in place, which brings a lot of inconvenience to the management in the future. On the one hand, the new company can't operate wholeheartedly; on the other hand, the old company can't continue to operate because of the loss of hematopoietic function, and at the same time, it leaves a lot of historical problems waiting to be solved. For example, a company's first restructuring is a typical example. At that time, enterprises had already stopped production, and a large number of workers faced the threat of being laid off and losing their jobs. In a hurry, sub-plants were used as units to implement reforms that were not reforms. On the one hand, the reformed assets did not undergo necessary assessments or handle property rights transfer procedures. As a result, the property rights were unclear and could not be defined, leaving some assets in a vacuum zone. The necessary management cannot be implemented; on the other hand, the status of the employee has not been replaced, and the identity of the employee has not been purchased through the payment of economic compensation, resulting in unknown status and the rights and interests of employees cannot be guaranteed. This is likely to lay a hidden danger for the future development and social stability of the company. The reason for this is that most of these corporate restructurings involve the registration and establishment of a new company funded by the voluntary partnership of the original branch staff, that is, 'reinventing the drums and opening up another'. The new company purchases some of the liquidity assets of the old company by way of debt contingency. Plants and production equipment are all leased from the old company by operating methods, and the newly formed company still employs the employees of the original company, but compensates for the lack of payment of rent for the use of the head office's business premises.The old company still retains the ownership and land of the fixed assets. The right to use, as well as claims and debts formed in the past, was left behind by a small number of management personnel, and a small amount of rent was used to pay for the wages and other expenses of the personnel in the shell. This kind of restructuring model that allows the 'big ship to aground and seesaw to escape' is certain. The universality.
(2) Reformed enterprises lack the overall awareness of the situation and form a new round of 'universalism.' Through investigations, it is found that most of the reformed enterprises are reformed with negative assets, and some negative assets are as high as tens of millions of yuan. The owner of the company is both an operator and a major shareholder, and the dual status allows them to have an imbalanced understanding of the distribution of personal, business, and national interests.It is widely believed that enterprises have suffered a lot from restructuring and have not enjoyed the city government. In addition, he is separated from the original competent authority and acts on his own behavior, and can be free from any restrictions imposed by the original competent authority. Administratively speaking, before the restructuring of the enterprise, the company belongs to the head office and after the restructuring, the state-owned capital is completely Withdrawal, the property rights bond breaks down, which has led to the failure of the management model previously linked to property rights. Moreover, the new round of 'one dominance' will cause the new 'three meetings' to be in name only, and the corporate governance structure will be in crisis.
(3) The original competent authority had changed its thinking about the reformed enterprise, and believed that the reformed enterprise was like a girl who was married and was splashed out of the water, and was not able to manage or manage it. Therefore, in practice, she often relaxes on her own. The supervision and management of them, and even the thought of giving up, made the surplus assets after the reform a veritable “hidden†asset, and the result was naturally encouraging the escape thoughts of some people in the reformed enterprise and hindering the The implementation of the supervision and management process has also increased the difficulty of management.
(4) Inappropriate choice of assessment methods causes a large number of "hidden" assets. Due to the difficulty in making evaluations, or the incompleteness of basic corporate data, in practice, most intermediaries adopt the “cost method†and seldom use the “income method†for evaluation. According to the survey, most companies are reforming. Previously, for intangible assets such as trademarks, brands, patents, or proprietary technologies, which were not scientifically managed or not managed at all, these assets were not reflected in the accounts, and were naturally excluded from the reforms and caused the loss of assets. In terms of it, it's just 'to take advantage of the fact that it is cheap and strange.' In fact, most of the reformed enterprises have a ready market, mature technical support, and a reasonable degree of talent structure, as well as intangible resources such as environmental factors accumulated over the years, but they are not reflected in the accounts. It is not comparable to a new company of the same size. The value of these reformed enterprises will be greatly increased if they are evaluated in accordance with the 'income law', and it is not surprising that this inappropriate assessment method conceals the facts and makes some people's understanding of deviations.
(5) There are various losses in the tax reform and the loss of state-owned assets. This is due to the lack of necessary internal control or supervision due to the lack of necessary internal control or supervision during the restructuring assessment of the company. It is an opportunity for unscrupulous elements, malicious collusion between the commissioning party and the evaluation organization, artificially lowering the assessment value or concealing the failure to declare assets.
III. Strategies and Methods for Strengthening Management After the restructuring of state-owned enterprises, their property rights have undergone fundamental changes. The enterprise has changed from a state-owned or state-owned holding to an equity-diversified company-owned enterprise, and its employees have changed from a single identity of a state-owned enterprise to a dual identity of both a contributor (shareholder) and a migrant worker. "Assets" was created during this intangible change. To strengthen the management of this part of the assets, we must start with the whole process of reforms, look back at the restructuring, and look for solutions to governance.
(1) Grab the source, standardize the process of restructuring, establish and improve the internal control of the system, and take precautions to look back at the system reform. It is not difficult to find that the problems existing in the reformed enterprises and the reform procedures are not standardized and the internal control system is not perfect. In order to completely solve this problem, we must start from the source and eradicate all the reasons for the formation of 'hidden' assets, and make the first priority for a good restructuring. It is necessary to follow the policies of the provincial party committee, the provincial government, the municipal party committee, and the municipal government regarding restructuring. The spirit of the document, in conjunction with the actual situation of the company, formulates detailed detailed rules and specific regulations for the reform and restructuring of the system, from the formulation, demonstration, and approval of the reform program, to the selection of the evaluation agency, from verification of nuclear assets to the write-off of bad assets, and responsibility. The implementation of the reform, from the supervision of the reformed enterprises to the tracking of participation, has made clear regulations on the system, and each provision must be scientific and reasonable, easy to operate, so that every step of the restructuring process has a chapter to find, According to the investigation, it is possible to avoid the smooth implementation of the reform due to the incomplete system or lack of effective management measures. Companies that are restructuring or will be restructured can focus on several key points when it comes to actual work: 1. Put a good asset evaluation in order to avoid 'insiders'.
The occurrence of control phenomena gives an objective and fair evaluation of the company's value. When selecting an intermediary organization, it can be selected and commissioned by a superior company. Asset assessments must be conducted by qualified intermediaries. Resolutely put an end to the low-review and low-review phenomenon.
2, to clear the production of nuclear clearance. In general, clearing nuclear assets is a relatively complicated task. It requires verification and verification of all the assets of the company. The assets of the company are of different shapes and are distributed in a scattered manner, which is inconvenient for inventory. In particular, some non-physical assets, such as temporarily assessed storage materials, issued unbilled goods, and unclaimed materials, will add a bit of difficulty to the inventory. If there is any carelessness, it will lead to discrepancies. Or less disk. Therefore, in the process of clearing and verifying nuclear assets, careful and detailed preparations must be made in advance, including the preparation of information and the division of labor, so that 'seeing things on the plate, see the account will be clear.'
3, set aside historical issues, combined with restructuring to resolve. Organize relevant personnel, carefully sort out pending issues left over from history, analyze and analyze the ins and outs of the situation, classify them, and target them. The suspicious problem must be implemented one by one, the cause must be ascertained, the liability must be pursued, the disposition of the disposition, and the disposition of the investigation must not be tolerated.
4. Carefully write off bad assets and confirm the cancellation. Almost every reforming enterprise has bad assets, bad debts, damages and other bad assets in varying degrees, ranging from several hundred thousand yuan to as much as millions or even tens of millions of yuan. A slight carelessness can cause serious losses. . To this end, we must carefully analyze the reasons for the formation of non-performing assets. We do not have sufficient evidence and sufficient reasons to justify the write-off.
(II) Establishing an efficient and flexible asset management security system before and after reform. For enterprises, restructuring is a complex system project. Not what one person can accomplish, it needs the cooperation and coordination of a group of people and an organization. From the aspect of related elements, it involves aspects such as employees, capital, technology, property, and information; from a business perspective, it is closely related to finance, taxation, party affairs, banking, law, and insurance. Therefore, it is necessary to establish an organizational system that is led by the party committee and is jointly attended by the labor union, the legal office, the discipline inspection commission, the organization personnel department, the asset audit department, the financial department, and the technology development department, and must clearly divide the work and perform its duties. After the restructuring of enterprises, the fundamental changes have taken place in the changes in property rights and business autonomy. Enterprises after restructuring have become completely legal entities that are truly autonomous and self-financing. However, the restructuring is still in its infancy, its corporate governance structure is still not perfect, and the phenomenon of out-of-control corporate internal management still exists. In accordance with the provisions of the current reform and reform policy, the management caliber of its party committees, trade unions, Communist Youth League committees, etc. remains unchanged, and it still belongs to the unified management of the head office. Therefore, it is entirely possible to fully play the functions of party committees and trade unions in enterprises after restructuring, and to guide them to support the healthy development of party committees, trade unions and Communist Youth League committees, and indirectly strengthen the management of 'hidden assets'. .
(3) Assigning property right representatives to the restructured enterprises to participate in the management of the main creditor's rights risks This is a measure taken against companies that still have larger creditor's rights in the reformed enterprises. From the analysis of asset-liability structure, there is no essential difference between a company’s claims and equity held in another company. It is only that the forms of expression are different, the number of returns obtained is different, and the form of exercise of power is different, but with regard to its power itself. There is no difference. Therefore, it is possible to appoint a property representative to participate in the risk management of the principal creditor's rights to the reformed enterprise, not to participate in the business operations, and to supervise the business operations of the company in order to ensure that the interests of the creditor are not lost.
(Four “brothers and relatives accounted for the accountâ€, marketization as the main means, supplemented by the rule of law, complementarity between hardness and softness, and complementary advantages of the so-called “brothers and friendsâ€, is to put all the problems left over from the restructuring, and put it through facts. Reasons, such as "implicit" implicit in the form of assets to become a replacement for the restructuring of enterprises, as a clear policy support for the restructuring of enterprises, rather than vague promises, to achieve the purpose of convincing people with reason.
After the restructuring of the enterprise, the ownership structure has changed, and the property rights ties have been broken. Therefore, the original management model with property rights as its link has obviously weakened its functions, and administrative intervention has failed and is no longer applicable. Therefore, we can consider combining flexible marketization with rigid legalization and organic integration.
The so-called marketization is everything from the perspective of a market economy, the establishment of a partnership of cooperation between enterprises to establish peaceful coexistence, using negotiation as a means to achieve common development. The so-called legalization is a problem that can not be solved through negotiation. It can use the legal system to achieve the goal. The supporting or supply market of most of the reformed enterprises is still within the large group, and it is temporarily inseparable from this big group of trees. Therefore, it can also be controlled and guided from the perspective of supporting and supplying business relationships.
(5) Assets that are divested or written off in a centralized manner are managed by the head office in response to the phenomenon that the reformed enterprise does not ask about the management of state-owned assets. From the viewpoint of safeguarding the interests of the state and the employees, it is recommended that employees who are still left behind in the reformed enterprises be approved to be stripped. State-owned assets such as resettlement fees and write-off non-performing assets were pooled together to establish separate accounts. The head office arranged special personnel for unified management, or under the unified guidance and supervision of the head office, commissioned restructuring companies properly preserved these assets, but they must do so. Good follow-up and supervision and inspection work, and the establishment of related special asset approval system.
(6) Establishing a scientific system of rewards and penalties The establishment of an accusation and disclosure bonus fund can provide certain material rewards for comrades found to be guilty of discovering violations of law and discipline in the process of restructuring.
In summary, it can be seen that, with the continuous deepening of state-owned enterprise reforms, there have been fewer and fewer state-owned or state-controlled enterprises. On the contrary, there have been more and more companies or non-public enterprises with diversified investment bodies. A fairly large group of state-owned assets is self-evident. Therefore, it is necessary to strengthen the indirect management of the restructured enterprises. Only by strengthening the management of 'hidden' assets after restructuring, can we consolidate the achievements of reforms and reforms and ensure that state-owned enterprise reforms are further advanced.
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