Dusk of Industrial Enterprises and Noon of Investment Enterprises: Thorns and Flowers of Yunnan Provincial Enterprise Reform 3

Author: Xuyu Public account: Yanzhi

Introduction

Looking back in sorrow, I lean on my stick and carry the lonely city. Jiang Lianzhou Zhu comes out, the sky is empty, the wind and things are clear.

Cangming declined and declined, and Zhu Fu lost his life. I admire the dusk bird and throw myself into Lin Yuhe's light.

——"Sitting Alone" by Du Fu of the Tang Dynasty

Leaning on the Back of a Stick and a Lonely City: Dusk of Industrial Enterprises

"Sun Tzu's Art of War" says, "Seek power and do not blame others." On February 1, Yunnan Coal Energy Co., Ltd. announced that the Yunnan Provincial People's Government and China Baowu Iron and Steel Group Co., Ltd. signed a cooperation According to the agreement, the two parties will deepen cooperation with the goal of Yunnan Nanfang holding 10% of the equity of Kunming Iron and Steel Holdings Co., Ltd., and China Baowu holding 90% of the equity of Kunming Iron and Steel Holdings, and sign an entrusted management agreement. If we look at trends, Baowu Group is just a small step towards becoming a steel giant. If we look at emotions, Kunming Iron and Steel Company, which started during the Anti-Japanese War in 1939, is second only to Yunxi Company in history, which started in 1883. , can be regarded as the "big brother" of Yunnan state-owned enterprises and the "big brother" of Yunnan's industrial development. Kunming Iron and Steel Co., Ltd.'s embrace of Baowu Group should be a timely move, just as 51% of Yunnan Metallurgical Group's equity was transferred to China Copper for free in 2018, and Chinalco Group completed the strategic reorganization of major nonferrous metal asset companies. If coupled with the failure of China Minmetals to participate in the reorganization attempts of Yunnan Tin Company and Precious Metals Group in 2019, apart from the Coal Chemical Group, which has entered the judicial reorganization stage, Yuntianhua Group is the only industrial enterprise that has not leaked "selling out" news, perhaps Just because there is no suitable opportunity, the "gods" of Yunnan's industrial enterprises will usher in their own "dusk" after many years. Those who have experienced the morning light with "her" may helplessly sigh, "The sunset is infinitely beautiful. It’s just about dusk.”

Indulgence is still lingering: old love and new love in investment enterprises

If industrial enterprises have entered the dusk after decades or even hundreds of years, then those born in the spring breeze of reform After nearly 30 years of development, the urban investment platform is about to usher in a "midlife crisis", and physical and psychological readjustment has become the new normal. Yuntou Group, which was born in 1997, is 24 years old. It may be still young for a person, but it is not an exaggeration to say "middle-aged" for a company. In 2018, Yi Gang, governor of the Central Bank, said at the 10th session of the According to data cited at the Lujiazui Financial Forum, "The average life span of small and medium-sized enterprises in the United States is about 8 years, the average life span of small and medium-sized enterprises in Japan is about 12 years, and the average life span of small and medium-sized enterprises in my country is about three years." Yuntou Group, as the largest enterprise in Yunnan An investment platform should be regarded as a qualified "old mother". Under its wings, Yunnan City Investment and Yunnan Energy Investment are like eagles learning to fly. In 2009, Yunnan City Investment, which was in the limelight of real estate, celebrated its "coming of age" ceremony. In the fifth year after its establishment, it stepped out of the wings of its "old mother" and became independent. 15 years later, when the wind came and went, , looking down from the attic, there are wind and rain shrouded in clouds and mist, as well as hard floors and high walls. October 2020 is the end for Yunnan Urban Investment Group, and a new life for Yunnan Kanglv Group. On the real estate battlefield, Yunnan Urban Investment has put on new clothes and a new heart. If this heart had come earlier, there might not have been a reorganization of OCT Group, Yunnan World Expo, and Yunnan Cultural Investment. In terms of trends, if there was not enough A large platform is not enough to support Yunnan’s trillion-dollar tourism and cultural industry ambitions. Of course, many assumptions are less convincing than reality, but it is also true that the equity of Yunnan World Expo and Yunnan Cultural Investment were injected into Yunnan Urban Investment.

When it’s warm but still cold: A new way to invest in enterprises

If Yunnan City Investment or Yunnan Kanglv has gained a new life, even though it is connected to the old bloodline of the past, then Yunnan Energy Investment The group found a new way to survive and established itself in 2012. However, the situation at that time was that the most important hydropower assets in Yunnan, like tobacco, another major industry in Yunnan, were firmly controlled by central enterprises. The coal assets are controlled by the Coal Chemical Industry Group, and the water conservancy investment mainly relies on the Yunnan Water Investment Company established in 2007. In addition, the Yunnan Provincial Electric Power Distribution Company was established in 2020, and failed in the reorganization of Yunnan Water Investment. Yunnan Energy Investment The living environment is not very optimistic. In addition to holding shares in large hydropower companies, Yunnan Energy Investment can only hold some small and medium-sized hydropower and thermal power companies. However, Yunnan Energy Investment still stands out among many companies. Its growth is not because of the word "energy", but because of the word "energy". "Trade", taking the 2019 revenue as an example. Among the 107.9 billion revenue, "logistics trade" was 96.3 billion yuan, accounting for 89.22%. This revenue structure was established when Yunnan Energy Investment was established. Logistics trade in 2012 Accounting for 76% of revenue annually, it accounted for 86.76% in 2013. Since then, it has rarely been less than 85%, and even exceeded 90% at one level. The revenue of the main energy industry continues to remain at a low level. If you look at the revenue structure alone Generally speaking, Yunnan Energy Investment is more like a trading company, but such high revenue does not match the high revenue and does not contribute high profits compared with high revenue. Therefore, it can be said that the ability to obtain resources affects the state-owned enterprises to a certain extent. How far can a business go?

Locust trees are full of locust flowers and cicadas are everywhere: the battle for survival of provincial enterprises

Some new students start by making themselves bigger, while more new students come from new establishments, reorganizations and Since 2016, many enterprises have been renamed. This has also ushered in the "Warring States Era" for Yunnan provincial enterprises. Not only have there been mergers and reorganizations with central enterprises, but also mergers and reorganizations between provincial enterprises have increasingly become the norm. In April 2016, Yunnan Construction Investment Holding Group Co., Ltd. was born from the reorganization of Yunnan Construction Engineering, 14th Metallurgical Corporation and Southwest Communications Construction. The three-in-one was born as a giant in the field of Yunnan construction. In 2020, four years later In June, Yunnan Construction Investment reorganized Yunnan Water Investment, four into one, and finally the family could gather together a "table of mahjong". Two years ago in April 2018, Kunming Iron and Steel Company integrated and reorganized Yunnan Logistics Industry Group. Also in this year, Yunnan announced the three-year action for the reform of state-owned enterprises and proposed to build "1+1+X". Around this time, Precious Metal Group, Design Institute Group, Yunqin Group, Lianyun Group, and Ronghe were born one after another. Investment companies, central Yunnan water diversion companies, power distribution companies, coal industry groups, aviation industry groups, financial holding groups, equity companies, but it is not difficult to find that the newly established companies are basically investment companies or industrial companies, and there are no newly established industrial companies. Enterprises, with the deepening of cooperation between the central and local governments, Yunnan provincial industrial enterprises have basically completed the integration and reorganization of central enterprises. "Not owned, but used" has changed from a mentality to an action, and from an action to an action. kind of practice. In this sense, Yunnan Baiyao must be an unavoidable topic. Known as the nation's most advanced "Baiyao model", the mixed reform of Yunnan Baiyao ushered in a highlight moment in 2017 and will stand in the spotlight again in 2020. Next, "Yunnan Baiyao" completed the absorption and merger of its parent company Baiyao Holdings and achieved overall listing. However, the interaction between state-owned assets and private assets has also become an unavoidable topic in corporate governance after the mixed-ownership reform. The representative directors of state-owned assets have made many board decisions. The negative vote shows that there are varying degrees of interest differences between the two parties. One sentence may answer "Business has no national boundaries, but entrepreneurs do." It also reflects the difference between provincial enterprises and non-provincial enterprises. Provincial enterprises naturally It is to serve the development of a province. Non-provincial enterprises serve the interests of the enterprise itself, or the interests of the relevant parties of the enterprise. When interests are inconsistent, disagreements are inevitable.

A bird returns to the sand with traces, but a sail sails across the waves without trace: State-owned enterprise industry and capital logic

If there is a key word in these reforms, it should be "quenching thirst". Years of development As the dusk approaches for industrial enterprises and the noon for investment enterprises, they are all filled with the desire for funds. Industrial enterprises hope that funds can awaken their aging bodies and minds, and the birth of investment enterprises is accompanied by the hunger for funds, which is indispensable even for a moment.

From the judicial reorganization of the coal chemical industry, to the redemption crisis of Yunnan capital, to the weatherization bonds of Yunnan Urban Investment, to the reorganization of metallurgy by China Aluminum Group, to the trusteeship of Kunming Steel by Baowu Group, it is nothing more than reducing debt and reducing the impact of risks. . But having said that, macro-control requires not only policies, but also investment platforms. When industrial enterprises withdraw from provincial platforms, investment platform enterprises are accelerating. This transformation is not only affected by the development cycle of industrial enterprises, but also by the transformation of the government. The impact has gradually shifted from rolling up your sleeves and going into battle on your own to policies and investment guiding industrial investment layout. However, enterprises cannot develop without underlying support. The development of industrial enterprises depends on resources, and the development of investment enterprises depends on industry. Without industrial support, it is difficult for an investment platform to grow bigger and play an effective role. Therefore, the government proposes "three policies". "brand" and "eight major industries", but to win confidence, you still need to take the lead. If provincial enterprises want to win development, they must also show confidence and demonstration in the direction of the industry pointed out by the government. Of course, this conversion should also be the product of the transition from managing assets to managing capital. The underlying mentality is still "not owned, but used", allowing capital to flow freely in the blood of the industry, and state-owned capital becoming a blessing for policy guidance. An important tool to guide the advancement and retreat of industrial capital. If this trend can be traced back to 2015, it should be 2015. In September of that year, the "Guiding Opinions on Deepening the Reform of State-owned Enterprises" was issued. In November, the Central Financial and Economic Leading Group studied economic structural reforms. The following year, in January 2016, the supply side Structural reform has become a hot word in the reform of the economic field. 2015 became the first year of the last round of state-owned enterprise reform. Since then, the integration and reorganization of both central enterprises and provincial enterprises have become the norm. The trusteeship of Kunming Iron and Steel Company has become the first year of the Yunnan Thirteenth The reform of the five state-owned enterprises has come to a slightly regretful end. However, from the perspective of many years, the reform in the field of state-owned enterprises is the most "turbulent" because it is closer to the market, closer to interests, and easier to change, but it has not changed. is its policy tool attribute.