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从38%需提至100%,国企混改资产证券化如何前行?

2018/4/3 15:26:16    来源:和讯网     字体大小:        特大

       编者按:借助资本市场平台推进国企混改,无疑可以让“老树发出新芽”,一方面能充分借助各类资本市场,大力推进国有资产资本化、证券化等;另一方面,通过资本市场实现目标,在提高相关企业竞争力和效益的同时,也可以让上市公司质量得到改善。

 党的十八大以来,国有企业改革进入全面深化阶段。自2015年,党中央、国务院颁布了《关于深化国有企业改革的指导意见》,出台了一系列配套文件,构成了“1+N”政策体系,形成了顶层设计和四梁八柱的大框架。

ZICHANZHENGQUANHUAZUOWEISHISHIHUNGAIDEYIXIANGYOUXIAOLUJING,BANSUIZHEGUOYOUZIBENYUSHEHUIZIBENDEXIANGHURONGHE,TUIDONGLEGUOYOUQIYEGAIGEDEJINYIBUSHENHUA。YONGZICHANZHENGQUANHUALV(BEIZICHANZHENGQUANHUADEZICHAN/ZICHANZONGE)LAIBIAOSHIYANGQIZICHANZHENGQUANHUACHENGDU,GENJUGEQIYEGONGBUDESHUJUJINXINGTONGJIHESUAN,KEYIKANCHUYANGQIDEZICHANZHENGQUANHUALVMUQIANJINWEI38%。

CONGZHENGCEDEZHIDINGJIAODUKAN,BENLUNGAIGEYAOQIU“DAO2020NIAN,ZAIZHONGYAOLINGYUHEGUANJIANHUANJIEQUDEJUEDINGXINGCHENGGUO”。MUQIANSHIDIANJU2020NIANJINSHENGBUZU2NIAN,KAOLVDAOBENJIEZHENGFUZAIZHONGDAJUECEFANGMIANDEQIANGDAZHIXINGLI,GUOQIHUNGAIZICHANZHENGQUANHUAJINCHENGRENGXUTISHENGJIASU。

国企改革的历史进程

ZI1993NIANDANGDESHISIJIESANZHONGQUANHUIWENJIAN《ZHONGGONGZHONGYANGGUANYUJIANLISHEHUIZHUYISHICHANGJINGJITIZHIRUOGANWENTIDEJUEDING》SHOUCICHANSHULE“HUNHEJINGJI”DESIXIANGHOU,ZHONGGUOYIGONGJINGLILESANLUNHUNHESUOYOUZHIGAIGE,MEICIHUNGAIDOUYOUZHEJUDAYINGXIANG。

亚博足彩 DIYILUNGAIGEWEI1998NIANZHI2000NIAN,ZAIJINGJIZENGSUKUAISUXIAHUA,QIYEYINGLIEHUA,JINRONGFENGXIANDOUXIANDEBEIJINGXIA,HUNGAIDEDINGDIAOSHI“ZHUADAFANGXIAO”:“ZHUAZHUDADE”,JIUSHIYAOTONGGUOZHONGZUHEZHAIZHUANGUZHUAHAOYIPIDAXINGQIYEJITUAN;“FANGHUOXIAODE”,JIUSHIYAOTONGGUOJIANBING、CHENGBAOJINGYING、CHUSHOUDENGXINGSHIGAIZUYIPIXIAOGUOQI。

亚博足彩 DIERLUNGAIGEWEI2006NIANZHI2007NIAN,ZAIJINGJI“GAOZENGZHANG+DITONGZHANG”,GUQUANFENZHIGAIGEDEDAOZHONGDATUIJINDEBEIJINGXIA,HUNGAIDEZHUXUANLVSHIDAXINGYANGQIGUFENZHIGAIZAO,SHIXIANZHENGTISHANGSHI。

DISANLUNGAIGEWEI2015NIANZHIJIN,ZAIJINGJIBURULXINGXIAXINGTONGDAO,SHIBAJIESANZHONGQUANHUIJUEYIQUANMIANSHENHUAGAIGEDEBEIJINGXIA,HUNGAIDETUPOKOUSHILONGDUANLINGYUYANGQIHUNHESUOYOUZHIGAIGE。

国企改革的现阶段要求

亚博足彩 2016NIANYILAI,SUIZHEGUOQIGAIGE“1+N”XILIEZHIDUPEITAOSHESHIBUDUANWANSHAN,GUOQIGAIGEJINRUZHONGDIANSHISHIJIEDUAN,ERYANGQIZICHANZHENGQUANHUABEIRENWEISHIGUOQIGAIGEZUIYOUXIAODETUJINGZHIYI。2015NIAN9YUE,GUOQIGAIGEZHIDAOYIJIANMINGQUETICHU“DALITUIDONGGUOYOUQIYEGAIZHISHANGSHI,CHUANGZAOTIAOJIANSHIXIANJITUANGONGSIZHENGTISHANGSHI”。2016NIAN12YUEZHONGYANGJINGJIGONGZUOHUIYISHANGTICHU“HUNHESUOYOUZHIGAIGESHIGUOQIGAIGEDEZHONGYAOTUPOKOU。” 2017NIAN1YUE,ZHONGGONGZHONGYANGBANGONGTING、GUOWUYUANBANGONGTINGYINFA《GUANYUCHUANGXINZHENGFUPEIZHIZIYUANFANGSHIDEZHIDAOYIJIAN》,“JIANCHIYIGUANZIBENWEIZHU,YITIGAOGUOYOUZIBENLIUDONGXINGWEIMUBIAO,JIJITUIDONGJINGYINGXINGGUOYOUZICHANZHENGQUANHUA。”KEJIAN,ZAIHUNGAIZHEITIAOGAIGELUXIANZHONG,YANGQIZHENGTIHUOZHEBUFENSHANGSHISHIZHONGYAOTUJING,ZAIZICHANZHENGQUANHUAGUOCHENGZHONG,YOUYIJINGYINGXINGGUOYOUZICHANWEIZHONGDIAN。

国企改革的资本化运作

WEIGUOWUYUANGUOZIWEIXUANDINGDEZHONGYANGQIYEFAZHANHUNHESUOYOUZHIJINGJIHEZHONGYANGQIYEDONGSHIHUIXINGSHIGAOJIGUANLIRENYUANXUANPIN、YEJIKAOHEHEXINCHOUGUANLISANXIANGZHIQUANDESHIDIANQIYEZHIYI。YIGUOYAOJITUANWEIANLI,GUOQIGAIGEDEZIBENHUAYUNZUOZHUYAOBAOKUOYIXIALIUGEFANGMIAN:

(1)、混合所有制改革

2003NIAN1YUE,GUOYAOJITUANYIQIYIYAOFENXIAOYULINGSHOUYEWUZUOWEIHUNGAISHIDIAN,YUZIGONGSICHANYETOUZIYOUXIANGONGSI(FUXINGTOUZI)HEZICHENGLILEGUOYAOKONGGU(1099.HK)。QIZHUYAODONGJIYOULIANGDIAN,YIDIANSHIWANSHANYIYAOCHANYELIAN,SHIDE(,)DESHANGYOUZHIYAOGONGYEYIJIGUOYAOJITUANDEXIAYOUYIYAOSHANGYEXINGCHENGXIETONG。DIERDIANSHISHIXIANGUOQIYUMINQIZHIJIANDEZIYUAN、JIZHIHUBU,ZAIGUOYAOJITUANZHEIYANGDAXINGYANGQIDEBEIJINGXIA,YINRUMINJIANYOUZHIZIBENLAITISHENGQIYEDEGONGSIZHILIYIJIZIBENYUNZUOSHUIPING。CONGYEJILAIKAN,GUOYAOKONGGUDEHUNHEZHIGAIGECHENGXIAOXIANZHU,YINGYESHOURUZAICONG2003NIANHUNGAIDANGNIANWEI108YIYUAN,ZAI14NIANHOUDE2017NIANDADAOLE2777.17YIYUAN(NIANJUNFUHEZENGSUWEI28.37%)。

(2)、提升资产证券化率

亚博足彩 2016NIAN9YUE27RI,GUOYAOJITUANSUNGONGSIZHONGGUOYILIAOQIXIEYOUXIANGONGSIWEIYUANSHIQUANYIRENFAQIDE“GUOYAOQIXIEYINGSHOUZHANGKUANYIQIZICHANZHICHIZHUANXIANGJIHUA”ZAISHANGHAIZHENGQUANJIAOYISUOGUAPAI,ZHEISHIGUONEISHOUDANYILIAOXINGYEYINGSHOUZHANGKUANZICHANZHENGQUANHUAXIANGMU。GAIXIANGMUWEIYILIAOQIXIEJIYUDUISANJIYIYUANYINGSHOUZHANGKUANZHAIQUANERSHELI。GAIZHUANXIANGJIHUASHIXIANLEYINGSHOUZHANGKUANZHENSHICHUBIAO,YIWEIZHEYANGQIZAIZIJINGUANLIFANGMIANGENGJIAZHUZHONGXIANG“PANHUOCUNLIANG”JIJIZHUANBIAN。

(3)、组建国有资本投资运营公司

2006NIAN6YUEGUGAIQIJIANGUOYAOKONGGUZAI《(,)SHOUGOUBAOGAOSHU》ZHONGMINGQUE“TONGGUODUIZICHANHEYEWUSHISHIZHENGHESHIXIANZIYUANDEYOUXIAOPEIZHI,SHIGUOYAOGUFENWEILAICHENGWEIGUOYAOKONGGUBEIFANGDIQUDEYAOPINCAIGOUZHONGXIN、FENXIAOZHONGXIN、WULIUZHONGXIN、YANFAHESHENGCHANZHONGXIN,TONGGUOZHENGHECHENGWEIGUOYAOKONGGUBEIFANGDETOUZIHEZIBENPINGTAI”。

(4)、资源整合性重组

2016NIANGUOYAOGUFENWEICHEDIJIEJUEYUGUOYAOKONGGUDETONGYEJINGZHENGWENTI,ZI2YUEQIDONGZHONGDAZICHANZHONGZU,ZHENGHEGUOKONGQIXIADEBEIJINGSIJIAYIYAOSHANGYEYOUZHIZICHAN,JINGGUOZHONGZUGUOYAOGUFENJINGLIRUNCONG2016NIANDE5.63YIYUANTISHENGZHI2017NIANDE13.39YIYUAN,ZENGSUDA237%。GUOYAOGUFEN(600511)CHENGWEIGUOYAOJITUANQIXIABEIJINGWEIYIDEYIYAOFENXIAOPINGTAI。ZHONGZUWANCHENGHUNGAITISU,HUNGAIBUJINTIGAOJINGYINGXIAOLV,JIANGDIYINGYUNCHENGBEN,TISHENGGONGSIYUANGONGDEJILILIDU,GENGWEIGONGSICHANYELIANBIHUANJINGZHENGMOSHIDEFAZHANPUPINGLEDAOLU。

(5)、压缩管理层级,清理低效资产

亚博足彩 2013NIANYILAIDEDUOFENZHENGCEWENJIANJUNQIANGDIAO,YAOYASUOGUANLICENGJI,QINGLIDIXIAOZICHAN,JIANGDIGUANLICHENGBEN,ZHICHIQIYEPOCHAN“XIAOQIAO”,BINGKAITONGLELVSETONGDAO,JIANHUAZHUXIAOCHENGXU。2013NIAN,(,)BIANZHUXIAOLEYIYAOMAOYIGONGSIJIYIYAOZHIYEJINENGPEIXUNZHONGXIN,YIZHENGHEDIXIAOZICHAN,JIANGDIGUANLICHENGBEN。

(6)、职业经理人与股权激励

GUOYAOKONGGUYU2016NIAN11YUESHISHILEXIANZHIXINGGUPIAOJILIJIHUA,TONGGUOGUQUANJILI,JIANLIGUDONGYUJINGYINGTUANDUIZHIJIANDELIYIGONGXIANG、FENGXIANGONGDANJIZHI,YOULIYUJINYIBUTIGAOGONGSININGJULIHEFAZHANXIANGXINLI,SHIXIANZHANGXIAOJILI,GOUJIANYILIURENCAIGONGZUODEPINGTAIHEJIZHI,SHIXIANQIYEZHANGYUANZHANLVEMUBIAO;YOULIYUQIANGHUAGONGSIJINGYINGTUANDUI、QIYEYIJIGUDONGZHIJIANDEGONGTONGLIYIJICHU,ZENGQIANGJINGYINGTUANDUIDUISHIXIANGONGSIWEILAICHENGZHANGDEZERENGAN、SHIMINGGAN,CUJINGUOQIDEKECHIXUFAZHAN。

国企改革资产证券化案例

亚博足彩 SHIBAJIESANZHONGQUANHUIYILAI,ZHONGYANGZHELIJIAQIANGGONGJICEJIEGOUXINGGAIGE,TEBIESHIZAIJINRONG、YILIAO、GUOQILINGYUDEGAIGELIDUJIAODA,GULIJIZHICHUANGXIN。GUOWUYUANDUOCIZHAOKAICHANGWUHUIYI,YANJIUSHENHUAJINRONGGAIGECHUANGXIN,PANHUOCUNLIANGZIJIN,CUJINDUOCENGCIZIBENSHICHANGJIANSHE,GENGHAOZHICHISHITIJINGJIFAZHAN,QIZHONGBAYILIAOZUOWEIZHONGDIANZHICHILINGYU。WOGUOYILIAOGAIGEZHENGCHUYUSHENHUAGONGJIANJIEDUAN,YINGSHOUZHANGKUANZHENGQUANHUAZAIYIYAOLIUTONGZHEIGECHUANTONGLINGYUDECHUANGXINLUODI,YOULIYUZHEIGELINGYUZHAIQUANZHAIWUGUANXIDEGUIFANYUTOUMING,YOULIYUGUOJIAYIYAOLIUTONGLINGYUJIZHONGCAIGOUDENGXIANGYINGZHENGCELUODI,YOULIYUYIYAOLIUTONGLINGYUZIYUANZHENGHE,JINYIBUJIANGDIYILIAOXINGYEZHENGTIYUNXINGCHENGBEN。

亚博足彩 YILIAOXINGYEGONGSIXIANGLAIYOUZICHANZHONGYINGSHOUZHANGKUANBIZHONGJIAOGAODETEDIAN。YISHANGSHIGONGSIWEILI,YILIAOSHANGSHIGONGSIDEYINGSHOUZHANGKUANZHANYINGYESHOURUDEBIZHI,CHIXUCHUYUAGUZHENGTISHUIPINGDELIANGBEIFUJIN。ZHEIDUIYUGONGSIYINGLIHERONGZIJUNYOUBULIYINGXIANG。CONGYINGLIJIAODULAIKAN,DALIANGDEYINGSHOUZHANGKUANHUIYINGXIANGGONGSIZIJINZHOUZHUAN,JIANGDIQIYELIRUNLV。YINGSHOUZHANGKUANDEZHENGQUANHUASHIXIANLEYINGSHOUZHANGKUANZHENSHICHUBIAO,TIGAOLEQIYEZICHANDELIUDONGXING,YOUHUALEJITUANJINGYINGZHIBIAO。TONGSHI,YEYIGENGDIDERONGZICHENGBENJIEJUELEYIYAOQIYEDEZIJINXUQIU。QIYEXUQIUSHIDEYILIAOXINGYEYINGSHOUZHANGKUANZICHANZHENGQUANHUAKUAISUFAZHAN。

“GUOYAOQIXIEYINGSHOUZHANGKUANYIQIZICHANZHICHIZHUANXIANGJIHUA”XIANGMUYU2016NIAN6YUE29RIZHENGSHISHELI,QIYIGUOYAOQIXIEZUOWEIYUANSHIQUANYIREN,JIYUDUISANJIYIYUANYINGSHOUZHANGKUANZHAIQUANERSHELI。

CICIZHUANXIANGJIHUABAOHANGUOYAOQIXIEJISUOSHU48JIAZIGONGSICHAOGUO22000BIYINGSHOUZHANGKUAN,FAXINGGUIMOWEI13.68YIYUAN,QIXIAN1.5NIAN,GONGSHELIANGJISIDANG,YOUXIANAJICHANPINPIAOMIANLILVWEI3.90%,YOUXIANBJICHANPINWEI4.50%。

亚博足彩 BIAOYI:ZHAIQUANJIBENXINXI

债券名称 评级 分层比例 发行金额 当期票息 期限(年)
(最新) (%) (万) (%)
国药1优A AAA 80.99 110,800.00 3.9 1.5
国药1优B AA 8.99 12,300.00 4.5 1.5
国药1次A -- 5.04 6,900.00 10 1.5
国药1次B -- 4.98 6,810.80 0 1.5

数据来源:Wind


BENZICHANZHENGQUANHUARUCHIZICHANDEZHAIWURENXINYONGJIAOHAO,QUANBUWEIGONGLISANJIYIYUAN,QIZHONGGONGLISANJIAYIYUANYINGSHOUZHANGKUANJINEZHANCHUSHIRUCHIZICHANDEBILICHAOGUO80%,QIEZICHANFENSANXINGHAO。GUOYAOQIXIEGUANLIJIAGOUJIFENGKONGTIXIWANSHAN,YINGSHOUZHANGKUANRICHANGGUANLIGUIFAN,YINGSHOUZHANGKUANZHENGTILVYUELVJIGAO。

亚博足彩 TUYI:JIAOYIJIEGOU


从38%需提至100%,国企混改资产证券化如何前行?

基础资产合格标准:


亚博足彩 (a)ZICHANCHIZHONGDEGEBIYINGSHOUZHANGKUANJUNWEIYUANSHIQUANYIRENHUOQIZIGONGSIZUOGONGHUORENXIANGZHAIWURENFASONGQIHEFASUOYOUDEYAOPIN、YILIAOQIXIEDENGSHANGERXINGCHENGYINGSHOUZHANGKUANZHAIQUAN。

(b)YUANSHIQUANYIRENJIQIZIGONGSIYIJINGLVXINGBINGZUNSHOULEXIANGGUANDEYEWUWENJIANGEXIANGTIAOKUAN,YUYINGSHOUZHANGZHAIQUANQUELIXIANGGUANDEGEXIANGLIYIWUYIJINGLVXINGWANBI。

(c)ZHENDUIMEIYIBIYINGSHOUZHANGKUAN,WULUNSHIJIUQIFUJINE、SHIJIANFANGSHIHUOSHIQITAFANGMIAN,YUANSHIQUANYIRENZIGONGSIHEXIANGGUANDEZHAIWUZHIJIANJUNWUSHANGWEIJIEJUEZHENGYI,QIEZHAIWURENWEIXIANGYUANSHIQUANYIHUOQIZIGONGSITICHUJIANMIAN、DIXIAOYINGFUZHANGKUANYI。

(d)MEIBIYINGSHOUZHANGKUANJIQIDUIDEYEWUWENJIANJUNHEFAYOUXIAO,BINGGOUCHENGXIANGGUANZHAIRENHEFA、YOUXIAOHEYUESHULIDEYIWU,GAIDENGYINGSHOUZHANGKUANDEZHAIQUANRENKEGENJUQITIAOKUANXIANGZHAIWURENZHUZHANGQUANLI。

亚博足彩 (e)MEIBIYINGSHOUZHANGKUANXIANGXIAZHAIQUANJUNKEJINXINGHEFAYOUXIAODEZHUANRANG,YUANSHIYIRENJIANGQUANBUHUOFENYINGSHOUZHANGKUANZHUANRANGDEXINGWEIBUHUIYOUYURENHEYUANYINERBEIJINZHIXIANZHI,XUYAOHUODEZHAIWURENDETONGYI。

亚博足彩 (f)GEBIYINGSHOUZHANGKUANJUNBUSHEJIWEIYUEHEWEIJUEDESUSONGHUOZHONGCAI,YIWEIBEIYUANSHIQUANYIRENYONGYURENHESHANGYEYINXINGBAOLIWU。

(g)ZICHANCHIXIANGXIAMEIBIYINGSHOUZHANGKUANBUCUNZAIRENHEQUANLIFUDANHUOXIANZHI,BAOKUODANBUXIANYUBAOZHENG、DIYAHUOZHIYA。

亚博足彩 (h)ZICHANCHIXIANGXIAMEIBIYINGSHOUZHANGKUANDEYUQIFURIBUZAOYUGAIBIYINGSHOUZHANGKUANDUIJIZHUNRI,QIEBUWANYUJIHUADAOQIRI。

(i)ZHAIWURENFANWEIXIYIJU《YIYUANFENJIGUANLIBANFA》BEIZHONGHUAMINGONGHEGUOJIAWEISHENGHEJIHUAYUWEIYUANHUIRENDINGFENJIZHISHAOWEIERJIJIADENG、SANYISANJIJIADENGDEGONGLIYIYUANYIJIYIJUZHONGGUORENMINJIEFANGJUNZONGHOUQINBUWEISHENGTONGYIFENJIGUANLIBIAOZHUNBEIRENDINGZHISHAOWEIERJIJIADENG、SANYISANJIJIADENGDEGONGLIYIYUAN。

亚博足彩 (j)JICHUZICHANBUSHEJIGUOFANG、JUNGONGHUOQITAJIAJIMI。

(k)JIUCHUSHIJICHUZICHANERYAN,ZHANGLINGHEYINGSHOUZHANGKUANSHENGYUQIXIANZAI365RIYINEIDEJICHUZICHANWEICHANGJIAKUANYUEZHIHEZAIQUANBUCHUSHIJICHUZICHANWEICHANGYINGSHOUZHANGKUANGUIMOZHANBIBUDIYU90%。JIUMEICIXUNHUANGOUMAISHIXINZENGDEJICHUZICHANERYAN,MEICIZHANGLINGHEYINGSHOUZHANGKUANSHENGYUQIXIANZAI365RIYINEIDEXINZENGJICHUZICHANWEICHANGJIAKUANYUEZHIHEZAIDANGCIQUANBUXUNHUANGOUMAIXINZENGJICHUZICHANWEICHANGYINGSHOUZHANGKUANGUIMOZHANBIBUDIYU90%。

SHANGSHUZICHANZHENGQUANHUAJIUSHIZAISHUNYINGZHENGCEHESHICHANGBEIJINGYINGYUNERSHENG,BINGZAIXUNHUANGOUMAIDENGFANGMIANZUOLECHUANGXIN,SHIQIYEYINGSHOUZHANGKUANTONGGUOSHICHANGZHUANHUAPANHUO,SHIXIANYINGSHOUZHANGKUANZHENSHICHUBIAO,JIAQIANGLEZICHANLIUDONGXING,YOUHUAJINGYINGZHIBIAO,DADAOLE“QUGANGGAN”DEZUOYONG,TONGSHIYEYOULIYUQIYENEIBUJINYIBUTISHENGYINGSHOUZHANGKUANDEGUANLISHUIPING,TUOKUANLEQIYERONGZIQUDAO,SHIXIANLETIZHIZENGXIAODEMUDE,DUIYILIAOXINGYEXIANGGUANZICHANSHIXIANSHICHANGHUAPEIZHIJINXINGLEYOUYICHANGSHIYUSHIJIANJIEJIAN。

展望

GUOQIGAIGESHI2018NIANGEXIANGJICHUXINGGUANJIANXINGLINGYUGAIGEZHONGDEZHONGZHONGZHIZHONG,WEILIEZHENGFUGONGZUOBAOGAOGEXIANGJICHUXINGGAIGELINGYUZHISHOU,TUIDONGYOUSHIQIYEZHONGZUZHENGHEHEJIANBING,TISHENGZICHANZHILIANG,ZENGQIANGQIYEFAZHANNENGLI,TISHENGZICHANZHENGQUANZHENGQUANHUALV,SHIJIANJINPO,RENZHONGERDAOYUAN。

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