"Strengthening the management and supervision of state-owned capital in financial institutions" is an important content put forward at the 10th meeting of the Central Committee for comprehensively deepening reform on September 9.
A relevant person close to the SASAC of the State Council told the reporter of Securities Daily that among the two rights and responsibilities of state-owned capital supervision and management, "supervision" is the investor's responsibility to prevent and control risks, mainly to supervise authorization; "management" refers to the management of capital, assessment of economic indicators, and decentralization of corresponding powers and responsibilities on the basis of liberalization. As a state-owned financial asset, it is also one of the forms of state-owned capital. We should not only consider the "management" function, but also consider the "regulatory" responsibility, that is, through the state-owned capital investors to perform the supervision function, better prevent and control investment risks.
Reform aims at financial field
Today, the reform of state-owned assets and state-owned enterprises has gone through nearly seven years slowly and firmly. In this process, in view of the key issues in the reform, SASAC has formulated important policy documents that can support the overall framework of state-owned enterprise reform, such as defining and classifying the functions of state-owned enterprises, reforming and improving the management system of state-owned assets, strengthening supervision and preventing the loss of state-owned assets, and developing mixed ownership economy. From the perspective of industry, such as power, oil, natural gas, railway, civil aviation, telecommunications, military industry and other key areas have broken the ice.
With the reform of state-owned enterprises from "management of enterprises" to "management of capital", it is particularly important to strengthen the management of state-owned financial capital.
Wu Qi, a senior researcher at Pangu think tank, said in an interview with Securities Daily that state-owned financial institutions are an important part of state-owned enterprises. In recent years, although the scale of China's state-owned financial capital has grown steadily and the management mechanism has been straightened out, some deep-seated and structural problems have become increasingly prominent, such as unclear responsibilities, unclear authorization, poor management, capital distribution to be optimized, and operational efficiency to be improved. These problems not only restrict the sustainable and healthy development of state-owned financial enterprises, but also are not conducive to them Improve the efficiency of financial services to the real economy.
"Strengthening the management and supervision of state-owned financial capital is not only conducive to improving the financial supervision and governance system, maintaining control over key state-owned financial institutions, maintaining national financial security, but also promoting state-owned financial institutions to establish a market-oriented operating mechanism, enhance core competitiveness and capital allocation efficiency, and better serve the real economy." Wu Qi said.
So, what is the focus of strengthening the management of state-owned financial capital? In fact, this meeting has given a clear answer - the establishment of a unified investor system.
Liu Xingguo, a researcher at the research department of the China Federation of enterprises, said in an interview with the Securities Daily that the establishment of a unified investor system will help to unify the regulatory standards for various types of state-owned assets, strengthen the supervision of state-owned assets, improve the efficiency of supervision, better protect the value of state-owned assets and prevent the loss of state-owned assets. At the same time, it is also conducive to the state-owned assets supervision department to optimize the investment and operation of state-owned capital, plan and optimize the overall layout of state-owned assets, and complete the structural adjustment of state-owned assets.
Coincidentally, a series of documents related to the comprehensive deepening reform in various fields, including the Interim Provisions on the responsibilities of state-owned financial capital investors, which are related to the reform of the financial sector and state-owned enterprises, means that this important policy document is expected to be officially announced in the near future.
Responsibilities of investors will be detailed
As a matter of fact, as early as July last year, the CPC Central Committee and the State Council issued the guiding opinions on improving the management of state-owned financial capital, which is regarded as a top-level institutional document to solve the long-standing problems such as unclear responsibilities of state-owned financial capital investors.
Zeng Gang, deputy director of the national finance and development laboratory, once said that if the supervision of state-owned financial capital investors is absent, then from the perspective of corporate governance, the responsibility of investors can not be clearly defined, and the national will can not be fully reflected in the operation of state-owned financial institutions, and it is easy to cause uncontrollable risk events; in addition, there will be some state-owned financial capital Disorderly development and expansion may lead to potential risks.
According to Zhang Lichao, senior researcher of Guoxin Securities, the key to strengthening the management of state-owned financial capital is to clarify the difference between "managing enterprises" and "managing capital".
In an interview with the Securities Daily, Zhang Lichao said that strengthening the management of state-owned financial capital can further decentralize power on the basis of ensuring that state-owned financial capital maintains the necessary control power in the financial field. From the original "supervision and management" to "performing the responsibilities of investors", according to the principle of marketization, we can comprehensively launch the marketization reform of state-owned financial enterprises and optimize state-owned funds Financing based management system controls the core elements of the next level through a comprehensive and efficient governance structure.
According to the Interim Provisions on the responsibilities of state-owned financial capital investors, the industry generally believes that this will further refine the scope of responsibilities of state-owned financial capital investors.
The above-mentioned state-owned assets personage told the Securities Daily that the representative institutions of investors should have clear "responsibilities and rights" in the operation of state-owned capital, so as to promote the transformation to the state-owned assets supervision mode dominated by "capital management".
The source further said that the more important function of financial capital of state-owned enterprises is to serve the industrial layout and promote the development of innovative industries. Through the supervision of investor representatives and in accordance with the market-oriented principle of unified rights and responsibilities, the representative institutions of state-owned enterprises should pay more attention to new state-owned capital and invest in high-quality mixed ownership high-tech enterprises listed on the gem and the science and technology innovation board, thus boosting the industrial economy High quality and sustainable development. Therefore, the effective supervision of state-owned financial capital should take the investor's representative as the main body, realize the effective supervision, implement the combination of industry and finance, and better serve the national industrial layout.
There is still room for reform
The modern financial system and management of state-owned enterprises should be improved.
Xing Qianqian, assistant to the president of Tianjin state owned assets research institute, said in an interview with Securities Daily that the improvement of modern financial enterprise system and state-owned financial capital management system must focus on improving the efficiency of state-owned financial capital and the vitality, competitiveness and sustainable development capacity of state-owned financial institutions, respect for the laws of market economy and enterprise development, and serve the real economy Economic, prevention and control of financial risks, deepening financial reform as the guidance, make the management system more sound, capital distribution more reasonable, management mechanism innovation, and promote the sustainable and healthy operation of state-owned financial institutions.
When talking about the future reform space that can be expected, Zhang Lichao believes that we should coordinate the "three major tasks" in the way of reform.
Specifically, on the level of state-owned capital management system, as a competitive service industry, the financial industry should comprehensively promote the reform of mixed ownership. Through the separation of government and enterprise, the ownership and management rights can be completely separated, and the ownership structure should be optimized, so that the financial enterprises can have full operational autonomy in the market-oriented competitive environment and stimulate the vitality of enterprises; at the level of governance structure, modern finance should be improved We should integrate the enterprise system, improve the corporate governance structure of the company, clarify the responsibilities and status of investors, and provide strategic guidance to relevant enterprises. At the company's management level, we should select the most suitable professional management personnel, select and manage professional managers according to the market-oriented way, ensure the transparency of decision-making, focus on strengthening risk monitoring, and establish an effective incentive and restraint mechanism, Formulate a scientific and reasonable salary system with market competitiveness.
"In the future, on the basis of giving full play to the advantages of state-owned financial enterprises, we can continue to make further exploration in promoting the optimization and adjustment of the distribution of state-owned financial capital, reforming the market-oriented appointment mechanism for senior executives, studying and promoting the establishment of a long-term incentive mechanism, introducing strategic investors, and improving the financial supervision system of state-owned assets." Zhang Lichao predicted that in the future, a series of reform measures, including mixed ownership reform of state-owned financial institutions, pilot projects of state-owned capital investment and operation companies, stock options, and employee stock ownership plans, will also be implemented at an accelerated pace.
Reporter: Du Yumeng securities