Wealth

Vol 5 Chapter 368: Debt-to-equity swap pilot

Early in the morning of the second day, Fan Heng went to the provincial government to preside over the small-scale meeting of the provinces for preliminary discussions.

Of course, the topic of this discussion is naturally not the 20 billion that has disappeared, but for the current state-owned enterprise crisis in Jiangnan Province. In addition to several vice governors, there are also several key state-owned enterprises in the province. represent.

The decision of the Third Plenary Session of the Fourteenth Central Committee on several issues concerning the establishment of a market economy system clearly stated that the reform direction of state-owned enterprises is to establish a state-owned enterprise that meets the requirements of market economy and socialized production, has clear property rights, clear rights and responsibilities, separation of government and enterprises, and management. The scientific modern enterprise system requires the establishment of a modern enterprise system to make the enterprise a legal entity and market competition subject with independent operation, self-financing, self-development, and self-discipline.

We must focus on improving the entire state-owned economy and implement strategic reorganization of state-owned enterprises through the flow and reorganization of stock assets. This kind of reorganization must be guided by market and industrial policies, do a good job in the big ones and let the small ones go, and organically integrate the optimization of the distribution structure of state-owned assets and the structure of enterprises with the optimization of the investment structure, and choose the best to support the strong and eliminate the inferior.

Fan Heng exchanged views with the leaders of Jiangnan Province and the heads of participating companies at the meeting, “In terms of focusing on the large, the state has focused on key enterprises and determined a classified guidance plan. In terms of releasing the small, local governments have adhered to three principles. This is conducive to standards and does not apply across the board. It adopts various forms such as reorganization, alliances, mergers, share cooperation, leasing, contracting operations and sales, etc., to directly push small businesses to the market, so that a large number of small business mechanisms are converted and their efficiency is improved. Many regions such as Zhucheng in Shandong, Yibin in Sichuan, Binxian in Heilongjiang, Shuozhou in Shanxi, Shunde in Guangdong, Tongbai in Henan, Nantong in Jiangsu, Ningde in Fujian, etc. have taken the lead in exploring and invigorating small businesses and have received good results. In addition, a large number of areas New types of private enterprises participate in the reform of state-owned enterprises from the needs of their own development. Through reform measures such as mergers, acquisitions, investment holdings, contracting, leasing, and entrusted operations, the management concepts and management methods of the non-public economy are integrated into the operation of the state-owned economy. Revitalize a large number of state-owned assets."

Recently, high-level government officials have further emphasized the need to adjust the layout of the state-owned economy, clearly pointing out that the state-owned economy plays a leading role, which is mainly reflected in the control. It is necessary to strategically adjust the layout of the state-owned economy.

The state-owned economy must dominate the important industries and key areas that are the lifeline of the national economy. In other areas, asset reorganization and structural adjustment can be used to strengthen focus and improve the overall quality of state-owned assets.

"Our state-owned enterprise reform in Jiangnan Province is already a bit behind. Of course, this has its historical reasons, but our own reasons cannot be ignored. It is a top priority to develop the province’s economy, and all work should be based on this core value.” Fan Heng said to everyone.

Lin Xiru, the vice governor in charge of industry, helped her thick-framed glasses and said to everyone, “Acting Governor Fan said very clearly that the government must effectively guide key enterprises to prompt all enterprises to implement system reforms as soon as possible. We have made a lot of efforts to address this issue in the past, but due to various reasons, we have failed. Now that Comrade Fan Heng is in charge of Jiangnan, it is the central government’s great love for our Jiangnan province. We must seize this great opportunity to make this happen in one fell swoop. It will live up to the trust of 60 million elders and brothers in Jiangnan Province and realize the economic take-off of Jiangnan Province."

The current situation in Jiangnan Province is basically the same as that of other domestic provinces. The non-public economy is developing rapidly, while state-owned enterprises are in a difficult position due to high debt ratios, excessive staff, heavy social burdens, serious apportionment, and low employee motivation. Benefits are declining year by year, and losses are increasing year by year.

According to incomplete statistics. In the first half of this year, the loss-making state-owned enterprises reached 40%. The amount of loss of state-owned assets has also increased year by year.

In order to relieve the difficulties of state-owned enterprises. The central government has introduced a number of policies. Including mergers and reorganizations, separation of main and subsidiary companies, debt-to-equity swaps, etc. Among them, combined with the reform of state-owned commercial banks to centrally deal with non-performing assets. Four specialized financial asset management companies should be established. Implement creditor's rights transfers for some eligible key and difficult enterprises.

If the debt-to-equity swap is successful. These companies will not only greatly reduce the debt ratio. The annual reduction in interest expenditure alone amounts to more than 20 billion yuan.

also. The State Council also plans to take other effective measures. Efforts should be made to solve the problems of over-employment of enterprises and the establishment of society by enterprises. The main purpose is to gradually separate or separate social burdens such as ordinary primary and secondary schools and hospitals affiliated to large and medium-sized state-owned enterprises. Transfer to the place. It is managed by the local education and health department.

Cui Hao, the director of the Jiangnan Wool Spinning Factory, the largest textile company in the province, raised his hand. Said somewhat eagerly. "Governor Fan. The situation of our factory site is very severe. We are currently in contact with technological transformation. Now the new technical talents are in place. That is, the funds applied for by the province have not been in place. If the two hundred million yuan equipment transformation funds are in place, then combine with us. Several new

Surgery. There is great hope for reappearing glory! "

As the industrial leader, Vice Governor Lin Xiru clicked on the table with a pencil and said, “The province’s finances are also difficult, otherwise the problem will be solved for you. Now Comrade Fan Heng has just arrived in Jiangnan Province and has a thousand heads. Wanxu, everything has to be started from scratch, so don't rush to ask for money. Where can I get you two hundred million at once? Even twenty million is difficult, so wait."

Cui Hao stood up a little excitedly and said, "Wait, we have waited for two years, and we have not seen any appropriation. If the year before last, no, if we had this transformation fund last year, we would have long been Out of the predicament and turned over!"

Seeing that his emotions were a little out of control, the people next to him hurriedly pulled him down, and they persuaded, "Old Cui, Old Cui, put down the fire, this is a meeting in the provincial government, why are you still so angry? Comrade Fan Heng just came to work in Jiangnan Province and encountered such a few things, you must at least let him sort out his clues!"

Fan Heng frowned when he heard it, so he asked Lin Xiru, "Deputy Governor Lin, is there such a thing?"

Lin Xiru nodded and replied, "Yes, the argument has been passed long ago, and the province feels promising, but it is because of financial constraints that it has not been allocated adequately. I believe you have also learned about the economic situation in the province—"

Fan Heng nodded. Lin Xiru couldn't make it clear on this occasion. Naturally, he was referring to the 20 billion capital loophole, which delayed most of the normal work.

"If you have a big hole, pat and pat and leave. If this is the case, our work will not be possible." Cui Hao has naturally heard about this, although it is not much, but there are still complaints. Yes, after all, the secretary and the governor were adjusted to an unknown place at the same time, which is very strange in itself, and it can't help but make people think about it.

Lin Xiru was a little annoyed. He said that you are a cadre at the hall level anyway. Although you are a business enterprise, you are in the top of the leadership at the provincial government meeting. Isn't it what the lack of leadership is? Just about to talk to him for a few words, Fan Heng signaled to him to be safe, and then said to Cui Hao, "Your business will be discussed later, and now we will finish the meeting first."

With Fan Hyung's acceptance, Cui Hao didn't want to make trouble anymore, so a group of people continued to meet.

After the meeting was over, Fan Hyung greeted Cui Hao to his office, and then ordered Song Qing to make him some tea, and said to him, "The funding issue now seems unrealistic."

When Cui Hao heard Fan Heng's words, his heart felt cold.

However, Fan Heng went on to say, "However, there are opportunities. The debt-to-equity swap proposed by the central government can be used as a pilot in the province."

The so-called debt-to-equity swap is the introduction of strategic investment.

"Debt-to-equity swap is a very good solution. However, there is no suitable partner at the moment, and I am worried that the time will be delayed and things will become more and more difficult. At present, the mood of the employees is already very unstable. ——" Cui Hao said worriedly.

At this time, the most entangled thing in Cui Hao's heart was that the province used the debt-to-equity swap as an excuse to get rid of himself.

Fan Heng waved his hand and said, "To be honest, the holes in Jiangnan Province are too big. I came here this time not only to fill the holes, but also to fight the tigers, but I don't have much money in my hands to relieve the urgent need. But I I can contact the partner for you, and you can talk to them. If the price cannot be negotiated, I will be an intermediary to lower the price for you."

"Governor Fan has already found a partner for us?" Cui Hao was delighted when he heard this~www.wuxiaspot.com~ I didn't expect Fan Heng to be so agile. How many days did he come to Jiangnan? Not to mention the busy schedule, but he actually took into account the things of his own factory, what a capable person! I only heard that he had gotten a Panshi from a small county town to a sub-provincial city. He was very capable, but now it seems that he has a few brushes.

Fan Heng said with a little embarrassment, "Well, it is the Fan Investment Group. They agreed to help me solve some of the problems. You can just contact them. I will urge them to arrange for someone to inspect the Jiangnan Wool Spinning Factory as soon as possible, and then propose If the two parties have no objections to a feasible debt-to-equity swap plan, they can be submitted to the State Council for approval, and strive to resolve the matter within one month."

"Such a heavy work, I am afraid that it will not be completed within a month——" Cui Hao said a little surprised.

Even if it is approved by the State Council, it will take at least three months, right?

Fan Heng smiled slightly, "As long as you two have negotiated, the provincial government and the State Council will definitely be the green light. You don't have to worry about it. What you have to do is to do this work in a realistic manner. Don't miss anything. NS."

************Today the third more sent to *************(

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