国有资本布局优化的新时代实践及启示:案例研究

The Practice and Enlightenment of the Optimization of the State-Owned Capital Distribution in the New Era:Case Study

本文通过剖析宝钢武钢企业兼并重组、广州发展集团和珠啤集团整体上市、东航物流混合所有制改革、东浩兰生集团核心资产上市等国有资本布局优化典型案例,总结国有资本产业布局优化、规模布局优化、企业布局优化等新时代实践路径及成效。据此,提出推进国有资本布局优化调整的建议:国有资本布局通过战略性兼并重组,整合产业和集聚资源,发挥规模效应,做大国有资本总量,提高资本回报率,优化国有资本行业布局;通过国有资本证券化、整体上市或核心业务上市,把国有资本向优势主业板块集中,提高资本的使用效能,推动国有资本向大而优方向的发展,优化国有资本配置;引入战略投资者,通过外部股东促进法人治理结构完善和经营机制转变,充分发挥国有资本功能扩大效用,优化国有企业布局。

This paper deeply analyzes some case study of the optimization of the state-owned capital distribution in the new era,such as restructuring and reorganizing enterprises of Baosteel and Wuhan Stee,Block Listing of Guangzhou Development Group and Zhupi group are listed as a whole,reform of mixed ownership of China Eastern Logistics Co.,Ltd,and so on.summarizes the optimization path and effect of state-owned capital,such as industrial layout optimization,scale layout optimization,industrial structure layout optimization,etc.On this basis,the paper puts forward some enlightenment and suggestions on optimizing the distribution of state-owned capital for policy decision and reference:First,through strategic merger and reorganization,integrate industries and gather resources the distribution of state-owned capital,give full play to the scale effect,increase the total amount of capital,improve the rate of return on capital,and optimize the layout of state-owned capital industry;Second,through the securitization of state-owned capital,the overall listing or the listing of core business,concentrated to the dominant main business plate of the state-owned capital,improve the use efficiency of capital,promote to the direction of large and superior of the development of state-owned capital,and optimize the allocation of state-owned capital;Third,introduces strategic investors,promote the improvement of corporate governance structure and the transformation of operating mechanism through external shareholders,give full play to the function of state-owned capital,expand the utility,and optimize the layout of state-owned enterprises.