“再?zèng)]有法律規(guī)定，到國(guó)有企業(yè)改革完的時(shí)候，國(guó)有資產(chǎn)也就所剩無(wú)幾了。”一些社會(huì)人士對(duì)國(guó)有企業(yè)改革憂心忡忡。 　　事實(shí)是，有時(shí)候一個(gè)賬面資產(chǎn)上千萬(wàn)元的企業(yè)，由于缺乏相關(guān)的規(guī)定和約束，有可能會(huì)被以極低的價(jià)格處理掉，從而導(dǎo)致國(guó)有資產(chǎn)在一種隱蔽的狀態(tài)下慢慢流失。
　　2003年11月，國(guó)務(wù)院辦公廳轉(zhuǎn)發(fā)了國(guó)資委《關(guān)于規(guī)范國(guó)有企業(yè)改制工作的意見》。這個(gè)《意見》對(duì)國(guó)有企業(yè)改制的全過(guò)程進(jìn)行了規(guī)范，對(duì)批準(zhǔn)制度、清產(chǎn)核資、財(cái)務(wù)審計(jì)、資產(chǎn)評(píng)估、交易管理、定價(jià)管理、轉(zhuǎn)讓價(jià)款管理、依法保護(hù)債權(quán)人利益、維護(hù)職工合法權(quán)益、管理層收購(gòu)10個(gè)主要環(huán)節(jié)和方面，提出了明確的政策要求。同年12月，國(guó)務(wù)院國(guó)有資產(chǎn)監(jiān)督管理委員會(huì)、財(cái)政部公布了《企業(yè)國(guó)有產(chǎn)權(quán)轉(zhuǎn)讓管理暫行辦法 》，對(duì)企業(yè)國(guó)有產(chǎn)權(quán)轉(zhuǎn)讓行為的決策、批準(zhǔn)及交易的操作程序等進(jìn)行了規(guī)范，并明確了相關(guān)各方的法律責(zé)任。辦法自2004年2月1日起施行。
　　《意見》和《辦法》的出臺(tái)，旨在規(guī)范國(guó)有企業(yè)改制和國(guó)有產(chǎn)權(quán)轉(zhuǎn)讓行為，加強(qiáng)企業(yè)改制和國(guó)有產(chǎn)權(quán)交易的監(jiān)督管理，促進(jìn)企業(yè)國(guó)有資產(chǎn)的合理流動(dòng)、國(guó)有經(jīng)濟(jì)布局和結(jié)構(gòu)的戰(zhàn)略性調(diào)整，防止企業(yè)國(guó)有資產(chǎn)流失。這為正處在熱潮中的國(guó)有企業(yè)改革提供了一個(gè)行為準(zhǔn)則。
　　
　　規(guī)范管理層收購(gòu)
　　
　　2003年上半年，山東省對(duì)省內(nèi)的上市公司作了一個(gè)國(guó)有股權(quán)退出的摸底調(diào)查，在國(guó)有股退出的諸多方式中，上市公司幾乎眾口一詞選擇管理層和員工持股。
　　2001年山東省國(guó)有資產(chǎn)高達(dá)1700多億元，如此巨大數(shù)額的國(guó)有資本僅僅依靠外資或民間資本來(lái)消化顯然不現(xiàn)實(shí)。在這種情況下，依靠原企業(yè)職工和經(jīng)營(yíng)層來(lái)解決國(guó)有資本的退出則是一種更為現(xiàn)實(shí)的選擇。
　　據(jù)了解，齊魯制藥廠在改制之前就明確提出，職工入股買斷企業(yè)是投資，職工有收益權(quán)，同時(shí)也有承擔(dān)風(fēng)險(xiǎn)的義務(wù)。齊魯制藥廠是全國(guó)行業(yè)50強(qiáng)，盈利前景看好，結(jié)果是不但干部職工踴躍出資、使改制順利進(jìn)行，而且通過(guò)改制，職工們從自己的切身利益出發(fā)，工作積極性得到了進(jìn)一步的提高，企業(yè)發(fā)展加速。
　　對(duì)效益好的企業(yè)，管理層持股的積極性很高。但是這些企業(yè)國(guó)有股比重大，管理層持股，動(dòng)輒就需幾百萬(wàn)、上千萬(wàn)元的資金，錢從何來(lái)？因?yàn)楣芾韺邮种袥](méi)有大筆可以用來(lái)收購(gòu)的資金，這樣必然要融資;而融資需要抵押，許多人就想到用所持股權(quán)進(jìn)行抵押從銀行貸款，甚至用改制企業(yè)的財(cái)產(chǎn)抵押貸款，還有的向本企業(yè)或者其他國(guó)有及國(guó)有控股企業(yè)借款。這樣一來(lái)，用改制企業(yè)的資產(chǎn)進(jìn)行融資，用分紅來(lái)償還債務(wù)，管理層根本沒(méi)有從自己口袋里往外拿錢，并不承擔(dān)任何風(fēng)險(xiǎn)。一些企業(yè)的管理層將改制后所取得的股權(quán)質(zhì)押給金融機(jī)構(gòu)，以此貸來(lái)款項(xiàng)支付收購(gòu)資金。
　　所以，管理層能否有合法來(lái)源的收購(gòu)資金，這成為MBO能否成功的關(guān)鍵。這就要求管理層收購(gòu)市場(chǎng)化，改制企業(yè)在產(chǎn)權(quán)交易所掛牌交易，可以有效地避免“暗箱操作”，使各類投資者都能在平等的環(huán)境中公平競(jìng)爭(zhēng)，誰(shuí)出價(jià)高賣給誰(shuí)，不僅有利于實(shí)現(xiàn)國(guó)有資產(chǎn)的最大價(jià)值，而且國(guó)有資產(chǎn)管理部門和交易所從審計(jì)、評(píng)估階段就介入管理層收購(gòu)，能對(duì)企業(yè)的家底做到心中有數(shù)，避免管理層利用企業(yè)資金收購(gòu)企業(yè)、故意低估賤賣和自賣自買國(guó)有資產(chǎn)的情況出現(xiàn)。
　　
　　國(guó)有產(chǎn)權(quán)市場(chǎng)交易
　　
　　國(guó)企改制的焦點(diǎn)，在于資產(chǎn)問(wèn)題。需要改制的企業(yè)到底有多少國(guó)有資產(chǎn)？到底誰(shuí)說(shuō)了算？這是保護(hù)國(guó)有資產(chǎn)的首要前提。而在產(chǎn)權(quán)轉(zhuǎn)讓的過(guò)程中，國(guó)有資產(chǎn)能否得到合理、準(zhǔn)確的評(píng)估，能否做到進(jìn)場(chǎng)交易，是關(guān)系國(guó)有資產(chǎn)會(huì)不會(huì)流失的兩個(gè)關(guān)鍵環(huán)節(jié)。
　　在以往的改制中，企業(yè)的資產(chǎn)往往由企業(yè)出錢來(lái)評(píng)估，企業(yè)管理層為了自己的利益，必然想方設(shè)法壓低國(guó)有資產(chǎn)的評(píng)估價(jià)格，這樣審計(jì)和評(píng)估的結(jié)果很難完全保持公正、客觀，往往偏向于支付費(fèi)用者。
　　山東振魯會(huì)計(jì)師事務(wù)所副所長(zhǎng)王愛(ài)軍認(rèn)為，在改制企業(yè)的評(píng)估中，除了固定資產(chǎn)外，企業(yè)的無(wú)形資產(chǎn)也必須納入評(píng)估范圍。中國(guó)目前采用重置成本評(píng)估法，來(lái)確定企業(yè)資產(chǎn)的價(jià)值。這種方法的著眼點(diǎn)在于資產(chǎn)的購(gòu)置成本，沒(méi)有考慮到其盈利能力。資產(chǎn)評(píng)估要驗(yàn)證企業(yè)是否存在沒(méi)有入賬的無(wú)形資產(chǎn)，其中包括企業(yè)的老字號(hào)、銷售網(wǎng)絡(luò)、知名商標(biāo)、商譽(yù)等。另外，企業(yè)可能一年盈利，也可能虧損，凈資產(chǎn)并不能完全反映企業(yè)的資產(chǎn)狀況，這些在資產(chǎn)評(píng)估時(shí)都要計(jì)算在內(nèi)。
　　為了有效防止國(guó)有資產(chǎn)的流失，山東省制定了嚴(yán)格的國(guó)企改制程序，推介了60多家符合條件的中介機(jī)構(gòu)，參加省屬國(guó)有企業(yè)改革的中介服務(wù)。省屬國(guó)有企業(yè)經(jīng)過(guò)專業(yè)中介機(jī)構(gòu)的審計(jì)和評(píng)估，審計(jì)和評(píng)估結(jié)果經(jīng)有關(guān)部門核準(zhǔn)之后，國(guó)有產(chǎn)權(quán)指定在兩家產(chǎn)權(quán)交易市場(chǎng)掛牌交易。為保證審計(jì)、評(píng)估結(jié)果的客觀公正，山東建立了相關(guān)制度，通過(guò)招投標(biāo)方式選擇對(duì)改制的省屬國(guó)有企業(yè)進(jìn)行審計(jì)評(píng)估的中介機(jī)構(gòu)，并對(duì)中介機(jī)構(gòu)作出嚴(yán)格的紀(jì)律約束。這樣可以有效地防止中介機(jī)構(gòu)與企業(yè)勾結(jié)低評(píng)低估、隱匿轉(zhuǎn)移、侵占國(guó)有資產(chǎn)的行為，杜絕企業(yè)的自賣自買現(xiàn)象。2003年8月30日，齊魯制藥廠經(jīng)過(guò)中介機(jī)構(gòu)的審計(jì)評(píng)估后，在山東魯信產(chǎn)權(quán)交易中心進(jìn)行了產(chǎn)權(quán)的交替，成功實(shí)現(xiàn)了改制。
　　但是，由于觀念等方面的原因，許多企業(yè)不愿意進(jìn)市場(chǎng)交易。山東魯財(cái)產(chǎn)權(quán)交易中心常務(wù)副總裁韓四平表示，國(guó)內(nèi)外投資者對(duì)山東省國(guó)有企業(yè)產(chǎn)權(quán)都很感興趣，但由于企業(yè)對(duì)產(chǎn)權(quán)交易中心的認(rèn)識(shí)還不充分，不愿意進(jìn)場(chǎng)交易，一定程度上減緩了國(guó)企改革進(jìn)程。
　　國(guó)務(wù)院國(guó)資委主任李榮融近日指出，國(guó)有經(jīng)濟(jì)布局和結(jié)構(gòu)的調(diào)整必然涉及拍賣、收購(gòu)、兼并、投資參股、債權(quán)轉(zhuǎn)股權(quán)等多種形式的產(chǎn)權(quán)交易和流轉(zhuǎn)，都需要一個(gè)信息公開、操作規(guī)范的產(chǎn)權(quán)交易平臺(tái)。山東省的產(chǎn)權(quán)交易市場(chǎng)隨著國(guó)有企業(yè)改革步伐的加快，出現(xiàn)了蓬勃發(fā)展的景象。
　　
　　監(jiān)管國(guó)有資產(chǎn)
　　
　　在規(guī)范國(guó)有企業(yè)改制的同時(shí)，山東加大了對(duì)企業(yè)國(guó)有資產(chǎn)的監(jiān)督力度。4月初，山東省政府首次向９大國(guó)有企業(yè)集團(tuán)派出的12名專職監(jiān)事陸續(xù)進(jìn)駐企業(yè)，其職責(zé)是對(duì)企業(yè)的國(guó)有資產(chǎn)實(shí)行監(jiān)督。
　　據(jù)了解，首批被監(jiān)督的９家企業(yè)，截至去年底，其總資產(chǎn)、凈資產(chǎn)均占到了省管企業(yè)的50％左右。對(duì)如此巨大的國(guó)有資產(chǎn)實(shí)行有效的監(jiān)管，在最大程度上防止國(guó)有資產(chǎn)的浪費(fèi)和流失，專職監(jiān)事所發(fā)揮的積極作用可想而知。
　　專職監(jiān)事可隨時(shí)查看企業(yè)的生產(chǎn)、庫(kù)存以及新舊投資和進(jìn)展情況，查看審計(jì)企業(yè)的財(cái)務(wù)報(bào)表等。
　　由專職監(jiān)事組成的監(jiān)事會(huì)，可以在不征求企業(yè)意見的情況下，通過(guò)日常監(jiān)督報(bào)告和專項(xiàng)報(bào)告的形式，直接向省政府上報(bào)監(jiān)管企業(yè)存在的問(wèn)題。
　　據(jù)了解，待山東省國(guó)資委成立后，專職監(jiān)事的隊(duì)伍將會(huì)擴(kuò)大，隨之的監(jiān)督和激勵(lì)措施也將陸續(xù)出臺(tái)。
　　
　　At the end of 2003, the State-Owned Assets Supervision and Management Committee of the State Council of China and the Ministry of Finance promulgated The Provisional Managing Measures Concerning Transference of Properties of State-Owned Enterprises, which clearly regulated operation procedures concerning decision-making, approvals and all dealings concerning the transference of properties of the state-owned enterprises (SOEs). The Measures were carried into execution from February 1, 2004.
　　The promulgation of the Measures aims to standardize the transference of properties of the SOEs, strengthen the supervision and management of the dealings concerning of state-owned properties, promote the reasonable circulation of state-owned assets and the strategic adjustment of state-owned economic structure, and prevent the loss of state-owned assets.
　　In the first half of 2003, Shandong Province made an investigation among the listed companies within its administration scope concerning retreating of the state-owned shares from the listed companies, which revealed that, among many alternatives, Management Buy Out (MBO) was the primary choice for almost all the companies.
　　Investigation revealed that before reforms concerning transference of state-owned properties were implemented in Qilu Pharmaceuticals Factory, it was already clear that the staff members would buy out the company shares as their personal investment. In this way, they will benefit from their investment while bearing the venture risk incurred in the operation. Qilu Pharmaceuticals Factory is one of the 50 most powerful enterprises in the pharmaceuticals production trade in China. With good payoff prospects, all the managers and employees in the factory enthusiastically bought the shares, which smoothly promoting the reform. In addition, the working enthusiasm of all staff members was greatly enhanced.
　　Whether the managerial staff has adequate funds to afford the MBO is the key for the transference of state-owned assets. Therefore, in order to effectively prevent any under-the-counter dealings, MBO should be carried out in a fair marketing environment. The enterprise involved in the transference should be listed in the properties transference market for public sales and should be sold to those who bid the highest price. In this way, all the investors can compete in a fair environment, turning over the highest value for the state-owned assets. Moreover, the departments concerning state-owned assets management and the securities market can participate in the MBO dealings from the period of audit and appraisals with a view towards making a fair evaluation of the value of the state-owned assets while also preventing the managerial staff in the enterprise from paying for the buy out with funds from the enterprise.
　　With a mind to effectively prevent the losses of state-owned properties, Shandong Province has formulated strict procedures concerning reforms of SOEs. Only after being audited and appraised by professional agency departments, can the SOEs directly run by the province be listed on two properties dealings markets for sales. In this way, more than 60 qualified agency departments have been chosen to engage in the audit and appraisals of SOEs directly run by the province. On August 30, 2003, after being appraised by a professional agency department, the properties ownership of Qilu Pharmaceuticals Factory was successfully transferred in Shandong Luxin Center for Properties Dealings.
　　Han Siping, executive general manager of Shandong Lucai Center for Properties Dealings, is quoted as saying that many foreign and domestic investors are very interested in the properties dealing of SOEs in Shandong Province. However, their lack of understanding of the properties dealings center prevents them from participating in the dealings, which, somehow, is slowing down the reforms of SOEs in Shandong.
　　While standardizing the reforms concerning properties transference of SOEs, Shandong has also strengthened its supervision of state-owned assets. In early April this year, for the first time, the provincial government sent 12 professional supervisors to nine large state-owned enterprise groups to supervise state-owned assets. The supervisory committee is composed of professional supervisors and can directly report to the provincial government about problems in the enterprise by means of supervisory or professional reports without first seeking either advice or approval from the enterprises.

相關(guān)熱詞搜索：國(guó)有資產(chǎn) 口袋 扎緊 扎緊國(guó)有資產(chǎn)的“口袋” 扎緊國(guó)有資產(chǎn)的口袋 要扎緊脫貧攻堅(jiān)的資金口袋