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肇慶翻譯公司關鍵字： Profit target is not ideal, of course there are other reasons. First, economic theory, profit is the business benefits of cross-sectional comparative indicator, rather than a timing comparable indicators. That is, at the same point in time within the same industry, the level of profit margins that the business performance is good or bad, but can not say that this year's profit margin of 5% of the company's operating results worse than 10 years ago, a certain profit margin of 10% enterprise. Profitability and the market is inversely proportional to the level of competition, or that is proportional with the degree of market concentration. China 10 years of market reforms greatly increased the level of competition, not only broke the monopoly of the state sector, and strengthen the competition within the state sector, state-owned enterprises is an inevitable decline in profit margins (in fact, non-profit state-owned enterprises also showed a downward trend). In this sense, the margins of state-owned enterprises is a good thing, not a bad thing, because this decline is probably the efficiency of resource allocation to improve the social symbol. Second, the capital structure of Chinese state-owned enterprises since the reform and major changes have occurred since the pre-reform state-owned enterprises, the average debt ratio of less than 20%, and now nearly 80%, so that in the past "profit" has now become a "cost." In the case of debt management, profit and meaningful is the ratio of own capital, rather than profit to total capital ratio. China is still currently in use under the planned economic system to use the profit to total assets ratio - financial profit, the indicator distorts the true profitability of the enterprise level. For example, assume that the total capital of 10 million, of which 7 million debt, equity capital 3 million, if the interest cost of 70 million, the profit of 45 million, then, calculated according to the traditional indicators of financial profit of 4.5%, while the real profit rate of 15%. Third, China since the reforms carried out several major tax reform, the general trend is the separation taxes, profits of the past as things now appear as a considerable portion of the tax into the cost of natural decline in the profits.
Although the state-owned enterprise reform in addressing the incentives are relatively successful, but in the selection mechanism to solve the operator is unsuccessful. So far, more than 85% of the plant manager still state-owned enterprises and government departments appointed the party's organization department, not the real risk of capital owners in the operator market selection. As these government officials have the right to choose but do not take responsibility for the consequences of choice, so they can not really motivated to select those most talented people, to find the most talented people, even if found, if not pleasing to the eye, but also will not use. The next step is to reform state-owned enterprises operator selection mechanism to solve the problem.
How do state-owned joint-stock reform ideas?If the fundamental reform of state-owned enterprises next aim is to solve the operator selection mechanism, reform should follow the direction of what? Now the idea of ??state-owned enterprise reform is roughly this: the state established a State-owned Assets Management Committee, following the establishment of a number of state-owned asset management company, acting as agents of shareholders, those shareholders by these agents operating company's stock, and then send the directors, supervisors , in the stock market operations, so that we simulate a stock market. Now actually in Shanghai, Shenzhen and Beijing are in the press around this idea of ??reform, and has begun to practice. One of my overall assessment is that this is a want to paint white lines in the manufacture of horse zebra approach. Your family has a horse, you are not satisfied with it, you find zebra in the zoo well, on the way back to buy the white paint and brushes, painted on horseback in their own a lot of white round after round, said that she had a zebra the. A horse will not be painted white lines in the back made of zebra. Of course I do not deny painted white lines in the positive sense. Positive sense, is that if other people do not like your home zebra, only you like, drew round after round, they will ask how to get back to a zebra. You can say, this is not a zebra, or the original horse, do not believe you can take a closer look, so we are relieved. After a period of time, you may be sold back to the original horse for a real zebra, we will not pay attention, that was the original horse.
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