"But ......"

Zhang Shu hesitated for a moment, and finally said stubbornly: "Zifeng, I heard that some factories engage in demutualization, and they will let the management hold shares, when you talked to Director Xie, did he say any specific policies?"

Hearing Zhang Shu say this, all the people turned their eyes to Tang Zifeng, and the expressions on their faces were very different, but they were obviously full of interest in this issue.

Management ownership is a popular concept nowadays, and it is said that it came from Western countries. The meaning of management shareholding is that in the process of demutualization of the enterprise, a part of the shares are allocated to the management, which can be either a free gift or a purchase by the management, but the purchase price is much lower than the market price, which is a benefit to the management.

The purpose of management shareholding, according to economists, is to mobilize the enthusiasm of management and solve the "principal-agent dilemma".

According to economic theory, an enterprise is owned by shareholders, and management is only entrusted by shareholders to engage in business management activities. Since whether a company makes money or not has nothing to do with the interests of the management, the management will tend to spend the dividends that belong to the shareholders on various squanders, or engage in some irrational investments to the detriment of the interests of shareholders.

In order for the management to treat the enterprise as its own property, it is necessary to make the management also a member of the shareholders, that is, through the method of management shareholding, so that the management owns a part of the shares of the enterprise. In this way, the management is working for itself, and it will naturally be more diligent and conscientious. The state can buy the loyalty of the management with only a small amount of equity, so why not?

This theory sounds quite plump, but in reality it is very skinny. How can the directors and managers of state-owned enterprises who are unwilling to work hard because they do not have shares be able to work in a down-to-earth manner even if they have obtained a small number of shares? Think about it, the main equity of the enterprises is in the hands of the state, and the management only owns a small fraction, and even if they can distribute dividends, they are only two jujubes, and can they satisfy their desires? In contrast, they might as well take advantage of the power in their hands to the detriment of the public and private interests, and it is much better for such a large enterprise to make a handful of money than to wait bitterly for the dividends of equity.

Of course, if the state is willing to give half of the equity to these factory managers, perhaps they will be satisfied. But what virtue and ability do these people deserve to give them so many benefits for no reason?

Of course, these things were gradually realized by people later. At a time when academics are trumpeting the management of state-owned enterprises (SOEs), many government officials have been brainwashed by this notion that it is a good idea to do so. The central government has proposed to engage in a market economy, but we have no experience, and Western countries have been engaged in market economy for hundreds of years.

Of course, the leaders of state-owned enterprises who are most interested in management shareholding are those like Wu Weiqin and Zhang Shu. If Linyi wants to carry out shareholding reform, and at the same time wants to engage in management shareholding, then with their position, they will naturally be able to get a share. There are 2 or 300 million yuan of assets on the books of Linyi Machine, and there is also this land owned by Linyi Machine, which is now worth no less than 500 million yuan, which is not reflected in the books.

With a total of 7 or 800 million yuan in assets, even if each factory director can only get 1%, it is as much as 7 or 8 million, which is equivalent to dozens of lifetimes' income. Zhang Qun and Qin Zhongnian are rationally not in favor of demutualization, but in the face of such a large amount of temptation, it is impossible to say that they are not moved at all. If the policy allows them to participate, it's a completely life-changing opportunity, can they not care?

"There is no clear policy on the issue of management shareholding, and various places are also crossing the river by feeling the stones. Tang Zifeng said, "However, as far as the situation of Linyi is concerned, there are no conditions for management to hold shares." Some enterprises engage in management shareholding because the enterprise itself has fallen into operational difficulties, and the competent departments promote management shareholding in order to stimulate the motivation of the management to turn around losses.

"For these loss-making enterprises, if they can turn around their losses, the state is equivalent to saving an enterprise, so it is not too much to take out some shares of the enterprise to reward the management. If the company fails to turn around and eventually goes bankrupt, then the stake received by the management is just a blank check, and the country has nothing to lose.

"Linyi machine is currently in good business condition, to put it mildly, remove all of us, and change a group of people to manage, Linyi machine will not get worse. In this case, what reason does the state have to give us shares for no reason?"

"This ......" Zhang Shu was a little dumb, and he didn't know how to say it for a while.

The reason that Tang Zifeng said is very simple, the state is not a fool, why should a few percent of an enterprise be given to the management? If Linyiji is an enterprise on the verge of bankruptcy, and they are a group of capable people who can turn the tide, then it is reasonable for the state to promise heavy rewards in exchange for their hard work to help the enterprise turn around its losses. But this is not the case, so why is it necessary for the state to do so?

Or it can be said to be more extreme, even if the higher-level department in charge has a brain in the water, and has to implement management shareholding, and take out tens of millions of shares to distribute to the factory leaders of Linyi Machine, won't people first replace a group of their own people and then implement this policy? Whether he is Zhang Shu or Wu Weiqin, they are not irreplaceable important figures, and they will first remove you, and then engage in management shareholding, can you get a dime?

Seeing that Zhang Shu was silent, Zhu Yachao said: "Director Tang is right, I have also heard some about the management shareholding, and the situation is indeed what Director Tang said. However, I have also heard that the leaders of some factories deliberately make blind decisions in order to engage in management shareholding, making the factories insolvent and creating the appearance that they are about to go bankrupt. In this way, the higher-level departments had no choice but to give the factories worthless to these factory directors.

"When the equity is in hand, these factory directors will resume the business again, and the company will be alive immediately. These people are equivalent to empty gloves and white wolves, making a business out of thin air. ”

"Isn't this a crime!" Qin Zhongnian said in amazement, "Director Zhu, where are you talking about the company, it won't be in our system, right?"

Zhu Yachao smiled apologetically at him and said, "Chief Engineer Qin, it's inconvenient for me to say this. It's also because they have a good relationship with me that they tell me the mystery of this, I want to tell which company it is, didn't they sell them?"

"This is not called selling, this is called reporting!" Qin Zhongnian said indignantly, seeing that Zhu Yachao did not take over, the old man turned his head to Tang Zifeng again, and said: "Xiao Tang, you should report this matter to the bureau, let them check it carefully, and see which enterprise leaders are digging into the corners of the country." ”

"Chief Engineer Qin, this is none of our business, and we can't take care of it. Tang Zifeng said to Qin Zhongnian in a helpless tone. In fact, what Zhu Yachao said, he has also heard from others. There are still some things that no one knows now, but they have been disclosed in later generations, and the various operations in them are even worse than the methods Zhu Yachao said. Tang Zifeng is only the executive deputy director of Linyi Machine, and he can only be regarded as a lower-level cadre in the entire system, where can he manage such a thing.

"The method that Lao Zhu said, if we want to do it, we can do it. Tang Zifeng turned to everyone and said lightly, "We don't have to be too extreme, as long as we make one or two business mistakes, make the books into losses, and then go to talk to the mechanical and electrical industry company." In the current situation, I think it is still very possible to persuade the mechanical and electrical industry company to allow us to carry out the shareholding reform and at the same time implement the management shareholding.

"Of course, we are at the bottom of a machine, and the electromechanical company also understands it. I don't think it's realistic to expect the electromechanical company to agree to allocate shares to us free of charge. It is more likely that the electromechanical company will agree to us to buy a part of the equity of Linyi machine, and the price is of course negotiable. Everyone figured out how to borrow some money and buy the shares. As soon as it changes hands, there is always a difference of three or five million per person. Tell me, are you interested in this?"

"Xiao Tang, what kind of are you talking about!How can we do this?" Qin Zhongnian was annoyed, and said to Tang Zifeng with a tiger face.

Tang Zifeng shrugged at him and said, "Chief Engineer Qin, if you are not interested, you can give up." This matter involves everyone's welfare, and you can't stop everyone from getting rich just because of your own ideas, right?"

Qin Zhongnian's face turned purple, and he waved his hand, wanting to say something ugly, but he couldn't think of it for a while. Zhang Qun sat next to him, reached out and patted him on the shoulder, asking him to calm down for a while, and then said to Tang Zifeng:

"Don, I don't think we should do this. After all, we are all party members, and we should still have the least consciousness. The method you are talking about is a blatant attempt to exploit policy loopholes and pry into the corners of the country. Although it is said that we can hide from the world and make it impossible for the higher departments to see it, should we also touch our conscience and ask if our conscience can be safe?"

Tang Zifeng was noncommittal, turned to the others and asked, "What do you think?"

Wu Weiqin hesitated, shook his head, and said: "It is indeed a little inappropriate to do this, once it spreads, alas, ......"

This "alas" contains a lot of information, including unbearability for interests, face struggles, and of course, some worries. After all, he is also a person who has been in the system for many years, and he really doesn't have the courage to let him carve up state-owned assets with open fire.

"Let me make a statement, what are you going to do, I can't comment. However, if you want to do it according to the method that Director Tang just said, I will quit. Zhu Yachao raised a hand and said solemnly to Tang Zifeng.