In order to promote the restructuring of enterprises in Huixun District, the district has held a number of meetings, including mobilization meetings attended by governments at all levels and relevant departments, work meetings attended by enterprise representatives, and briefings held by various towns and streets......

Just as Bao Feiyang said at the district committee meeting, after the promulgation of the restructuring measures, he shifted the focus of his work to the restructuring of enterprises, not only personally attending these meetings, but also personally inquiring about the promotion of enterprise restructuring and even the restructuring of key enterprises after the meeting.

"Mayor Bao, we generally support the new measures introduced in the district, but we also ask the district to take into account the actual situation of the enterprise and give more support to the enterprise......

At the Huixun District Key Enterprise Restructuring Work Conference, Chen Jingming, director of the Second Agricultural Machinery Factory in Huixun District, said in a speech.

"Taking our No. 2 Agricultural Machinery Factory as an example, the total audited assets of No. 2 Factory are 31 million, the debt ratio is 60 percent, the liabilities are 19 million, the total assets include more than 7 million inventory, more than 5 million accounts receivable, liabilities include 7 million bank loans, and 10 million accounts payable, as well as 2 million arrears of employee wages, benefits, and various expenses......"

Chen Jingming said: " According to the traditional method, after deducting the liabilities of 19 million, the net assets of the second factory are 12 million, the second factory has more than 400 employees, more than 200 contract workers, according to the average placement standard of 20,000 yuan for each regular employee, 8 million assets can be deducted, the traditional method is to calculate the equity according to the net assets of 4 million, that is, the total share capital of the second factory is calculated at 4 million, which can be set at 4 million shares, and 1 yuan per share is demutualized, but according to the method in the district, the net assets of the second factory should be 12 million, that is, 12 million shares？”

Chen Jingming said: "This algorithm in the district is also very reasonable under normal circumstances, but we should also see that although the book assets of the second agricultural machinery factory are as high as more than 30 million, but including more than 7 million inventory, as well as more than 5 million accounts receivable, in fact, most of the more than 7 million inventory is unsalable, there is not much market value of the product, these inventories are difficult to sell, even if they are sold, the current price is definitely not worth more than 7 million." And the more than 5 million accounts receivable are actually difficult to recover, and most of them will become bad debts, so should this part of the assets also be re-estimated?"

Bao Feiyang glanced at Chen Jingming, Huixun District Agricultural Machinery No. 2 Factory is a state-owned enterprise in the district, with total assets of more than 30 million yuan, which is a relatively large state-owned enterprise in the district. The operating conditions of the second agricultural machinery factory are OK, although the losses have continued in recent years, but the amount of losses is not large, and due to the reason of triangular debts, the capital chain of the enterprise is very tight, resulting in the inability to pay the wages of employees in full, coupled with the problem of redundancy in the enterprise, there are also a large number of employees laid off and unemployed.

The problem raised by Chen Jingming is still relatively practical, the book assets of the No. 2 Agricultural Machinery Factory are as high as more than 30 million, including inventory and accounts receivable, the bad debt rate of accounts receivable is very high, and the problem of inventory is also very large.

As far as Bao Feiyang knows, in fact, the inventory and accounts receivable have been processed during the asset appraisal of the No. 2 Agricultural Machinery Factory, otherwise the figure would have been higher. But even so, there are still problems in the inventory and accounts receivable of the second agricultural machinery factory.

Of course, the debt ratio of the second agricultural machinery factory is also very high, strictly speaking, if you deduct the inventory in the warehouse that is not of great value, and the accounts receivable that are likely to become bad debts, the assets of the second agricultural machinery factory are more than 18 million, but there are more than 7 million bank loans, 10 million accounts payable, and more than 2 million wages and benefits owed to employees, etc., basically to the level of insolvency.

Therefore, according to the normal situation, it is difficult for the No. 2 Agricultural Machinery Factory to carry out the shareholding reform according to the net assets of more than 12 million, and even if it is 4 million, it is difficult to be recognized.

Chen Jingming said: "In addition to the problem of asset statistics, there is also the placement of employees.

The second agricultural machinery factory is a typical state-owned small and medium-sized enterprise in Huixun District, the enterprise inventory backlog is serious, the debt is high, the triangular debt problem is serious, not to talk about the complex management problems of the enterprise, it is very difficult to sort out the assets and liabilities of the enterprise.

Under normal circumstances, in order to quickly promote the restructuring of enterprises, local governments mostly adopt the method of cutting through the mess quickly, and the inventory can not be moved, and it is easy to be questioned if it moves, resulting in the loss of public assets, then it is looser in terms of liabilities, bank loans must not be moved, and the operation space for payables is large. Therefore, in the restructuring of some enterprises, there is a reason why they have obtained more than ten times or dozens of times the total assets at a very low price, and it does not necessarily mean that they operate in the dark.

Bao Feiyang smiled and said: "Specific analysis of the specific situation, the second agricultural machinery factory in the district is not badly developed, the current predicament of the enterprise mainly stems from too many accounts receivable, resulting in a lot of bad debts, in the calculation of assets, in fact, a part has been eliminated, otherwise just accounts receivable may be as high as tens of millions." Another problem is that the inventory backlog is serious, and there is a lot of inventory that has accumulated over the years, but according to my understanding, this part has also been written off, but not all, due to the age, part of the inventory may no longer exist......"

Bao Feiyang said: "The asset appraisal of the enterprise, the district means that the appraisal should be carried out truthfully, the depreciation of fixed assets and equipment, the scrapping of scrapping, and the write-off of accounts receivable...... Of course, we should not arbitrarily write off and cause the loss of public assets, but the assessment should be more objective. ”

"But you can't always focus on the bad parts of the assets, and you should also evaluate them comprehensively. For example, the second agricultural machinery factory is an old factory, with a variety of agricultural machinery products production experience and sales channels, this is actually value, so in the asset evaluation, this part should also be counted!"

Bao Feiyang waved his hand and said, "I know, everyone will definitely think that this is unfair, because these are all virtual things." But to tell the truth, what is the most important value of our enterprise for all parties involved in the transformation of the joint-stock system? It is not those old factories and old machines, but that after these enterprises are slightly adjusted, they will be able to immediately produce and sell, which is equivalent to reducing the time for preparation, building factories and opening sales channels, and time is money......

"Intangible things are not without value, so in the evaluation, we need to consider comprehensively, consider the risks and goodwill assets comprehensively, balance each other, and calculate both risks and returns. Specific to the problems of the second agricultural machinery factory, inventory problems, accounts receivable problems, bank loans and enterprise arrears, and employee placement problems need to be considered as a whole. We need to review the problems existing in the enterprise itself, as well as the risk of restructuring and operation, if the inventory problem is just unsalable, then we must find a way to realize its value, as much as possible to reduce losses, if it is missing, then we must investigate the reason, should be held accountable, and no one will be allowed to use the restructuring to cover up the illegal acts of the past......"

Bao Feiyang said: "The introduction of the new restructuring measures, in essence, is to escort the restructuring of enterprises, restructuring can not be for the sake of restructuring and restructuring, is to solve the possible problems through restructuring, rather than transferring the problem to the restructuring enterprise, if that is the case, even if the restructuring can achieve results in a short period of time, a long time, there will still be problems......

Bao Feiyang patiently answered the questions raised by everyone, and after the meeting, he personally met with the heads of some enterprises, including Chen Jingming, the director of the No. 2 Agricultural Machinery Factory.

The plan proposed by the No. 2 Agricultural Machinery Factory is to subtract the total liabilities from the total assets in accordance with the traditional practice, and then deduct the employee placement costs, and the approved total share capital is 4 million yuan, and the restructured No. 2 Agricultural Machinery Factory undertakes the original liabilities and employee placement.

Chen Jingming and the principal management personnel of the No. 2 Agricultural Machinery Factory joined forces with a private machinery factory in Jiangnan Province and planned to invest 3 million yuan to take over most of the shares of the No. 2 Agricultural Machinery Factory and carry out the shareholding system transformation of the No. 2 Agricultural Machinery Factory.

Previously, some retired cadres and retired workers from the No. 2 Agricultural Machinery Factory questioned that the main management of the No. 2 Agricultural Machinery Factory had obtained tens of millions of assets accumulated by the No. 2 Agricultural Machinery Factory for decades of development with only 3 million, which was unreasonable.

In the view of Chen Jingming and others, although the No. 2 Agricultural Machinery Factory has more than 30 million assets, among these assets, there are serious problems in the inventory and accounts receivable on the books, and the 2 million that can be cashed out of the assets of more than 10 million is too much. In addition, the machinery and equipment of the enterprise are seriously aging, and the price of the equipment purchased in the past few years is inflated, and the actual value is not so much. In addition, the company has to bear tens of millions of debts, so if it is calculated, the net assets of the second agricultural machinery factory are not worth four million at all.

"Now when we talk about the market economy, not only the production and operation of consumer goods should be marketized, but also the stock exchanges in Pujiang and Shencheng have also realized the marketization of capital. If we observe the stock market traded in the securities market, we will find that the price of the stock is closely related to the operating conditions of the enterprise, but the relationship with the net assets of the enterprise is not so large, at least the market value of the enterprise is not presented according to the net assets, so is the stock price out of reality, or is it not the market value of the enterprise, or is it not just the net assets?

In the same way, Bao Feiyang also said at the meeting, Bao Feiyang also asked the District Political Research Office to sort out a material explaining the restructuring problem, which was said in more detail.