At present, the restructuring is mainly based on the joint-stock cooperative system, joint ventures and mergers, and also includes some direct transfers, and the level of asset appraisal value involves the price of subsequent share cooperation, joint ventures, mergers and transfers, so it is more sensitive.

Regarding the value of land, some enterprises will evaluate and calculate it in their restructuring plans, but most of them are relatively low, and some do not.

This is not to say that the local government does not see the value of the land, but that the value of the land is not high when the real estate has not yet been developed, the land has not yet been marketed. On the other hand, in the usual investment promotion, it is also common to give preferential treatment to land, basically as long as you come to invest, the land is given free of charge by the local government, and at most a little demolition cost is charged, so everyone has no concept of the value of land.

In addition to the land issue, Bao Feiyang's evaluation standards for state-owned assets are also relatively high, in the words of the complainant, that is, the premium is too high, and some enterprises have more than double the premium, which is simply unacceptable to the parties involved in the restructuring.

Bao Feiyang said: "In terms of asset valuation, although it is customary to evaluate net assets, the appraisal price of a company with good business conditions should be different from that of a company with poor business conditions. Due to historical reasons, the net assets of small state-owned enterprises are generally not high, if evaluated according to net assets, some enterprises are basically equivalent to giving away in vain, and according to the management of the capital market, in mergers and acquisitions and equity transactions, they will not be completely valued according to net assets, and the profitability and growth of enterprises should also be considered......

Zhou Kunlin smiled bitterly and shook his head: "Comrade Feiyang, I always thought you were a radical, but I didn't expect you to be not only very stable, but also very conservative......"

Zhou Kunlin said: "You are right, in the capital trading market of mature economies, net asset valuation is not popular, taking the stock market as an example, the total market value of an enterprise and the net assets of the enterprise are not consistent, according to traditional logic, this is unreasonable, because the company only has so many net assets, the market value is far higher than the net assets of the enterprise, the price of the stock is inflated, because the company does not have so much money!"

"The logic of the capital market is the profitability and growth of the enterprise, and a company with good profitability may recover the cost of buying stocks after a few years of stock dividends. And more importantly, as long as the company's operating conditions are good and have good growth, the company's stock price will not fall, and will continue to rise, and the holders do not need to sell the company's assets, they can make a ...... as long as they sell the stocks."

Zhou Kunlin said: "This is the logic of the capital market, and it can often be seen in mergers and acquisitions, but in the reform of state-owned enterprises, you do this...... Isn't that a little too far ahead of its time?"

After Bao Feiyang came to Pujiang to take up his post, he got along with Zhou Kunlin quite well, and the two were often able to reach an agreement on many issues, and they had a feeling of sympathy. But on this issue, Zhou Kunlin doesn't seem to agree with Bao Feiyang's opinion.

Zhou Kunlin said: "We all know that state-owned enterprises are in a predicament of development, which has historical reasons, market reasons, but also institutional reasons, Mr. Li, a professor of economics at Beijing University, once said that if enterprises do not establish a scientific governance structure and a management system that matches rights, responsibilities and interests, it will be difficult for enterprises to fundamentally improve their operating conditions......

Zhou Kunlin glanced up at Bao Feiyang: "Now that the central government has begun to emphasize the building of the legal system, it is also because in the case of an imperfect system, it is easy to go wrong by relying solely on people's consciousness and ability!"

Zhou Kunlin said: " Therefore, we are now promoting the reform of state-owned enterprises, just like we attract investment, we must always provide some preferential policies, especially now the situation of many enterprises is not very good, the government only to reduce the burden on them, they can travel lightly, in order to be able to rejuvenate, from a young age, to invigorate an enterprise, can make the employees of this enterprise live a normal life, and even expand the scope of employment, to say bigger, only these small enterprises are alive, our economy can re-enter the high-speed growth, the national economy can develop healthily……”

Bao Feiyang nodded, smiling and echoing: "What Mayor Zhou said is very reasonable, and I also agree very much, Huixun District currently has high requirements for the restructuring of state-owned enterprises and collective enterprises in the district, but in addition to the higher requirements, the district will also provide corresponding preferential policies and incentives, the difference is that I hope to conduct a fuller evaluation of assets, and the process of restructuring should be more institutionalized and legalized!"

Bao Feiyang said: " Now some of the restructuring, many are not very perfect, the district has done a special investigation, the first two years of some township enterprises and small state-owned enterprises to carry out the joint-stock cooperative system reform, in the form of the management and all employees are out of the money to subscribe to the company's shares, so that employees become the owners of the enterprise, after the reform, some enterprises have been improved, but there are also some enterprises soon have problems, just Mayor Zhou also mentioned, we have to solve the problem from the system, can not rely on personal consciousness, so I think the joint-stock cooperative system is not so mature……”

"In fact, now some joint-stock cooperative enterprises have been carrying out the second round of share reform, and the equity of enterprises has begun to become more concentrated, and in this process, the interests of enterprise employees have not been guaranteed. Bao Feiyang said.

"At present, the second round of share reform is mainly carried out in township collective enterprises, through the share reform, share centralization, shares from ordinary workers to management concentration, to achieve operators to hold large shares, in addition, in some places in Jiangnan Province, township collective equity has also begun to transfer to private, some local collective shares completely withdraw from ......"

Bao Feiyang said: " The collective enterprises in Jiangnan Province, including some collective enterprises in Huixun District, have a complicated history, and some collective enterprises are established and inherited in townships and towns, but there are also some township enterprises in the early stage of reform and opening up, in the case that the private individual economy has not been standardized and recognized, some individual and private economies in order to obtain a legal status and business convenience, so as to be attached to the collective, to obtain the red hat of the collective enterprise, now the national policy is loosened, through the share reform, let these collective enterprises restore their original identity, become private enterprises, this is no problem。 However, there are also some old collective enterprises, and the local government has invested a lot of resources, and its development, growth and business activities are inseparable from the support of the collective, so the handling method cannot be one-size-fits-all, and the interests of the collective and the masses need to be fully protected......"

"Huixun District has conducted a full investigation of the state-owned enterprises and collective enterprises in the district, and formulated the corresponding implementation rules according to several situations, and the next step is to negotiate with specific enterprises, and strive to respect history, mutual benefit and reciprocity on the basis of the restructuring of collective enterprises in the district ......"

Bao Feiyang said: "Please rest assured, although we have done more work in the early stage and spent a little longer, the promotion of the later work will not be slow and will not delay the city!"

Zhou Kunlin waved his hand: "I'm not urging you to hurry, your idea is also right, the leader once said that reform is to cross the river by feeling the stones, you have done a full job of preparation, and considered the problem in more detail, which is very good!"

Zhou Kunlin paused for a moment and continued: "However, if you do this, the resistance to work may be relatively large, and now there are many people who come to the city to sue you, and I can give you the top, but the other leaders ...... there."

Zhou Kunlin shook his head: "The wind and waves in front of you have come, don't you make a mistake in these small businesses!"

Although he did not agree with Bao Feiyang on his views, Zhou Kunlin still supported Bao Feiyang's approach.

The original intention of the policy was to let everyone advance prudently and orderly, but it became a campaign to do it in the following way, regardless of the specific situation and details, just grasp a goal to do it to the death, that is, whether it is suitable or not, reasonable or unreasonable, just change it anyway.

Bao Feiyang also admits that this approach has made many things very easy, and in the long run, the effect is also good. The national economy broke the shackles on its body and began to develop at a high speed, but it inevitably led to a lot of problems!

In the short term, after the completion of the reform of collective enterprises, it is equivalent to the redistribution of the accumulation of these enterprises for decades, and in this distribution, focusing on the future development of the enterprise, the collective has made certain sacrifices, mostly in the form of net assets, and provides certain preferential policies, the equity held by the collective will be transferred. And in this process, most of the employees of the collective enterprise are not able to share in the accumulation of the enterprise, only the management of the enterprise, or the external acquirer, that is, the new owner of the collective enterprise, acquires the enterprise and occupies the accumulation of the enterprise for many years.

Although the current business situation of these enterprises is indeed not good, some enterprises have little net assets left after removing their debts. But in Bao Feiyang's view, in fact, the value of most enterprises still exceeds their existing net worth, after all, they have decades of accumulation, and without these accumulations, many private enterprises have no way to develop.

In fact, in the past 10 or 20 years, most of the large number of private enterprises have been related to the current state-owned enterprises and collective enterprises if they can be traced back to their origins. Many enterprises developed after the restructuring of state-owned and collective enterprises, and the managers at that time became the owners of the enterprises during the restructuring; in some enterprises, the founders started their businesses after leaving the state-owned enterprises and collective enterprises, but at the beginning of their ventures, the business they engaged in was often related to the original enterprises......