"However, there are two very serious problems in this way, one is that many restructured enterprises are not able to complete the work of employee placement, and as a result, the contradiction has not been resolved, but has been intensified; and the other problem is the loss of public assets......

Bao Feiyang said: "In response to this problem, we should sign a stricter agreement with the restructuring party and make more reasonable arrangements in the restructuring work, such as directly replacing the resettlement fee with the company's shares, or the restructuring party must complete the employee placement before it can obtain the corresponding asset ......."

Yao Qi's face was gloomy, but he did not open his mouth to refute that employee placement is the biggest problem in the restructuring of the enterprise, and these practices proposed by Bao Feiyang are indeed more reasonable in theory. However, Yao Qi knows that this method is difficult to accept, according to the past practice, the asset situation of many enterprises is not good, 10 million assets, liabilities can be controlled below 50% is already very good, and the enterprise redundant staff is very much, according to the previous practice, the staff placement costs can usually be deducted to 20% of the total assets or even a higher proportion, that is, if the net assets are converted into shares, the employees of the enterprise do not spend a penny, they can directly get about half or even a higher proportion of equity with the placement costs, which is unacceptable to any of the restructuring participants。 On the one hand, the restructuring party wants to come up with real money, but in the end it can only get even more than half of the equity, on the other hand, in the past, this part of the equity was actually given to the restructuring party for free, through this operation, the restructuring party can often obtain the control of the entire enterprise at a very low price, and just as Bao Feiyang said, many enterprises after the restructuring, did not really spend this money on the employees.

Bao Feiyang continued: "In addition to the interests of the country, The interests of employees, as well as the interests of creditors we can not ignore, I believe we all know, many enterprises debt ratio is very high, in the past in the process of enterprise restructuring, through the method of distribution of equity by net assets, the new shareholders in accordance with the shares to bear the creditor's rights of the restructured enterprises, on the surface the original creditor's rights of the enterprise have been arranged, but in fact, most of the debts of the enterprise come from bank loans, and the reason why these enterprises can obtain loans, because they were originally public-owned enterprises, the loans of enterprises are actually guaranteed by the government, if there is no government guarantee, these business conditions are not good, there are problems with the ability to repay debts, it is basically difficult to obtain loan support from banks. After the restructuring, due to the lack of necessary guarantees, the bank's creditor's rights have become more risky. In practice, it is very easy for the restructured enterprise to evade the bank by transferring the assets of the enterprise, and then letting the restructured enterprise go bankrupt, so that in the process of enterprise restructuring, more reasonable and strict arrangements should be made for the creditor's rights of the enterprise, and creditors should be allowed to participate in the restructuring of the enterprise, participate in the evaluation of the restructuring plan, and make better arrangements for the creditor's rights......

Yao Qi frowned, this article proposed by Bao Feiyang is still difficult to refute, in fact, Yao Qi did not attach much importance to this article before, he is more concerned about the unconventional new practices proposed by Bao Feiyang in terms of asset evaluation methods and employee placement, until Bao Feiyang focused on raising the issue of creditor's rights, he realized that this article is likely to be very troublesome. Originally, the banks granted loans to these enterprises because they were all public-owned enterprises, and the banks did not worry that they would not be able to recover the money they lent. In the previous restructuring practice, the government would not deliberately allow banks to participate in the restructuring of enterprises, and usually directly stipulated in the restructuring agreement that the bank debts should be borne by the restructured enterprises, and as for whether the subsequent enterprises returned these debts in accordance with the agreement, the government would not care, and the government's guarantee for the debts of public enterprises was never reflected in the contracts and documents, and in essence, the government no longer assumed the de facto guarantee liability through restructuring.

Once the bank is allowed to participate in the restructuring of the enterprise according to Bao Feiyang's practice, the bank will inevitably worry that the restructured enterprise will not be able to repay the bank loan in accordance with the agreement, and according to the usual practice of the bank, either the restructured enterprise will immediately repay the relevant debts or provide new guarantees, and these will inevitably affect the progress of the enterprise restructuring.

Yao Qi sneered in his heart, if he followed the three points proposed by Bao Feiyang, he was almost certain that the relevant restructuring work would not be able to go on at all.

The three points mentioned by Bao Feiyang can also be summarized into one point, that is, to protect the interests of the original relevant parties of the enterprise, and the relevant parties involved in the restructuring of the enterprise are mainly the collective, employees and creditors of the enterprise. In Bao Feiyang's view, enterprise restructuring and safeguarding the interests of enterprise owners, employees, and creditors is what it should mean.

In Yao Qi's view, restructuring is to a large extent the self-help of enterprises in difficulty, and the government throws away the troubles in its hands.

Nominally, these enterprises are collectively owned, but in reality, these enterprises are struggling to operate, bank loans are difficult to recover, employees' salaries are not paid, and assets are constantly depreciating...... According to Yao Qi's idea, the loss of assets is the loss of assets if the enterprise is not restructured, and the enterprise restructuring - even if it is half sold and half sent, which requires these enterprises to be able to rejuvenate, it is equivalent to helping the government solve the two big troubles of laid-off employees and bank loans, and the government still gets more taxes, so it should use more preferential policies to promote the restructuring of enterprises - even if it is cost-effective to send the enterprise out for nothing!

"Protect the interests of the collective, prevent the loss of collective assets, protect the interests of employees, do a good job in the placement of employees, protect the interests of creditors, and prevent bad debts of banks...... These points put forward by the head of the Bao District are indeed what we need to pay special attention to in the restructuring!"

When it was Yao Qi's turn to speak, Yao Qi did not directly speak against the tune, but reiterated his views again: "But we should also note that the enterprise restructuring has reached the point where it must be carried out at present. The experience of restructuring in the past tells us that restructuring can make an enterprise rejuvenate its vitality and get rid of business difficulties, thereby driving employment, promoting social and economic development, and even government revenue, if we are confined to some outdated concepts, resulting in a breakthrough in restructuring work, a large number of enterprises continue to be trapped in business difficulties and cannot extricate themselves, until they continue to lose money, and go bankrupt, which will lead to a complete loss of enterprise assets, a large number of enterprise employees are laid off because of bankruptcy, their livelihoods are not settled, and there is no way to recover bank debts, and the consequences will be very serious……”

Yao Qi said: "According to past practice, most of the restructured enterprises can achieve relatively good development, so the enterprise restructuring not only ensures the preservation and appreciation of collective assets, but also allows some employees to have new jobs, pay wages on time, and repay bank loans." If we fail to assess the situation and effectively promote the restructuring of enterprises, but artificially raise the requirements for restructuring and make the restructuring process more complicated, then it is very likely that we will not be able to enjoy the dividends of restructuring and break the current deadlock......"

The question raised by Yao Qi is actually a problem that everyone is worried about, and Bao Feiyang also said: "The next stage of the district government's work is to vigorously promote the restructuring of enterprises. Although the new restructuring measures put forward some new requirements, but these requirements are very reasonable, in the process of implementation, will also be in strict compliance with the relevant provisions on the basis of specific conditions, for the specific situation, the development of specific plans, I believe that the introduction of the new measures, the restructuring work to improve the requirements at the same time, will also strengthen everyone's confidence, we strive to in accordance with the requirements of the city and the district committee, as scheduled to complete the enterprise restructuring work......"

In the end, the "Interim Measures for the Restructuring of Public Enterprises in Huixun District" was voted and adopted by the Standing Committee,—— except for Yao Qi, who stressed that he reserved his own attitude, everyone else expressed their support.

After the adoption of the "Interim Measures", a red-headed document was issued in the name of the district party committee and district government, and this method is not a formal law and regulation, but can only be regarded as a guiding document of the district party committee and the district government, so there is no need to convene a representative meeting or discuss it on behalf of the standing committee, but this does not affect the effectiveness of this document, in fact, this kind of red-headed document will receive more attention at the grassroots level.

After this red-headed document was issued, it immediately caused a very big shock in Huixun District. Among the districts and counties in Pujiang City, Huixun District ranks relatively low in economic development, but even so, there are many state-owned enterprises and collectives in Huixun District, especially the number of collective enterprises, although the scale of these enterprises is not large, but the number is very large.

In recent years, the whole country has set off a tide of collective enterprise restructuring, and Pujiang City is no exception. In the past two years, the collective enterprises in Pujiang have basically carried out the restructuring of the joint-stock cooperative system, which means that most of the enterprises are now joint-stock cooperative systems.

This is also a domestic characteristic, and I like to do everything in a swarm, sporty and trendy style......

In the last two years, there have been more new changes in enterprise reform, that is, the shareholding of joint-stock cooperative enterprises has begun to be concentrated in a small number of people, and more thorough privatization.

However, unlike the restructuring in full swing in Jiangnan Province and other districts and counties, Huixun District's action in this regard has not been very large, and among the state-owned enterprises in the district, in addition to a few large enterprises, although there are many adjustments in other enterprises, few have carried out property rights reform.

The situation of collective enterprises is similar, most of the township collective enterprise restructuring plans have been shot by the district government, and the district government has put forward some harsh requirements for the restructuring plan, which has greatly increased the cost of intentionally acquiring the shares of these enterprises, which is much higher than that of other districts and counties, so everyone is waiting and seeing.

Now that the district has issued a red-headed document, these people who are concerned about the restructuring of enterprises in Huixun District immediately took the document and studied it......