In January 2011, the financial department of the small partner group produced the financial statements of the whole year of last year, and the shareholders and management of the company also began to gather to hold the annual meeting of the small partner. Pen @ fun @ pavilion wWw. ｂｉｑUｇE。 ｉｎｆｏ

Within last year, the overall revenue scale of the small partner group exceeded 200 billion yuan, and the net profit was as high as 27 billion yuan.

Excluding the bubble of debt and the market value of listed companies (the internal statistics of small partners are calculated according to net assets, not according to the market value of shares. The market value of Golden Harvest has risen to 60 billion yuan, but the financial situation of the small partner group is only calculated according to the net assets of about 7 billion yuan, and the real net assets of the small partner company have also reached 60 billion yuan.

In addition, the real estate held by the partner company is not only not value-added, but also statistically only depreciated. For example, if a small partner company spends 10 billion yuan to invest in real estate projects, it will deduct 1 billion yuan in depreciation costs every year. Treat real estate projects as consumables, not as investments that preserve and increase their value. The real estate projects with tens of billions of investments are still there ten years later, and even many times more. However, on the books of the small partner company, these assets have been depreciated to 0!

With this conservative statistical approach, billions of dollars of real estate are depreciated every year. It can be said that the annual assets of the small partner are undercounted by billions, and there are at least tens of billions of real estate assets for more than ten years, which are already 0 on the books! If the depreciated property is sold at the market price, it is not a problem to sell 100 billion yuan, but the small partner company calmly depreciates them, in essence, depreciation can also play a role in tax avoidance.

Of course, measuring the value of the small partner with 60 billion yuan is obviously the conservative financial statistics of the small partner company, as well as the employee shareholders of the concession company.

In the early years, it was a gift of equity to employees and management, and to recognize outstanding employees. Nowadays, the commendation system for donating equity still exists, but at the same time, the small partner also gives a cash subscription plan to ordinary employees who have not made outstanding contributions.

The small partner company set up a special fund to buy back some of the equity of the employees who left the small partner company at the price of net assets, so that the shareholders of the small partner group can be the holders. It is always the employees and management within the small partner system. There are many barbarians in the market, and it is almost impossible to subscribe to the equity of the small partner, because of the strict system of the small partner. No matter how much capital is outside, it is difficult to buy an equity of a small partner group.

The equity part repurchased by the special fund of the small partner is sold to the employees who are willing to buy the equity. The sale price is naturally calculated based on net assets per share.

So, the employees of the little partner company. Every year, the subscription of equity is very enthusiastic. However, it is a pity that the number of shares is limited, so the small partner company stipulates that the annual subscription amount shall not exceed the general salary. This also limits the number of internal employees to subscribe, and at the same time, it also avoids external capital colluding with internal employees to use the identity of employees to subscribe for a large amount of equity. Enjoy the benefits of a small partner company.

In fact, subscribing for equity at the net asset price of the small partner company has always been one of the welfare systems for the employees of the small partner company, which has effectively increased the property income of the employees.

Just imagine, last year, the net assets per share of the small partner company were less than 40 billion yuan, but the money earned in a year was close to the net assets. Such equity is subscribed at the price of net assets, and if it is sold in the capital market, it is conservatively estimated that there will be capital willing to subscribe at ten times the price of net assets.

In fact, Wang Qinian is also following Huawei's model. Let more executives and employees receive equity incentives, in addition, generous dividends.

In the early stage of development, the dividends of small partners were relatively small. But now, the profits of small partners are well-known among domestic private enterprises.

Enterprises like Huawei, Lenovo, Tencent, and Vanke cannot compare their net profits with their partners.

In fact, Lenovo also has management shares, but more of Lenovo's equity is held by foreign capital. More importantly, Lenovo is a listed company. A bunch of terms and conditions, and employees who hold shares don't enjoy much benefit.

Huawei's model is managed and employee shareholding, and the shareholding is very dispersed, with little external capital becoming shareholders of Huawei. The interests of shareholders and employees are aligned, so Huawei can balance the short-term dividend interests of employees with the company's long-term investment strategy from a professional perspective. Everyone is an insider, and no one can fool anyone, so the company can develop rationally and scientifically.

Huawei's dividends are also very generous, with huge dividends every year, and at the same time, there are also employees who are willing to use dividends to subscribe for equity. Employees are enthusiastic about subscribing, mainly because insiders are optimistic about the company's prospects and are willing to be tied to the company's interests.

Wang Qinian believes that large-scale dividends can stimulate internal passion and cohesion. If the company only develops and does not pay dividends, then what is the point of employee stock ownership?

In this regard, the scale of dividends this year is as high as 10 billion yuan.

The reason why all the dividends are not taken out is, after all...... Friends still have to develop!

There are many promising projects that can be invested, and it is a bit of a waste to take out all of them for dividends!

Of course, Wang Qinian, as the largest shareholder with the largest shares, even though Wang Qinian has transferred a lot of shares, the current shareholding ratio of Wang Qinian is still as high as 60%!

This shareholding ratio allows Wang Qinian to receive equity dividends of 6 billion yuan, of course, this is the pre-tax dividend scale.

Equity dividends are subject to a 20% dividend tax, deducted from a dividend tax of 1.2 billion. Wang Qinian also received a net dividend of 4.8 billion yuan.

This dividend tax is obviously more cost-effective than personal income tax.

Therefore, the salaries of the executives of the small partner companies are not very outrageous, even the top CEOs, such as Lin Xiaoshu, Yu Dong, etc., their simple annual salary is roughly only more than 800,000 yuan. But the dividends are more awesome, this year's dividends alone, these executives who joined the company relatively early, this year's dividends, can reach tens of millions of yuan.

In addition, many executives and old employees have not increased their salaries much. For example, some executives who have been working for more than ten years have a monthly salary of just over 10,000 yuan, and the fools outside think that the treatment of their partners is not good, so they propose a monthly salary of 35,000 yuan to poach people.

However, these old employees waited until the other party made an offer, and then said regretfully: "I'm sorry, although my brother's salary is not high, I just checked the account, and the equity dividend given by the company last year was only a few million." "This kind of pretending is the most proud.

As a result, many companies that come to poach people have a feeling of being a dog.

This situation is not a minority, in fact, the small partner system, whose income reaches a certain level, is more willing to choose to hold shares and obtain equity dividends.

After all, an individual's salary is more than 80,000, and the personal income tax rate has reached 45%. This has forced many executives to be less enthusiastic about salary increases, but prefer to obtain the company's equity, at least, equity dividends will be more cost-effective than simple high salaries.

Taking equity dividends as the bulk of income actually reduces some tax losses.

Of course, for the partner company, employees are keen to receive equity dividends, and the relatively calm salary for the situation also reduces the pressure on the annual salary expenses of the partner company. (To be continued.) )