After an open and honest conversation with Lu Zhengdong, Zhou Ruoshan was the first important leader on the government's side to express his full support for Lu Zhengdong's posture, which also caused some shocks on the side of the provincial government and even the provincial party committee.

Zhou Ruoshan has nothing to worry about, he has reached this age, and he has been artificially marked with Yang Lingfeng, which is definitely not liked by Zhou Shuming, and will never enter Zhou Shuming's field of vision.

Instead of sitting and waiting for death, it is better to fight, this is Zhou Ruoshan's idea.

Lu Zhengdong is so young, this round of adjustment has also caused some controversy, but there is such a controversy, Lu Zhengdong's position adjustment is more important than people think, which also shows that the support he has received is also quite large, and it also shows that Lu Zhengdong is by no means a good hand at the economy, but many abilities are covered up by his too dazzling economic achievements and are ignored by many people, the more he contacts Lu Zhengdong, the more Zhou Ruoshan sees this,

Although Lu Zhengdong has worked in Anxin and has a high prestige and influence in Anxin, in the province, Lu Zhengdong still needs strong support and close cooperation from people like him who understand both the economy and the provincial situation, especially when Zhang Xinwen is a nail inserted in the provincial government, which is particularly important.

For Zhang Xinwen, Zhou Ruoshan looks down on him, not only is this so, but many people on the government's side are like this, they are not very capable, and their breath is not small, they can rely on a mouth, a pen, and can blow. It will be brilliant. The so-called can be promoted. True capabilities are limited.

Since even such a person can enter the normal, then he has to fight.

And his relationship with Lu Zhengdong is not bad, before Lu Zhengdong was the new mayor of An'an, the secretary of the municipal party committee, he was in charge of science, education, culture and health in the province, Lu Zhengdong did not attach importance to this area like other leaders, but in fact he did not attach importance to it at all.

Since Lu Zhengdong attaches great importance to this work, he must also vigorously support it. Of course, this is also mutual, Lu Zhengdong attaches great importance to this area, and is willing to implement some of the goals proposed by the province in this regard, which is also a great support for him.

With such good cooperation, coupled with Yang Lingfeng's relationship, and the previous relationship was also maintained well, Lu Zhengdong would talk about such sensitive things so openly and honestly, and after that conversation, he also poked open the window paper, and the relationship between the two quickly approached.

Lu Zhengdong's attitude towards Zhou Ruoshan is also in his eyes. To be able to have a staunch ally on the side of the provincial government is undoubtedly very timely at this time. And Zhou Ruoshan also came out of a big city in Beihu.

In Yidu, he successively served as the director of the county industrial bureau, deputy county magistrate, county magistrate, secretary of the county party committee, deputy secretary of the party and masses of the municipal party committee, mayor, until the secretary of the municipal party committee, when he was in office as deputy secretary of the party and the masses, it was the time to vigorously advocate the younger cadres, many young cadres were promoted from him, and many of them have reached the county level, distributed in various departments of Yidu, and have become the backbone of the Yidu cadre team.

After Lu Zhengdong sat down, he glanced around, the provincial government team was all together, this was the first executive meeting of the provincial government he presided over, in the eyes of others, the meeting mainly discussed the issue of Beihua, and in Lu Zhengdong's view, Beihua was just an introduction.

In Zhou Shuming's eyes, Beihua is a headache and has to be paid attention to, and in Lu Zhengdong's view, for the overall work, this is a microscopic thing, if Beihua becomes the focus of his work, then he is really in vain.

Regarding the specific transformation plan of Beihua, the relevant departments have come up with a preliminary plan according to his overall requirements.

After listening to the preliminary plan of the National Development and Reform Commission and the State-owned Assets Supervision and Administration Commission, Lu Zhengdong said:

"Enterprise restructuring is only the first step, although this step is not easy, but in comparison, it is quite easy, the most difficult point of reform is the second change after the reorganization, that is, the change of people and the establishment of a modern enterprise system.

The most difficult problem of Beihua is difficult to solve people, people's problems are solved, many things are easy to do, people's problems are not solved well, many seemingly simple problems are not easy to do, Beihua wants to get out of trouble, the key is to solve people's problems, and many enterprises are difficult to turn over after falling into trouble, in addition to the decline of the industry, another very important reason is that these two points are not solved or not solved well. ”

In fact, these two problems are also complementary problems, and the purpose of establishing a truly modern enterprise system is to arouse people's enthusiasm, and if we can make breakthroughs in these two aspects, it is necessary to make a fuss about the reform of the employment system and the reform of the property rights system.

Grasp the key to the development of the main business, increase the number of jobs for the main business to absorb workers, and use development to solve the problems in the process of reform.

In view of the actual situation of hundreds of secondary enterprises under Beihua, the classification and orderly reform will be carried out, and the enterprises that have nothing to do with the main business can adopt multiple forms of property rights structure, including MBO-style business groups and key employee shareholding, and introduce the MBO property rights system and incentive mechanism through guò, establish a modern enterprise system, strip and push to the market, and go to the food themselves.

MBO is the objective management method, which is a modern management method that is goal-oriented and results-oriented, so that organizations and individuals can achieve the best performance.

In economics, MBO is a common method for modern enterprises to change their ownership structure, through which managers buy back the shares of enterprises, so as to achieve the unification of business operators and owners.

The managers and managers of the target company use the financing capital to purchase the company's shares in order to change the company's ownership structure, control structure and asset structure, and realize that the managers lead the reorganization of the company as the owner and operator in one, and then obtain the expected benefits of property rights. Because the management buyout has played a positive role in motivating the enthusiasm of internal personnel, reducing agency costs, and improving the operating conditions of enterprises.

A management buyout, also known as a "management financing acquisition", is generally translated as a management buyout, a management buyout or a management financing buyout in China, which is the acquisition of a target enterprise by the management using leveraged financing. Specifically, it refers to the acquisition of shares of the target company by the management or management of the target company using the capital raised by the loan or equity transaction. Thus changing the structure of the company's owners, controlling rights and assets. It is a new type of M&A method developed on the basis of traditional M&A theory in the seventies of the twentieth century, and an incentive model for enterprises to attach importance to human capital to enhance management value. Through the acquisition, the operator of the enterprise becomes the owner of the enterprise, completing the transformation from a simple enterprise manager to the owner of the enterprise.

MBO Tong guò designed the special identity of the management as both the owner and the operator of the enterprise, hoping that the enterprise will fully tap the potential of the enterprise and maximize the value of the enterprise under the self-motivation mechanism of the management and the external constraints of high debt.

Other words. The most important goal of MBO is to "make the cake bigger", and the management uses financing leverage to obtain excess profits in the increment of the "cake", and at the same time, the party that finances the MBO also obtains high returns in the incremental "cake". The implementation of MBO means the recognition of the value of management as a resource.

Management buyout MBO was once all the rage in countries with developed securities markets and has a history of more than 20 years abroad, but in China, MBO has only begun to be tried and gradually emerged in recent years.

From the current point of view, the role of MBO in China is specifically expressed in four aspects: first, to solve the problem of "lack of owners" of state-owned enterprises and promote the reform of the property rights system of state-owned enterprises; The second is to solve the historical legacy of private enterprises with "red hats" and realize the "return" of enterprises to the real owners. Restore the true face of the property rights of private enterprises, so as to remove property rights obstacles for the long-term development of private enterprises: third, help state-owned capital gradually withdraw from competitive industries; Fourth, it is necessary to encourage and restrain the management of enterprise operators. Reduce agency costs. It can be seen from this that MBOs are given high expectations.

Lu Zhengdong's implementation of BMO for these enterprises is also a natural thing, first of all, Beihua is heavily indebted, and can only use the extremely precious and limited liquidity raised for the most profitable and promising main business, if it is like sprinkling flour, the group's subordinate enterprises are sprinkled a little, and the final result is inevitably that the hard-won funds are invested in it like a stone sinking into the sea, and the bubble will not bubble up, so the reality determines that the subsidiary enterprises that have nothing to do with the main business of Beihua have no time to take care of it.

And these enterprises want to go bankrupt that is almost insolvent, and they can't make any money when they sell it, but a large number of tens of thousands of workers need to be arranged, so many people are laid off at once, then I am afraid that there will be more big problems, and the implementation of MBO and other multi-property rights, so that the management and employees of these difficult enterprises can raise their own funds and solve their own business problems, and they will not use the equipment and the like to sell it as scrap copper and iron, but also solve the problem of employment of a considerable number of employees, which is also the best way at the moment.

Of course, it can be seen from the practice of foreign MBO that MBO is not suitable for all enterprises. Enterprises implementing MBO must meet at least three conditions; First of all, the enterprise should have a certain space for management efficiency; secondly, the enterprise is in a highly competitive industry, such as home appliances and some high-tech enterprises with good growth; The third point is that the key is for enterprises to benefit the people and the country.

Some people in China set the MBO year as the year last year, and last year there have been Yutong, Fangda, Fosu and other listed companies to try out the MBO program.

The main motivation of the MBO in the West is to solve the problems of managers' agency costs, and it is intended to solve the ownership structure, control structure and asset structure of the company.

However, the domestic property rights system is different from the property rights system of the West, which determines that the motivation and characteristics of the domestic MBO are definitely different from those of the West. At the same time, the rise of MBO in the West is also the result of the comprehensive application of various perfect financing tools, and the domestic securities market still lacks effective financing tools, so the MBO operation at this stage in China and the MBO operation abroad must have obvious different characteristics, this characteristic is that MBO is mainly the acquisition of state-owned enterprises by the operators of state-owned enterprises, so that the country advances and the people retreat, and becomes a private or private enterprise.

In essence, MBO is the process of privatization of enterprises, and it is precisely for this reason that MBO is not applicable to industries with monopoly and resources, such as telecommunications, energy, and transportation, because these industries are related to the national economy and people's livelihood, and are related to the economic lifeline of a region or even a country, and it is impossible to put them under the control of a small number of people. Comparatively, competitive industries are more suitable for MBO applications. Because of the unity of the operator and the owner, the agency cost is reduced, and the market response and decision-making speed are accelerated. This makes it easier for companies to stand out in the fierce market competition.

But almost from the day of implementation. Some economists have never stopped questioning this approach. Some experts believe that in the case that the regulatory role of state-owned asset investors is not yet in place, the large-scale implementation of management shareholding is easy to bring five major risks to enterprises: first, risks in the pricing process, such as administrative intervention, agreement transfer, etc.; the second is information asymmetry, the risk of black-box operation, for example, first make a loss company and then buy at a low price; third, the risk of unclear financing channels for the acquirer; fourth, operational risk; Fifth, the risk that the legitimacy of the acquisition entity cannot be guaranteed. So it should be stopped immediately.

There are several reasons why MBOs are being questioned in China's state-owned enterprise property rights reform: First. MBO is not used much abroad, for example, only 1% of enterprises in the United States have implemented MBO, and some domestic scholars do not know much about MBO and vigorously advocate this method; Second, MBOs have become MBIs, and they set their own prices, which is very likely to be used as the most convenient way to plunder state-owned assets; Third, local governments make transactions on certain terms, do not follow the procedures for verifying the price of state-owned assets, and sell state-owned enterprises to private individuals at low prices without introducing a fair bidding mechanism. This also gives a lot of room for power rent-seeking, which is extremely easy to breed corruption.

Precisely because the argument is so big. Moreover, the large-scale implementation is indeed too big a loophole, and it is very easy to cause a large loss of state-owned assets, so Lu Zhengdong is particularly cautious on this issue, these subsidiaries and subsidiaries of Beihua are the side business of Yan Zòng with losses, and they have not received news of this aspect in advance, which greatly reduces the possibility of deliberate false reporting and reduces the risk of cheap sales, and Lu Zhengdong also emphasized that this is a special case to solve Beihua, and there is no plan to implement it on a large scale.

The reason why Lu Zhengdong is so cautious is also because he has long learned from Liang Mei and Zhou Ruoshan that Zhou Shuming has a general direction for the restructuring of Beihu state-owned enterprises, and Zhou Shuming has great concerns about MBO, and basically has a negative attitude, so Lu Zhengdong also tried his best to limit this to a special case, wanting to solve the big problem of Beihua that plagued the provincial party committee and provincial government without causing unnecessary disputes, but some people still expressed different opinions about him.

After Zhou Ruoshan expressed his support, Zhang Xinwen immediately expressed different opinions:

"These opinions of the governor of Zhengdong will be pertinent and practical, and it is indeed a good prescription to solve the problem of Beihua, and at the same time, in terms of property rights reform, can we think of a way, for those difficult enterprises in Beihua's non-main business, it is completely possible for other enterprises in the province to take over and let them regain their ......."

Zhang Xinwen knows very well that although he doesn't want to be strongly opposed by Lu Zhengdong to his entry into the norm, Zhou Shuming's attitude towards property rights is very clear, if he doesn't express different opinions, then Zhou Shuming may not be able to pass that hurdle, so he must stand up.

"Well, Governor Xinwen's opinion is also reasonable, Governor Wuhai, what is your opinion? And Lin Lao, you are an expert in this area, what is your opinion? ”

"Governor Zhengdong, enterprise restructuring is a difficult problem, the situation faced by enterprises is very different, we must be based on the actual situation, specific situation specific analysis, according to their respective conditions to adopt appropriate ways to restructure."

Vice Governor Qin Wuhai is now mainly in charge of the work and transportation, and it is inseparable from Beihua, so he said slowly with a deep groan:

"Beihua has not been in a good situation in recent years, the more this is the case, the more it can't be delayed, and if it drags on again, it will be more difficult to come back to life, my opinion is to start as soon as possible according to the actual situation of Beihua......"

Zhang Xinwen glanced coldly at Qin Wuhai, who was a little two-sided and unwilling to offend both sides.

Qin Wuhai is really a slippery head, although Secretary Zhou did not play much role in his appointment as vice governor, but to be honest, he did not set up many obstacles for Qin Wuhai, otherwise his position as vice governor may not be so smooth.

When Yang Lingfeng was there, Qin Wuhai could still express a little disagreement, but as soon as Lu Zhengdong came, this guy's attitude seemed to change a little, and he wanted to be left and right at this time, but it was actually unreliable.

What is a case-by-case analysis?

The Standing Committee has already made a principled decision on the issue of Beihua, and although some specific issues can be adjusted, such as the issue of property rights, it is of a principled nature, and it does not mean that it will be changed just after it is changed.

The reason why Lu Zhengdong named Qin Wuhai after Zhang Xinwen finished speaking was also to see Qin Wuhai's attitude, and let people who might have different voices here show up first.

There are a total of seven members of the provincial government party group, including the provincial governor and five vice governors plus Secretary General Yang Qicheng, Lu Zhengdong has to see how many of them are real nails, how many wait-and-see people, and of course, who will take the initiative to move closer to him.

Qin Wuhai's attitude also made Lu Zhengdong unsatisfied, Qin Wuhai was born in an enterprise, from a municipal enterprise to the deputy mayor all the way to the current position, he knows a lot about the disadvantages of the enterprise, but he doesn't even dare to express the most real opinion, which is too much to ride the wall.

Of course, Lu Zhengdong was not too disappointed, Qin Wuhai did not firmly express his opposition, and he could accept it if he did not stand on the opposite side.

"I think Governor Wuhai's opinion is very pertinent, for the dying situation of Beihua, it is necessary to analyze the specific situation on a case-by-case basis, not to stick to too many rules and regulations, the most important thing is to save Beihua, this is the key, around this key, we should adopt a possible approach, this is also the core spirit of the Standing Committee."

Zhou Ruoshan took Qin Wuhai's words, Zhou Ruoshan took a deep sip of tea from the teacup, Lu Zhengdong kept looking at him and hoped that he could express his position, he didn't know that there would be this day, but he didn't expect it to come so quickly, and suddenly pushed himself to the cusp, Zhang Xinwen's slightly cold eyes seemed to be inquiring about himself, to see how he would answer. Is this the first step in a team confrontation?

Lu Zhengdong has only been here for a long time to cause a dispute because of this matter, no matter from which point of view it is not appropriate, before the election, Lu Zhengdong is really not suitable to have any public contradictions with Zhou Shuming, but if Beihua's mess drags on for a day, it will become more and more difficult, Lu Zhengdong is probably also worried that if it drags on for too long, there will be no way to save it at all, and the result will be more unfavorable, so there is only a second best choice.

"I'd also like to say a few words about my views on Beihua."

Just when everyone was pondering, Vice Governor Liu Zhiheng suddenly said:

"As for me, I'm not in charge of the economy, but I can't remember how many office meetings I've had on Beihua's affairs, and my ears can afford to hear calluses, but the problem has not been solved, and it can't be delayed any longer.

Liu Zhiheng's clear and neat attitude made the atmosphere of the entire executive meeting suddenly change, and also made several other vice governors suddenly change their perception of this vice governor in charge of agriculture, who is usually quite low-key and even a little muddy, whether it is the arrival of Lu Zhengdong that makes him see hope, or whether Yang Lingfeng is really unbearable and makes him idle like a wild crane, it is not easy to determine for a while, but one thing is certain, the appearance of Cheng Yin Guo has a lot to do with Lu Zhengdong's arrival.

Liu Zhiheng's speech shocked Zhang Xinwen in his heart, this is the first time he has seen that it is dispensable at the provincial government office meeting, and it is not even as clear as Liu Zhiheng's attitude as Secretary-General Yang Qicheng, which makes him unbelievable!

Lu Zhengdong was also surprised, he actually had the least contact with Liu Zhiheng when he was working in Anxin, and was one of the least familiar among the vice governors of the provincial government.

Of course, after he returned to Beihu, he didn't win over Liu Zhiheng, but Liu Zhiheng still looked like a peacemaker, and he didn't have much hope, but he didn't expect Liu Zhiheng to give him a surprise.

The reason why Liu Zhiheng is like this is that Lu Zhengdong talked to him, and the content naturally made him a little moved, and the most important thing is that Zhang Xinwen has been pointing fingers at him, he really can't get used to Zhang Xinwen, Lu Zhengdong's plan does not violate Zhou Shuming's big principles, and his mother-in-law is still here entangled in small details, which is a bit of a surname and surname society, what age is this, and it is still like this?

It's all opposition for the sake of opposition, it's just too much.

A dog that can bark doesn't bite, if you want to bite, you bite at a critical time, doesn't Zhang Xinwen want to be the executive vice governor, then I won't let you get your wish! (To be continued......)