Where is Yuchai’s state-owned enterprises confused?

In the fall season, it was at the "High-Level Symposium on State-owned Enterprise Reform and Yuchai's Innovation Practice" in Beijing. Chairman of the Board of Directors of Guangxi Yuchai Machinery Group Co., Ltd. Yu Ping, after vigorously proclaiming the glory of Yuchai's development, began to describe the equations that have plagued him for many years. "In contrast, Yuchai's 60 years of development, especially the 11th 'The process of development is not easy, there are many distresses and a lot of confusion."

From China Economic System Reform Research Association, China Machinery Industry Federation, Department of Structural Reform, National Development and Reform Commission, China Economic System Reform Research Association, Guangxi Yulin Municipal Government, China Institute of Internal Combustion Engine Industry, National Institute of Development and Reform Macroeconomic Research, State Council SASAC Enterprise Reform Bureau Experts from other organizations have made suggestions and issued targeted "Yuchai prescriptions."

The confusion of Yuchai is also a puzzle for the reform of state-owned enterprises.

Yuchai’s development is so good. What are the factors and what are the risks that plague Yuchai?

At the meeting, 晏 晏 晏 晏 晏: First of all, Yuchai does not possess any monopoly resources or monopoly products, and the field in which it competes is very fierce. Yuchai Group is a wholly-owned local state-owned enterprise. Judging from the reality, Yuchai’s stock resources are seriously insufficient, and it is not enough to support Yuchai to achieve greater development. Standing at a new height of development, does Yuchai need to reform or what kind of restructuring is needed to achieve a win-win situation for enterprises and the government?

Secondly, with the rapid expansion of industrial scale and follow-up management resources, Yuchai has to rely on a large number of new projects if it wants to achieve its strategic goal of exceeding RMB 100 billion in sales income by the end of the “Twelfth Five-Year Plan” period. However, from the current practice, we have new projects, but because of the follow-up management resources can not keep up, resulting in new projects can not advance or fail to achieve the desired results. The most outstanding performance is the shortage of talents. At present, Yuchai’s key projects or the backbones or technical backbones required for newly established subsidiaries are mostly drawn from Yuchai Machinery Co., Ltd., but the talents of the stock companies are in short supply. On the other hand, the talents of the joint-stock companies are inherently limited. They are mainly driven by the engine. Excessive brain drain will certainly affect their normal development. The method of introducing a large number of foreign talents is also unrealistic. First, it is difficult to find a suitable one. Second, they are worried that they will not be satisfied with soil and water, so that new projects will lose at the starting line. For such contradictions, Yuchai’s decision-makers have been pondering whether there are better or more reasonable internal resource allocation methods.

Thirdly, as an independent diesel engine manufacturing enterprise, in the case that most domestic mainstream automobile manufacturers have their own engine industries, Yuchai's engine products gradually fall into the category of “non-primary distribution in mainstream mainframe plants, and it is mainly used in non-mainstream OEMs. Matching the situation, market development is increasingly passive. Under such circumstances, is it necessary for Yuchai to enter the downstream industry in the next step or in what way? This is Yuchai's current big confusion.

The confusion of Yuchai, but also the confusion of the entire internal combustion engine industry, is the common confusion of state-owned enterprise reform.

In the internal combustion engine industry, Xing Min, deputy chairman of China Internal Combustion Engine Industry Association, saw problems that plagued the industry's development. Xing Min has come up with two figures to illustrate the gap in the development of internal combustion engines in China: One is 64%, which means that the internal-combustion engine industry consumed about 230 million tons of oil imported by the country last year and 64% of the 210 million tons produced by the country. The domestic dependence on petroleum is relatively high, and the internal combustion engine consumes so much. This is a pressure. It is accompanied by the domestic level of the internal combustion engine. Now the fuel level is higher than the foreign 15% to 20%. In the second aspect, about 30% of the emissions, compared with foreign countries, the internal combustion engine industry in China is lagging behind one or two standards abroad, including road and non-road standards. The internal combustion engine industry is facing great pressure for energy conservation and emission reduction.

In respect of state-owned enterprise reform, Wang Qiang, deputy director of the Department of Economic Reform of the National Development and Reform Commission, believes that state-owned economic reforms face deep-seated contradictions and challenges. Mainly the state-owned economic reforms have a heavy task in the layout and structural adjustment. State-owned capital is still widely distributed in the general competitive area, and the scale is too large, and the concentration of state-owned capital is low. Some monopoly industries have made slow progress in reforms, and they have not even had "breaking questions." The modern enterprise system has lagged behind, there are contradictions among corporate operators, management systems, and corporate legal person systems. The state-owned asset management system needs to be further improved, and it is also necessary to improve the state-owned assets' value preservation and value-added. Corporate income distribution mechanism.

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Solving the Yuchai equation is also a key to finding the SOE reform

"Yuchai Equation" has already been listed. So, how to solve it?

Gao Shangquan, honorary president of the China Economic System Reform Research Association, pointed out that the key to solving the equation is the restructuring of the group and the transformation of the state-owned enterprise system of the group into a diversified group to suit domestic and international competition. The key to achieving the goals of the "Twelfth Five-Year Plan" is reform.

Zhang Xiaoyu, vice president of the China Federation of Machinery Industry, suggested that Yuchai’s technological innovation has no end and should continue to strengthen energy conservation and emission reductions. From an energy-saving perspective, 60% of the oil resources are consumed by the internal combustion engine, and 20% to 30% of harmful gases and greenhouse gases are emitted by the internal combustion engine. We must realize that the Chinese government's commitment to environmental protection throughout the world must rely on the efforts of the internal combustion engine industry. In this sense, Yuchai must rely on innovation to promote the upgrading of traditional internal combustion engines and become a vanguard of the internal combustion engine industry, engineering machinery industry and agricultural machinery industry. The results of all reforms and opening up will benefit the people and benefit Yuchai themselves. Employees.

According to Chang Xiuze, a researcher at the Macroeconomic Research Institute of the National Development and Reform Commission, the Yuchai Group is a typical state-owned parent company. There are several wholly-owned or controlled subsidiaries below. The group has a large scale. He suggested that the joint-stock reform of the parent company should be restructured into a mixed-ownership company with diversified ownership structure, which is of great significance to the commercialization of Yuchai’s corporate governance mechanism. At the same time, he noticed that Yuchai’s talent mechanism and incentive mechanism need to be improved. Because it is not enough to rely on only one kind of consciousness and culture, it must rely on the property rights mechanism to attract. How to change the property rights mechanism? He suggested using a step-by-step approach to the first step to change state-owned sole proprietorship to state-owned holdings. It can be considered that management gives a certain amount of stocks and options based on performance, and the second step is the introduction of private capital to solve the problem of small stock assets.

Xing Min, vice president of China Internal Combustion Engine Industry Association, suggested that Yuchai should pay more attention to changing production methods and adjusting industrial structure and product structure in the future growth process. It is necessary to strengthen independent innovation and improve the technical level of internal combustion engines, mainly to improve the thermal efficiency of internal combustion engines. He made a calculation. In 2009, China produced 67 million diesel engines. If one gram of oil is saved per hour, it will save 42 tons of oil a year. If you save 5 grams per hour and 10 grams of oil, how much oil can you save in a year? The traditional internal combustion engine is currently not irreplaceable. The state must give greater support to the traditional internal combustion engine in terms of policy, and it will have greater improvement in technology. In the industry, we should pay more attention to the integration of "two kinds of technologies", especially the integration of supply technology, booster technology, and tail gas emission technologies into electronic control technologies. To pay more attention to personnel training. Yuchai has done a very good job in this area because Yuchai’s geography has determined that it has to retain talent at a higher cost than other companies. In addition, in terms of personnel training, it is not only the training of domestic talents but also the strengthening of international contacts and the training of international talents.

According to Yuan Xucheng, editor-in-chief of the China Economic System Reform magazine, Yuchai completed the reform of the company system, but the diversified shareholding system reform has not yet been completed. The reform of state-owned enterprises in China, especially state-owned enterprises such as Yuchai, is not a monopoly, nor is it related to the national economy and the people's livelihood. Non-state-owned enterprises are competitive industries. Joint-stock reforms can be accelerated. There are many technical issues that need to be resolved. Need to communicate with the government, but also need all aspects of support.

State-owned enterprise reform, a long way to go

Solving the "Yuchai equation" has implications for solving the dilemma of SOE reform.

Regarding the advancement of deepening the reform of central enterprises, Li Jun, Director of the Enterprise Reform Bureau of the State-owned Assets Supervision and Administration Commission of the State Council, has his own thoughts. In his opinion, first, we must continue to deepen the reform of the company-owned shareholding system and make the company system and stocks into the main organizational form of the central enterprises. Promote the process of diversified reforms at the parent company level of the central SOEs, and regulate the behavior of listed companies after the listing of central SOEs, and continuously improve the quality of listed companies. Second, accelerate the pace of standardizing the construction of the board of directors of the central SOEs, further improve the corporate governance structure of the central SOEs, improve the institutional mechanisms for the operation of the BODs, and continuously improve the ability of the directors to perform their duties. Third, continuously push forward the reform of the enterprise's three systems and effectively transform the company's operating mechanism. That is, regulate the management of labor and employment in enterprises, and realize the marketization of labor and employment; continue to promote the reform of the enterprise personnel system and stimulate the internal vitality of enterprises; further deepen the reform of the distribution system of state-owned enterprises and improve the incentive and restraint mechanisms. Fourth, it is necessary to further optimize the layout and structure of enterprises, increase the efficiency of resource allocation, promote the transformation of development methods, and push state-owned capital to focus on important industries and key areas related to national security and the lifeblood of the national economy. Fifth, we must further strengthen management and management innovation, and comprehensively improve the modernization of enterprise management. Sixth, continuously improve the policy system and strengthen the guidance for deepening the reform of the company.