Countercurrent 1982

Chapter 1512 Acquisition of State-owned Enterprises
Duan Yun also has another plan, which is his plan, and that is to plan ahead and prepare to acquire some valuable state-owned enterprises.

In fact, as early as the end of the 80s, there was a precedent for private enterprises to acquire state-owned enterprises. However, at this stage, private enterprises acquired only the tertiary industries of state-owned enterprises, and such cases were relatively rare. On the one hand, domestic state-owned enterprises at this time It is still possible to enjoy the support of the state. On the other hand, because of policy reasons, the acquisition of state-owned enterprises by private enterprises is a very sensitive matter, so individual cases are also carried out in private, and it is difficult to see them in newspapers and TV media.

Since the end of the 80s, many state-owned enterprises have been on the verge of failure, especially the turmoil last year, and the government's macro-control caused the economy to cool down, which did curb the overheating of investment under inflation, but it made all businesses The activity becomes a chaotic game.

First of all, the hasty resumption of planned regulation caused the commodity to suddenly become unsalable from overheating. Taking color TV as an example, during the panic buying frenzy in 1988, color TVs in warehouses across the country were robbed. Some ministries and commissions of the country probably thought this was A piece of "big fat meat" has been levying a high special consumption tax and localization development funds since February last year. An 2-inch color TV with a price of about 4000 yuan has to pay 18 yuan. This ratio is quite astonishing.

After this policy, the 2000 sales points in Shanghai were reduced to 120, and only three of the 29 townships in Dongguan County, Guangdong Province were allowed to sell color TVs. Only 6 months later, the national color TV inventory soared to 172 million units, which has not yet been reduced. The manufacturers who recovered from the joy of panic buying suddenly encountered "ice and fire". Distributors who source color TVs now have to charge the manufacturer’s handling fee in reverse, and at most it reached 8%. It can be said that the color TV industry, which has just developed in terms of franchise policy, has received a fatal blow. The 30 major color TV companies in the country The average production and sales ratio of enterprises is only less than 62%, and some state-owned enterprises that respond slowly are overwhelmed by inventory, and the situation has declined since then.

What's more serious is that due to the tightening and changes in policies, the original normal goods and capital exchanges between enterprises were instantly disrupted, and the circulation and arrears of funds formed a cycle without beginning and end. Triangular debt has also become the number one problem in the international and domestic economic circles.

Since the beginning of this year, the news from all over the world has been very bad. In Zhejiang Province, where private enterprises are well-developed, enterprises are in arrears with each other, causing financial tension. Enterprises only consider suspending work and production, and the triangular debts in many provinces are as high as several billion, and Jiangsu has exceeded 100 billion.

Among them, the most affected are those large state-owned enterprises that were not very responsive. The largest heavy machinery manufacturer in Asia, QQHE Fulaerji Heavy Machinery Factory, was forced to shut down and stop production due to the drag of the triangular debt. The factory was desperate. The chief sent an emergency telegram to the State Council twice. The largest iron and steel base in the country, Anshan Iron and Steel Company, had no savings bank or coal for the time being due to triangular debts. The company had to raise funds among its 20 employees. I bowed with tears at the meeting and couldn't get up for a long time.

Although the state-owned enterprises at this time were far from exhausted, they had already shown signs of decline. In the middle and late 90s, a large number of bankruptcies closed down, and workers were laid off, laying a major hidden danger.

Duan Yun does not want to be the savior of these endangered state-owned enterprises. He is a businessman and has no moral obligations in this regard. His idea is to make some arrangements in advance to pave the way for the upcoming acquisition of state-owned enterprises.

In fact, in Duan Yun's view, many state-owned enterprises are not worth buying at all. The production equipment and product technology of these enterprises are very backward, and most of the employees are aging.

There are also some companies that have very mature products and skilled workers. What they lack are funds and sales channels. However, such companies can often last for a relatively long time, at least under the policies and environment of the last two years. However, it is impossible for Duan Yun to receive such relatively excellent state-owned assets.

In addition, in actual operation, the process of acquiring state-owned enterprises by private enterprises is very troublesome, which is different from what many people think. Labeled as "lost state-owned assets", no one will compensate you if a private enterprise suffers a loss, and the acquisition is a matter of profit and loss, so it is difficult to get it right, so under normal circumstances, private enterprises are completely indifferent to state-owned enterprises. interest.

There are also some good-looking acquisition projects. If a private company wants to take over the project, it has to accept a series of conditions from the local government, including the amount of investment and how to solve the problem of reemployment of workers. These things will bring great difficulties to private companies. From these aspects, some state-owned enterprises on the verge of bankruptcy are completely "hot potatoes" in the eyes of private enterprises.

Duan Yun would not do this kind of loss-making business, so when he made plans to acquire state-owned enterprises in the future, he definitely needed to conduct a strict evaluation of these enterprises to see if the cost paid and the value obtained could become a direct ratio.

In fact, Duan Yun feels that it is possible to "pick up leaks" from the acquisition of state-owned enterprises.

Because in the 90s, many state-owned enterprises suffered losses due to operational or capital shortage problems, and eventually went bankrupt, but their intangible assets were still of high quality.

On the one hand, it is the sales channels established by state-owned enterprises over the years and the excellent technical personnel they have cultivated; on the other hand, it is the land, factory buildings and other fixed assets owned by many factories and enterprises. , but in fact, after the bankruptcy of the company, the houses and other buildings attached to the land were allocated, and the land use rights were transferred along with the buildings. In the middle and late 90s, the growth rate of these land and factory buildings will be very fast. That is to say, even if the state-owned enterprises acquired by Duan Yun don’t have to do anything, they can still earn huge profits after many years. Therefore, as a long-term For investors, Duan Yun is not easy to suffer.

What needs to be done now is to set up an assessment team, starting from the second half of the year, to carry out targeted assessments of some state-owned enterprises that have run into difficulties.

(End of this chapter)