The real profit of state-owned enterprises is negative

If the real cost of the state-owned enterprises is reduced, the government subsidy and the excess profits caused by the administrative monopoly are deducted, from 2001 to 2008, the average real equity return rate of state-owned enterprises is 6.2% "Caixin Net" (reporter Jing) the Economic Research Institute March 2 reported that, considering the land,　　The cost of financing and resources is lower, and in 2001-2008, state-owned enterprises did not actually achieve profits. The report pointed out that 2001-2008, the state-owned and state-controlled enterprises accumulated total profits of 4,917,480,000,000 yuan, the average return on net assets of 7.68%.　　"However, this is not true performance, is the state-owned enterprises in the enjoyment of various policy concessions, and private enterprises in the unequal operating environment of the performance," the report said, this inequality is mainly reflected in government subsidies, financing costs and land and resource rents. According to the report, from 1994 to 2006, the state's financial subsidies to state-owned enterprises for losses amounted to 365.292 billion yuan. 2007 years later, the loss subsidy for the general operating enterprise has been basically abolished, but the subsidy to the enterprise is still in effect. In 2007-2009, PetroChina and Sinopec continued to receive a total of $77.4 billion in subsidies in the event of a huge overall profit.　　2008-2009, two aviation enterprises, five power groups and two power grid companies had a total of about 16 billion yuan injected into the SASAC. On the financing cost, the report points out that the average real interest rate of state-owned enterprises is 0.016, and the average real interest rate of private enterprises is 0.054.　　If the state-owned enterprises should pay interest rate according to the interest rate level of private enterprises, the difference of 2001-2008 interest payment amounted to about 2.8469 trillion yuan, which accounted for 84.55% of the total nominal net profit of state-owned and state-holding enterprises. In terms of land cost, the land transfer system in China follows the "dual-track", and the industrial land and municipal infrastructure are used to transfer the agreement and the cost price. Compared with private enterprises, state-owned enterprises can obtain land at a lower cost.　　According to the report, according to the industrial land price of 3% calculation of industrial lease, 2001-2008 state-owned enterprises should pay government rent of 3.4391 trillion yuan, accounting for state-owned and state-controlled enterprises in nominal net profit of 102%.　　According to the report, because of the low resource tax levied in China, such as in oil, gas and other areas, the state-owned enterprises to reduce profits.　　Therefore, if the actual cost of the enterprise is reduced from the book financial data, and the government subsidy and the excess profits caused by the administrative monopoly are deducted, according to the actual performance of the state-owned enterprises, the state-owned enterprises are not profitable from 2001 to 2008, and the average real net assets yield is 6.2%. The report suggests that the recent reform of state-owned enterprises should focus on breaking the administrative monopoly of state-owned enterprises, abolishing the privilege of state-owned enterprises to occupy and consume state-owned resources freely or cheaply, and standardizing the behavior of state-owned enterprises.