Shanghai's total assets yield of 1.64% is lower than the deposit rate

Shanghai is a capital city, what is the efficiency of their operation?　　A copy of the Shanghai Sasac's "financial statement of the Shanghai Municipal Commission for the supervision of enterprises in 2008" may solve these problems. This report shows: Shanghai Sasac Capital supervision of the 41 enterprises, the total assets of 1,306,004,000,000 yuan, the total owner's equity of 461.843 billion yuan, total net profit of 21.425 billion, that is, state-owned total assets yield of 1.64%, net assets yield of 4.6%--generally,　　A well-run company with a return on net assets of more than 8% per cent. "The return on total assets of 1.64% per cent in Shanghai is below the one-year renminbi 2.25% interest rate."　　"A person in the financial sector said after reading the statement. Since 2001, the operating efficiency of Shanghai's local capital has been lower than the national average. "Sky-phase strategy," said one analyst. According to the Ministry of Finance Yearbook data statistics, the local state-owned net assets yield of about 6%. A person who declined to be named told reporters that Shanghai since 2001, the return on net assets is lower than the country, from 2003 to 2006, the gap is gradually expanding.　　However, this statement, has not been confirmed by the Shanghai state-funded committee.　　Who is the profit of three armour? Shanghai has a wide range of capital, including Shanghai International Port, electric group, such as heavy enterprises, but also like the Hundred Union Group, Guangming Group, Shanghai medicine, such as light enterprises. In addition, Shanghai also has a large number of investment-type state-funded, such as Long, Shen Nen, as well as the public service platform for the Shanghai city, almost cover the full type of state-owned.　　These three types of companies constitute the main phalanx of Shanghai state capital. "2008 Shanghai SASAC Capital Supervision Enterprise financial statement", including the city's 41 municipal state-owned enterprises include total assets, owners ' equity, sales revenue, total profit, net profit and other major economic indicators (note: In addition to international port and Shanghai Airlines two companies from the annual report of the listed companies, Other data are from SASAC.　　Net profit, the international port is the overall listed company, net profit from the annual report of the total profit, Shanghai Airlines only announced the attribution of the listed company shareholders net profit, so also take a total profit. Three types of companies have different profitability.　　If the net profit data on the hero, Shanghai International Port group to 7.098 billion to take the top.　　On the statement, Shanghai International Port, SAIC Group, Electric Group, respectively, ranked as the net profit of three, three combined total profit reached 13.269 billion, accounting for all 41 of the total net profit of 61.93%. "This shows that the capital investment volume, high technical content of advanced manufacturing industry is the main source of profits of local state-owned enterprises."　　"A state-funded research expert explains. After the third is Shanghai real Estate group, to 1.789 billion yuan net profit from the position of Qui-gon. It is noteworthy that compared to the above three heavy duty companies, 30 billion, 60 billion, 36 billion of the huge net assets, Shanghai Real Estate Group net assets of only 171.3600 million-its net asset yield reached 10.44%.　　This reflects the nature of the "Land Bank" of Shanghai Real Estate Group in the past few years.　　and heavy-duty company's profitability compared to light group, the group, such as light companies, although net profit, but by a large amount of assets and sales revenue diluted, its profitability is not strong.　　In the case of the group, for example, its 2008 net profit of 1.234 billion, total assets 51.312 billion, sales revenue 80.388 billion, ranked 41 company sales revenue second, the net profit ranking is only in the seventh place, the light group and the group similar, sales revenue of 49.2 billion, net profit of only 1.35 billion. In stark contrast to the hundred, is also the retail industry Suning Appliance, 2008 total assets of 26.1 billion yuan, net assets of 8.775 billion, net profit reached 2.17 billion, net profit margin of 24.72% again such as Huayi Group,　　Total assets of 41.953 billion yuan, net assets amount is also at 12.615 billion yuan, and 2008 full year net profit is only 10 million, net assets yield is zero. "This shows that state-owned companies in this category of retail stores, sales capacity, but the ability to control costs need to be improved, which is a large cost of staff wages and management costs."　　"says a national-funded research expert.　　What about the state-owned investment companies in Shanghai? For a long time, the most famous reform of Shanghai state-owned capital is that it first set up a state-owned operating company in the 90 's, carries on the reform of state-funded investment and financing system, and stimulates the stock of state capital, and combines the driving role of urban development and state capital. All along, these state-owned companies, known as the "second finance", have been frequently involved in major investments in Shanghai, such as Yangshan Harbor and large aircraft projects, giving the impression of deep pockets.　　But the report shows that the profitability of these investment-type companies needs to be substantially improved. Take long, for example, in 2008, Its net profit is 350 million loss, and its total assets amount to 202 billion, net assets reach 44 billion, net profit margin is negative; City Investment group 2008 net profit is 708 million, total assets is 213.6 billion, net asset amount is 87.498 billion, net assets yield is only 0.8%.　　The newly established state Sheng Group is relatively good, net assets amount 16.548 billion, net profit 302 million, net assets yield 1.82%. "There are two problems in the meantime," the state-owned analysts said first, this type of investment in the country because of the commitment to the task of urban construction, precipitation of the total amount of state capital is too large, such as city investment and the total amount of assets are more than 200 billion, a company's total assets accounted for 41 of municipal state capital total of more than 1/10, followed by　　These companies because of undertaking the big project construction function, the financing quantity is bigger, the debt ratio is high, especially the Long affair company, its ratio of assets and liabilities reaches 80%.　　In the capital city of Shanghai, why is it inefficient? "There are many reasons for that,A person close to the SASAC said to reporters. Historically, Shanghai is a state-owned city, the total state capital, in 2001-2003, the popular transfer of state capital, not only did not sell Shanghai, but also some large state-owned assets in the hands of the merger, resulting in a huge amount of state capital stock.　　Moreover, these state capital stock also undertakes the administrative sex task such as endowment, for example Hundred Union group's worker has 170,000 people, bright group workers equally tens of thousands, therefore, although the profit ability is not high, but also cannot move lightly. In addition, the merger of state capital in previous years "not only failed to improve profitability, but also weakened profitability."　　"A former senior leader of the group told reporters that in the hundred-Union integration, on the one hand, the merger increased the management level, the management cost increases, on the other hand, the complex shareholding level makes the quality subordinate enterprises to the group's profit contribution is diluted. At the end of last year, the most important document issued by Shanghai municipality in recent years to guide the reform and development of state-owned enterprises in Shanghai (hereinafter referred to as "guiding opinions") proposed, to promote the market-oriented open reorganization of state-owned enterprises, and in April this year, the layout of state-owned capital has been further requested,　　It is required that the operational state capital should be concentrated on the strategic industries of urban infrastructure and relationship with national strategy and livelihood.　　So, which industries to go and which industries to retire, this report provides a good perspective. "The state capital is sandwiched between the central state capital and the county state capital two level, has its special place." "One state-funded research expert said the central state-owned large profits are concentrated in petroleum, petrochemical, metallurgy, communications, coal, transportation and power systems, these industries have monopoly color, local state capital difficult to intervene, on the other hand, some fully competitive industries, such as retail, home appliances, foreign trade, due to the inherent inefficiency of state-owned enterprises,　　Personnel bloated and other reasons, the state-owned enterprises in the precipitation of a large number of assets at the same time, its profitability appears inadequate. Like Huayi Group, its main business is coal-Quito, fine chemicals and clean energy, its 2008 net profit of only 10 million, on the one hand, and chemical products last year's price trend, chemical products in the first half of last year price higher, the second half with the economic cycle lower, but on the other hand, Huayi management level has seven　　There are more than 40,000 employees, which is also an important reason. "From this report, the high technology content, capital investment in the advanced manufacturing industry, is the municipal state capital should be" into "a major direction.　　"One close to the SASAC insider analysis.　　Like Shanghai Electric, its equipment manufacturing industry, currently has a power plant, wind power, nuclear power, desalination and other five electric equipment manufacturing capacity of enterprises only three, respectively, Harbin Electric, Oriental Electric and Shanghai Electric. "This industry one-time investment capital volume, high technology level, Harbin Electric is the old enterprise before liberation, Oriental Electric is the size of the three lines from Shanghai when the past, private enterprises now whether technically or capital amount, still play not move."　　"Shanghai steam turbine plant, a deputy director of the analysis said." And such as the Light Group, Jinjiang International, Hundred Union group such a full competition industry, its future direction may be on the one hand has the selective "retreat", on the other hand enhances the management ability, the control cost, enhances the profit level. "All of the difficulties, involving a large number of personnel placement, can only be gradually digested," an insider analysis of the Shanghai Sasac, and on the other hand, how to increase the profitability of state-owned enterprises in the full competition industry is a big problem facing the operators.　　At present, SASAC has proposed to control the level of enterprise management in principle within 3.　　In terms of investment companies, SASAC has proposed to form 2-3 Capital Management companies that give full play to the functions of investment financing and state-owned mobile platforms, but in the future, the solvency problem of capital management companies will gradually emerge. "I understand that the capital management company should be ' to retreat to promote ', on the one hand, from some industries to withdraw from the capital into the new need to ' enter ' the industry, so as to achieve the flow of state capital, and not rely on bank loans and other financing means to achieve ' into ', especially in the field of industrial investment, more should be so. "A person in the Shanghai state Sheng Group said.