The state-owned enterprise performance is more dependent on policy concessions

Excluding government subsidies, financing costs and land and resource rents and other factors, state-owned enterprises Real Equity return is negative "Caixin net" (reporter Chen) Beijing Tianyi Economic Research Group recently released the "state-owned enterprises of the nature, performance and Reform" (hereinafter referred to as "state-owned Enterprise Report") proposed, The performance of state-owned enterprises is not real performance, it is the performance of state-owned enterprises enjoying various policy concessions and private enterprises in the unequal operating environment. This inequality is mainly reflected in government subsidies, financing costs and land and resource rents. Excerpts from the relevant discussion are as follows: 2007, the fiscal year to the state-owned enterprises planned loss of a certain amount of subsidy, from 1994 to 2006, the state's financial subsidies to state-owned enterprise losses reached 365.292 billion yuan. 2007 years later, the loss subsidy for general operating enterprises has been abolished. However, in fact, subsidies for enterprises still exist, in 2007-2009, in the case of the overall huge profits, PetroChina and Sinopec still receive a total of 77.4 billion yuan subsidy, in addition, access to government funds is also a hidden subsidy, 2008-2009, two aviation Enterprises,　　Five power groups and two power grid companies have been funded by the SASAC about 16 billion yuan. Another significant inequality in the operating conditions of state-owned enterprises, private enterprises and other enterprises with foreign ownership is the difference of financing cost. In China's credit market, the dominant position is still several large state-owned commercial banks, while the state-owned enterprises and state-owned commercial banks both have the government background in their economic behavior.　　With government support, state-owned enterprises are not only relatively easy to obtain loans, in addition, due to the existence of differences in asset size and other reasons, private enterprises more difficult to obtain loans, and the cost of loans is higher than state-owned enterprises. Hong Kong's Financial Research Center shows that 2000-2005 private enterprise real interest rates are 3.46 times times that of state-owned enterprises; The Economist Liu Xiaoxuan research has confirmed this proportion, the data show 2000-2007 private enterprise interest rate average is 3.38 times times of state-owned enterprises.　　If the state-owned enterprises should pay interest rate according to the interest rate level of private enterprises, it is estimated that the difference of 2001-2008 interest payment amounted to 2.8469 trillion yuan, accounting for 84.55% of the total net profit of state-owned and state-controlled enterprises. In the area of less land rent, we estimate that by 2001, the state-owned industrial enterprises accounted for 87% of the construction land, according to the value of the state-owned enterprises accounted for the total proportion of industrial enterprises, estimated to 2008 state-owned and state-owned enterprises to use land accounted for 70% of the construction land.　　2001-2008 state-owned enterprises should pay government rent of 3.4391 trillion yuan, accounting for state-owned and state-controlled enterprises in nominal total net profit of 102%. In terms of the low payment of resource rents, the resources tax and the resource compensation tax of our country is 2%, which is much lower than the 10% of the world's most countries. For the natural gas resource tax rate is less than 3% of the price, the foreign oil and gas mine utilization rate is generally 8% toOn the coal resources levy is not 2% of the price, and many countries on the coal's right to levy higher, on average, the price of 8%-10%.　　In addition, in the communications industry, state-owned enterprises are free to use communication channel resources. According to the previous calculation, in the total nominal profit to remove subsidies, less pay interest, the lack of government rent and resources to rent, state-owned enterprises, the total amount of real profits far lower than nominal profits. 2001-2008, the average real equity return of state-owned and state-controlled enterprises was 6.2%.