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解读联通混改:“开绿灯”不会成常态 改革红利何时现

2017-08-22 07:42:29   中国经济网

一波三折的中国联通混合所有制改革方案终于尘埃落定。 8月20日晚间,在经历了一场信批“乌龙”之后,联通混改方案落地,市场上普遍认为,这是“史上力度最大”,也是目前国企改革中最为大胆、最为深刻的一个混改方案。

联通混改的样本意义毋庸置疑,因其触碰了定增新规而被证监会“特事特办”,作为个案处理的影响如何? BATJ等互联网巨头的真金白银投入,看重了怎样的回报?混改的改革红利在什么时候能够看到?经济日报-中国经济网记者就这些问题专访了中企之声研究院院长李锦。

“开绿灯”不会成为常态

此前,中国联通A股公告公布后几个小时,经历了一场撤回,市场猜测撤回的原因或与冲撞定增新规所致。,证监会8月20日夜发布消息,对中国联通混改涉及的非公开发行股票事项作个案处理,适用2017年2月17日证监会再融资制度修订前的规则。

据经济日报—中国经济网记者了解,今年2月份,证监会修订的定增新规要求,上市公司申请非公开发行股票的,拟发行的股份数量不得超过本次发行前总股本的20%。此次中国联通A股拟定增90.37亿股,按现有股本211.97亿股来计算,定增比例达到42.63%,远超新规要求。

李锦认为联通混改方案这次“踩红线”属非正常行为,这次虽然“特事特办”,但还是应该强调规范运行,这是基本的要求。“这次在有关问题中是技术方面的事故,但是没有因为出了这样的事故而终止,而是开了绿灯,也表达了各部门对改革的开放姿态和支持。从长远看,混改还是应该规范进行的。”

改革为何不是“靓女先嫁”?

在业内看来,中国联通在三大运营商中业绩最差,用户数最少。以2016年营收来看,中国电信是中国联通的近1.3倍,中国移动则是中国联通的2.6倍;以净利润来计,中国电信约为中国联通的30倍,中国移动则是中国联通的172倍。同时,中国联通的资产负债率居首,高达62.57%,中国移动、中国电信分别为35.43%、51.52%。改革为何不从增长发展比较好的“移动”“电信”入手呢?为什么不能“靓女先嫁”?

李锦对经济日报-中国经济网记者说,改革对企业来说是个机遇,但是机遇与风险同在。这次选择的联通相对而言效益比较差,负担比较重,体量比较小,同时其负担债务较重,这样倒逼改革,也让改革的成本小,风险也小。即使失败,有利于积累经验。“从最容易取得突破的方面去进行,这样的选择是对的”,李锦说。

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