Financial subsidies "blood transfusion" have been violent year after year, Sanan Optoelectronics has been supplemented by more than 3.5 billion for four and a half years
Government subsidies have caused a surge in "transfusion" of listed companies. The 302 companies that have disclosed semi-annual reports have received government subsidies of 3.792 billion yuan, accounting for 12% of their total profits of 31.052 billion yuan, which is doubled again in 2013. Government subsidies are designed to help some growing start-ups drive economic transformation, but some monopolistic industries and even overcapacity industries have received high subsidies. For example, Sanan Optoelectronics, a listed company of LED chips, has received various subsidies of more than 3.5 billion yuan in the past four and a half years.
Market participants have called for listed companies in mature capital markets to rarely receive government subsidies such as A-shares, and their performance depends entirely on the company's operational capabilities, rather than on unfair financial subsidies. High subsidies have laid a hidden danger to the capital market with strong rules, and it is very urgent to speed up the improvement of the supervision mechanism.
302 companies received a total of 3.792 billion yuan of government subsidies <br> <br> domestic appliance giant TCL Group received huge government subsidies, has become the focus of market concern. TCL received a total of about 2.2 billion yuan in subsidies in 2013, while the net profit of TCL Group's listed shareholders was only 2.109 billion yuan. This also means that if there is no subsidy, TCL's actual profitability should be a loss.
The situation that was exposed was only the tip of the iceberg of A-share listed companies. According to the statistics of the reporters, in 2012, government subsidies covered 94% of listed companies in the two cities; in 2013, 2370 companies received a total subsidy of 106.783 billion yuan, an average of about 45 million yuan each, an increase of about 22%. The 2,370 companies achieved a net profit of 2.26 trillion yuan in total, which means that government subsidies accounted for 4.73% of their total profits.
Today's 2014 semi-annual report shows that the financial subsidies of listed companies are still widespread. The 302 companies that have been disclosed have received a total of 3.792 billion yuan of government subsidies. Although the large blue chips have not yet announced the interim report, the average subsidy per household has only exceeded. Tens of thousands of grades, but in terms of profit share, the 302 companies achieved a total net profit of 31.052 billion yuan. This means that among the companies that have disclosed the interim report, the government subsidies obtained in the first half of this year accounted for 12% of the total net profit, which was doubled again in 2013.
Some listed companies rely on government subsidies for their livelihood. “Government subsidies are to promote some emerging companies to promote economic transformation, but this is not the case in practice. Some industries with high subsidies are even overcapacity industries. Some enterprises rely entirely on the government. Subsidies to maintain their own development, this does not focus on their own industry and enterprise development, the sole dependence on subsidies is undoubtedly drinking and quenching thirst." Hongyuan Securities analyst Chen Lei said in an interview with reporters yesterday.
Among the companies that have received huge government subsidies, there are indeed some representatives who are recognized as overcapacity industries. According to the statistics of the reporter, the "subsidy king" at the current stage of A shares is the LED chip listed company Sanan Optoelectronics. In the first half of this year, Sanan Optoelectronics received 28 government subsidies totaling 196 million yuan, and various government subsidies accounted for nearly 30% of its net profit.
After reviewing the financial data of Sanan Optoelectronics in recent years, the reporter found that the high subsidy has become the company's "example dish". In the four and a half years since 2010, Sanan Optoelectronics has received a total subsidy of more than 3.5 billion yuan. If the government subsidies of Sanan Optoelectronics were removed, the LED chip listed company basically did not make any money in 2011 and 2012. For example, in 2011, Sanan Optoelectronics had an annual subsidy of 805 million yuan, and the company's net profit for the year was only 936 million yuan.
A similar example is the Zhuye Group of the non-ferrous metals industry. The company obtained a total of 60.71 million yuan of government subsidies in the name of “recovering value-added tax on resources for comprehensive utilization of products, ie refunding VAT refundsâ€. At the same time, however, Zhuye Group achieved a net profit of only 936.84 million yuan in the first half of 2014. In other words, if the government subsidies are excluded, Zhuye Group will continue to suffer huge losses of more than 50 million yuan after a loss of 194 million yuan in the same period last year.
Experts called for the establishment of fair and equitable market environment <br> <br> exactly how it should look at listed companies, especially state-owned enterprises for huge government subsidies? The famous financial columnist Gu Zen said in an interview yesterday that local financial subsidies are divided into three categories. First, listed companies that are owned or controlled by local SASACs, in order to implement asset restructuring of state-owned enterprises, it is necessary to give some subsidies to the company policy of declining performance. In order to ensure that their performance will not be too ugly; second, the local government performance "father love", these places often only one or two listed companies, in order to try to let more local companies listed, it is the performance of the listed companies; third is the company It is a subsidy for the transformation of the old city. "Compared with the first two, the third is more reasonable."
In an interview with reporters, Chen Lei said that listed companies in mature foreign markets rarely receive government subsidies such as A-shares. Their performance depends entirely on the company's operational capabilities, rather than from unfair financial subsidies. “Rational financial subsidies are beneficial to the adjustment of the economic structure, such as industries closely related to national economy and people's livelihood, companies supported by state and local government policies. But if large-scale, large-scale long-term subsidies occur in the capital market, It will undermine the fair competition environment of other companies and will hurt the economic development and the development of the capital market."
Many economists have expressed similar views on the drawbacks of government subsidies. "China has formulated many industrial policies and given many subsidies, which has caused many enterprises to learn badly. He has tried to apply for government subsidies all day long, and it is not really innovative." The famous economist Zhang Weiying was at the Boao Forum 2014 Annual Meeting. The disclosure is as such. Economist Lin Yifu also said that at the beginning of China's economic transformation, state-owned enterprises encountered many problems and received a lot of government subsidies. But now many state-owned enterprises, whether in the domestic or international market, are already competitive, so there is really no reason to subsidize them.
It is reported that at the Prime Minister's Symposium in July this year, Dong Mingzhu, chairman of Gree Electric, said, "We don't need the state's industrial policy support! As long as there is a level playing field, companies can do it themselves." Changfang Hongbo also called for hope that the country will minimize the introduction of some subsidy policies in the future, because some stimulus subsidy policies have been introduced, and ultimately the market competition is not sufficient.
If high subsidies have buried hidden dangers in a more regular capital market, how should we speed up the improvement of the supervision mechanism? "It should be called to the financial department, because many things can not be controlled by the CSRC." Gu Zen said that the CSRC can only manage from information disclosure, such as the amount of subsidies, why the subsidies must be disclosed one by one, and how to effectively control Subsidies are things that the financial sector needs to study. "With the advancement of mixed ownership reform, it is expected that the huge amount of subsidized listed companies will eventually resolve this irrationality."
Market participants have called for listed companies in mature capital markets to rarely receive government subsidies such as A-shares, and their performance depends entirely on the company's operational capabilities, rather than on unfair financial subsidies. High subsidies have laid a hidden danger to the capital market with strong rules, and it is very urgent to speed up the improvement of the supervision mechanism.
302 companies received a total of 3.792 billion yuan of government subsidies <br> <br> domestic appliance giant TCL Group received huge government subsidies, has become the focus of market concern. TCL received a total of about 2.2 billion yuan in subsidies in 2013, while the net profit of TCL Group's listed shareholders was only 2.109 billion yuan. This also means that if there is no subsidy, TCL's actual profitability should be a loss.
The situation that was exposed was only the tip of the iceberg of A-share listed companies. According to the statistics of the reporters, in 2012, government subsidies covered 94% of listed companies in the two cities; in 2013, 2370 companies received a total subsidy of 106.783 billion yuan, an average of about 45 million yuan each, an increase of about 22%. The 2,370 companies achieved a net profit of 2.26 trillion yuan in total, which means that government subsidies accounted for 4.73% of their total profits.
Today's 2014 semi-annual report shows that the financial subsidies of listed companies are still widespread. The 302 companies that have been disclosed have received a total of 3.792 billion yuan of government subsidies. Although the large blue chips have not yet announced the interim report, the average subsidy per household has only exceeded. Tens of thousands of grades, but in terms of profit share, the 302 companies achieved a total net profit of 31.052 billion yuan. This means that among the companies that have disclosed the interim report, the government subsidies obtained in the first half of this year accounted for 12% of the total net profit, which was doubled again in 2013.
Some listed companies rely on government subsidies for their livelihood. “Government subsidies are to promote some emerging companies to promote economic transformation, but this is not the case in practice. Some industries with high subsidies are even overcapacity industries. Some enterprises rely entirely on the government. Subsidies to maintain their own development, this does not focus on their own industry and enterprise development, the sole dependence on subsidies is undoubtedly drinking and quenching thirst." Hongyuan Securities analyst Chen Lei said in an interview with reporters yesterday.
Among the companies that have received huge government subsidies, there are indeed some representatives who are recognized as overcapacity industries. According to the statistics of the reporter, the "subsidy king" at the current stage of A shares is the LED chip listed company Sanan Optoelectronics. In the first half of this year, Sanan Optoelectronics received 28 government subsidies totaling 196 million yuan, and various government subsidies accounted for nearly 30% of its net profit.
After reviewing the financial data of Sanan Optoelectronics in recent years, the reporter found that the high subsidy has become the company's "example dish". In the four and a half years since 2010, Sanan Optoelectronics has received a total subsidy of more than 3.5 billion yuan. If the government subsidies of Sanan Optoelectronics were removed, the LED chip listed company basically did not make any money in 2011 and 2012. For example, in 2011, Sanan Optoelectronics had an annual subsidy of 805 million yuan, and the company's net profit for the year was only 936 million yuan.
A similar example is the Zhuye Group of the non-ferrous metals industry. The company obtained a total of 60.71 million yuan of government subsidies in the name of “recovering value-added tax on resources for comprehensive utilization of products, ie refunding VAT refundsâ€. At the same time, however, Zhuye Group achieved a net profit of only 936.84 million yuan in the first half of 2014. In other words, if the government subsidies are excluded, Zhuye Group will continue to suffer huge losses of more than 50 million yuan after a loss of 194 million yuan in the same period last year.
Experts called for the establishment of fair and equitable market environment <br> <br> exactly how it should look at listed companies, especially state-owned enterprises for huge government subsidies? The famous financial columnist Gu Zen said in an interview yesterday that local financial subsidies are divided into three categories. First, listed companies that are owned or controlled by local SASACs, in order to implement asset restructuring of state-owned enterprises, it is necessary to give some subsidies to the company policy of declining performance. In order to ensure that their performance will not be too ugly; second, the local government performance "father love", these places often only one or two listed companies, in order to try to let more local companies listed, it is the performance of the listed companies; third is the company It is a subsidy for the transformation of the old city. "Compared with the first two, the third is more reasonable."
In an interview with reporters, Chen Lei said that listed companies in mature foreign markets rarely receive government subsidies such as A-shares. Their performance depends entirely on the company's operational capabilities, rather than from unfair financial subsidies. “Rational financial subsidies are beneficial to the adjustment of the economic structure, such as industries closely related to national economy and people's livelihood, companies supported by state and local government policies. But if large-scale, large-scale long-term subsidies occur in the capital market, It will undermine the fair competition environment of other companies and will hurt the economic development and the development of the capital market."
Many economists have expressed similar views on the drawbacks of government subsidies. "China has formulated many industrial policies and given many subsidies, which has caused many enterprises to learn badly. He has tried to apply for government subsidies all day long, and it is not really innovative." The famous economist Zhang Weiying was at the Boao Forum 2014 Annual Meeting. The disclosure is as such. Economist Lin Yifu also said that at the beginning of China's economic transformation, state-owned enterprises encountered many problems and received a lot of government subsidies. But now many state-owned enterprises, whether in the domestic or international market, are already competitive, so there is really no reason to subsidize them.
It is reported that at the Prime Minister's Symposium in July this year, Dong Mingzhu, chairman of Gree Electric, said, "We don't need the state's industrial policy support! As long as there is a level playing field, companies can do it themselves." Changfang Hongbo also called for hope that the country will minimize the introduction of some subsidy policies in the future, because some stimulus subsidy policies have been introduced, and ultimately the market competition is not sufficient.
If high subsidies have buried hidden dangers in a more regular capital market, how should we speed up the improvement of the supervision mechanism? "It should be called to the financial department, because many things can not be controlled by the CSRC." Gu Zen said that the CSRC can only manage from information disclosure, such as the amount of subsidies, why the subsidies must be disclosed one by one, and how to effectively control Subsidies are things that the financial sector needs to study. "With the advancement of mixed ownership reform, it is expected that the huge amount of subsidized listed companies will eventually resolve this irrationality."
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