What Are the Different Types of Commercial Pilot Programs?

A commercial enterprise group refers to one or several large commercial enterprises as the core, business activities as the center, holding, participation, and contractual relations, and the union of funds and economic cooperation as the ties. Multiple independent companies are mutually beneficial, mutually beneficial, and complementary. Under the principle, it is a relatively stable, multifunctional, self-contained system supporting the development of an enterprise.

Business enterprise group

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A commercial enterprise group refers to one or several large commercial enterprises as

(1) Promote the adjustment of business organization structure, strengthen business functions, improve the degree of business organization as a whole, give play to scale advantages, and improve business economic benefits.

(2) Promote the rational allocation of production factors such as people, property, and goods in the field of circulation, promote the combination of circulation with scientific research, production, and services, and gradually form an enterprise's multi-functional operation and multi-level services.

(3) Exploit domestic and foreign markets, actively participate in market competition, continuously expand business areas, and expand market share to meet and meet the development needs and consumer needs of large-scale social production.

(4) Strengthen macro-control capabilities, assume national tasks, handle commodities, regulate supply and demand, guide production, guide consumption, better stabilize and prosper the market, and play the role of the main channel.

A commercial enterprise group is a multi-level legal entity consortium with a large number of powerful enterprises as the core, and the corresponding organizational forms and responsibilities, rights, and interests in economic activities that unite many enterprises and institutions.

(1) It should be composed of several independent enterprises and institutions, not just one large enterprise. The core and member companies of an enterprise group each have legal personality. An enterprise group must have a clear charter that stipulates the relationship of responsibilities, rights, and obligations between member enterprises and serves as a common compliance criterion.

(2) There must be a multi-level organizational structure. The first is the core layer of the group, which is composed of large-scale commercial wholesale and retail companies with strong strength, or the storage-transportation, processing, and catering services related to the business; the second is the tight layer, which is composed of the enterprises controlled by the core enterprise; The fourth layer is the loose layer, which consists of companies that recognize the group charter and have a more stable business relationship with the group's core. Of the four levels, there must be at least a core layer and a compact layer.

(3) There must be a certain link between members of the enterprise group. Group core enterprises and close-tier and semi-close-tier companies can form asset-based economic relationships through investment, contracting, joint ventures, or state-owned asset management departments entrusting asset management and other ways. The core link between the core enterprise and the loose-layer enterprise is mainly the group charter and contracts with legally valid reciprocal contracts and agreements.

(1) Persist in taking public-owned commercial enterprises as the main body, and in accordance with the requirements of the socialist planned commodity economy, implement an operating mechanism that combines planned economy with market regulation.

(2) Proceeding from reality, due to regional and industry conditions, it really plays a practical role.

(3) The combination of voluntary business and government guidance.

(4) Advocating the organization of cross-regional, cross-sectoral, cross-ownership, and cross-industry competitive enterprise groups to facilitate the complementarity of commercial advantages of multiple economic components and the development of multiple channels.

In order to ensure the healthy development of commercial enterprise groups, they must be closely organized, correctly guided, clear procedures, and strengthened management.

(1) The formation and development of commercial enterprise groups must be carried out in a planned and step-by-step manner under the leadership of governments at all levels.

(2) Declaration procedures and procedures. For commercial enterprise groups entrusted by the state to undertake national macro-control market tasks, they shall be submitted to the Ministry of Commerce for approval; for regional commercial enterprise groups, they shall be reported to the local provinces, autonomous regions, municipalities, and municipalities separately after being reviewed by the competent commercial authority where the group's core enterprise is located Municipal People's Government approved.

The registration of an enterprise group shall be handled in accordance with the relevant regulations of the administrative department for industry and commerce.

The Ministry of Commerce, together with the State Commission for the Reform of the State System, plans to select a few commercial enterprise groups of different industries, different types, and representatives to conduct trials in order to sum up experience, continuously improve, and promote the healthy development of commercial enterprise groups.

(3) The competent department of the core enterprise is the competent department of the group. Commercial enterprise groups can implement the general manager responsibility system under the leadership of the board of directors (or management committee).

(4) The core enterprise of a commercial enterprise group shall not only ensure the unified operation and development strategy and development plan of the commercial enterprise group for close-tier enterprises, but also not affect the independent legal person status and operating enthusiasm of the member enterprises.

(1) with the support of government leaders at all levels, adopting mergers, transfers and other methods to develop commercial enterprise groups; adopting joint-stock operations, contracting, leasing, and dividing and sharing investments, profits and taxes, sales, output value, output, etc. Develop close-knit companies of cross-regional and cross-sectoral commercial enterprise groups.

(2) A business enterprise group with certain scale and conditions may apply for the establishment of a financial company or take other financial reform measures to facilitate the enhancement of investment and financing functions.

(3) Commercial enterprise groups with certain conditions may apply for import and export rights, or take other measures to facilitate participation in international market competition and achieve a virtuous circle of "promoting the inside and supplementing the inside".

(4) Commercial enterprise groups with certain conditions may conduct trials of authorized operation of state-owned assets to facilitate the strengthening of asset linkages.

(5) As an independent economic entity, commercial enterprise groups shall enjoy preferential policies of the central and local governments to invigorate large and medium-sized enterprises.

(6) For commercial enterprise groups that are undertaking heavy national macro-control market tasks, they should consider providing necessary support and guarantees in terms of commodities, funds, raw materials, distribution plans, and corporate transformation.

Commercial enterprise groups, as a high-level economic association, are produced in response to the requirements of large-scale social production and circulation. They have different characteristics from other forms of commercial organizations and can be roughly summarized as follows:

1. The core entity.

An enterprise group is composed of a large number of independent enterprises. It is a group body of enterprises and legal persons. The members of the enterprise group are not the relationship between the parent company and the subsidiary, but are also entities with legal personality. Generally speaking, as the core enterprise of an enterprise group, it must be a large enterprise with relatively strong economic and technological strength. Only core enterprises have a core role in economy, technology, talents and experience, can different member companies at all structural levels be closely integrated so that their enterprise resources can flow reasonably and optimally within the group, otherwise they will As a result, corporate groups are loosely connected and cannot truly have the scale advantage of group operations. The most important factor in strength is capital, so the group should have a stable source of funds and constantly enrich itself. The group's funding sources can be multi-faceted:

2. Multi-level structure.

Enterprise groups include a certain number of independent member companies, and form a multi-level structure with different degrees of closeness according to their economic and technological relations. In general, there are usually three or four levels, such as group companies (core enterprises) or Core layer enterprise, holding layer (tight layer), equity participation layer (semi-tight layer), agreement layer (loose layer).

3. Organizational stability.

Commercial enterprise groups use equity participation and holding as their main connection methods. Because this method constitutes a collective member unit to share risks in operations and share profits and losses in benefits, there is generally no time limit, so the general alliance between enterprises is more stable. Through the establishment of a new type of property right relationship between the core layer of a business group, tight, semi-tight, and loose-layer enterprises, and the mutual ownership relationship between member companies, the member companies can be integrated into asset management integration. Economic entities and mutual interest and common interest communities, so that enterprise groups can not only increase the concentration of enterprises and change management relationships, but also form new property rights relationships and effective operating mechanisms and risk mechanisms, and promote corporate group management and property relationships Coordination.

4. Diversified management.

The market situation is ever-changing, and a single product and a single industry have weak ability to resist risks and lack flexibility. Therefore, general large enterprise groups have jumped out of the narrow industry boundaries and extended to various economic fields such as production, distribution and service to avoid risks. The business scope of a commercial group is not limited by administrative divisions. It breaks the "segmentation" and "regional blockade", breaks the original industry boundaries and traditional departmental restrictions, and uses the comparative benefits of operating costs and benefits as the group's choice of operating projects. Standards to implement diversified operations across regions, industries, and departments.

5. Multiple ties.

The members of a commercial enterprise group form a wide range of relationships through assets, products, technology, operations, information, and personnel. Among the many linkages, capital union is the main connection of commercial enterprises, and production and management are implemented through the union of funds. The alliance of members will give full play to the aggregation advantages of member companies in terms of capital, production and operation, technology, and markets, expand the scale of production and operation, and achieve economies of scale.

6. Multifunctional.

Commercial enterprise groups have a multifunctional nature, forming settlement, cost, and profit centers, and forming business flow, logistics, and information flow centers through strengthening ties. Their main functions are:

Commercial enterprise groups, as a kind of corporate organizational structure that meets the needs of socialized large-scale production, large circulation, and large markets, are not to be ignored for the development of China's economy due to its large scale, wide scope and broad field of activities. effect:

1. The establishment of a state-owned commercial enterprise group helps to strengthen the strength of state-owned commercial enterprises, establish and consolidate its dominant market position, and give full play to its role as the main circulation channel.

Since the reform and opening up, due to the rapid development of multiple economic forms, multiple business methods, and multiple channels of business in the field of circulation, the dominance of state-owned commercial enterprises in the field of circulation has gradually declined, affecting the role of their main channels. In response to this situation, the establishment of commercial enterprise groups with large state-owned commercial enterprises as the core can not only improve the organizational level of the enterprise, but also can control more social assets by holding shares and holding shares in other enterprises, so that the strength of state-owned commercial enterprises continues to increase. The market competitiveness is increasing day by day, especially the combination of agricultural and industrial integration, which strengthens the control of state-owned businesses over social resources, thereby strengthening the leading position of state-owned businesses and enabling them to fully play their main channel functions.

2. Commercial enterprise groups have a positive role in promoting the establishment of a unified and open market.

As a cross-region, cross-sector, cross-industry economic organization, its business activities involve a wide range of industries such as science, industry, trade, commerce, and finance. Its formation and development requires the breaking of regional and industry restrictions. This has greatly promoted the status quo in the field of circulation of "regional division" and "strip division" under the traditional system. Commercial enterprise groups require that according to economic benefits, they expand their business scope in various regions and industries and mobilize their own corporate resources. Therefore, this will help avoid the convergence of the economic structure of some regions and promote the use of their own advantages. The economic development of various regions tends to be rationalized, forming a regional economic advantage, so that the market is no longer subject to geographical restrictions and sectoral divisions, thereby forming a unified and large market that is truly regulated by the role of the market mechanism.

3. Commercial enterprise groups can improve the effectiveness of the state's macro-control in the field of circulation.

With the deepening of economic system reform and the establishment of a socialist market economic system, the government can no longer rely on administrative measures such as administrative orders, price limits, and limited supply to regulate the market. Instead, it can only stabilize the market and price fluctuations through the purchase and sale of goods. As a state-owned commercial enterprise, while creating economic benefits for itself, it also assumes the task of regulating the market. Forming a commercial enterprise group and improving the economic strength of state-owned businesses can become a powerful support point for government macro-control, and have an important role in guiding the direction of economic activities of other commercial enterprises and constraining the economic behavior of other enterprises. This kind of economic restraint and management from within the commercial enterprise group does not inhibit the vitality of the enterprise, but also helps the country implement effective macro adjustments, which promotes the complete separation of government and enterprise responsibilities.

4. The establishment of a commercial enterprise group is conducive to the optimization of the production organization structure and the adjustment of the distribution industry structure.

Because the production factors can be freely flowed within the enterprise, the optimal allocation of resources can be achieved through the division of labor and cooperation among member enterprises, so that the organizational structure of the enterprise tends to be optimized. With the deepening of the activities of commercial groups, reasonable allocation of production factors in the circulation field has also been achieved. At the same time, because the activities of enterprise groups have broken through the restrictions of regions, industries, and departments, the industry structure and regional industries in the entire circulation field have been made. The structure has also been optimized.

From the above analysis of commercial enterprise groups, we can see that commercial enterprise groups are the products of socialization and large-scale commodity circulation, and are effective ways to improve the degree of organizational organization and achieve economies of scale. One of the directions of corporate reform.

Commercial enterprise groups will encounter some difficulties in establishing a modern enterprise system, and these difficulties must be overcome urgently, otherwise the reform goal of establishing a modern enterprise system will be difficult to achieve.

(1) The definition and ownership of property rights are unclear.

Although the reform measures of transfer, auction, leasing, and contracting of state-owned commercial enterprises all involve corporate property rights, the reform of the property rights system does not equal the establishment of a modern enterprise system. Nevertheless, due to the long-standing comparison of the definition of property rights of the entire people and collectively owned enterprises Vague, so the first problem encountered in establishing a modern enterprise system is who is the representative of state-owned assets and which members belong to the collective. We are accustomed to the concept of "competent authority", can the competent authority be equivalent to the asset owner or the asset What about the representative of the owner? From the perspective of reform, the administrative department should not be the owner of the asset. However, the reform of Gongxian County at all levels of government lags behind, and the existing state-owned asset management channels have not changed. Who will appoint the representative of state-owned assets, whether it is the Commercial Bureau, the Finance Bureau, or the Commercial (Finance) Committee (office)? The dispute did not seriously affect the transition of the enterprise.

(2) Inaccurate asset evaluation.

The evaluation of state-owned assets is the basic work for the reconstruction of a state-owned enterprise for the company to establish a modern enterprise system. This work has the most investment, the most cost, and the most practical difficulties.

At present, the main problems are: First, asset evaluation agencies that lack independent and fair intermediary services in the society are all managed by the competent government departments (mainly financial departments), are not independent from the competent departments, and lack the necessary supervision and constraints. . Second, in fact, companies cannot choose to entrust an evaluation agency by themselves, and they can absorb the evaluation to the agency designated by the competent department. The evaluation itself has no competition mechanism, and it is difficult to be fair, just, and open. Often, the "master will" of the competent authority is injected into the evaluation. It is necessary to protect the state-owned assets from being lost in asset evaluation, but it is by no means the best to evaluate the state-owned assets. More comments have harmed the interests of other shareholders and adversely affected the diversification of investment entities. It has become a nonsense for most corporate systems.

The most divergent opinions in asset evaluation are the evaluation of land prices and intangible assets. Enterprises generally think that the price evaluation is too high and the land management department thinks that the land price is too low. As for the evaluation of intangible assets. Enterprises generally think that the land price is too high, and the land management department thinks that the land price is too low. As for the evaluation of intangible assets, there is no basis and experience, and the ownership of intangible assets is often controversial. Many companies simply do not agree with intangible assets. The assessment of assets is actually the loss of state-owned assets.

(3) It is difficult to understand the transition between the old and the new.

The "Company Law" has clearly stipulated the organizational structure of limited liability companies and joint stock companies, but it is difficult to transition from the old to the new with the current enterprise system.

Article 17 of the "Company Law" reads: "The activities of the grassroots organizations of the Communist Party of China in the company shall be handled in accordance with the Constitution of the Communist Party of China." However, how to reflect the party committee's leadership over state-owned enterprises, how the party secretary participates in the company's leadership, There is no provision in the Act. Article 16 of the "Company Law" stipulates the content of the work of trade unions, which is not only consistent with the "Labour Law", but also makes the company system more perfect. Article 52 of the "Company Law" also stipulates: "The board of supervisors is composed of shareholder representatives and an appropriate proportion of the company's employee representatives." However, it is not clear whether the employee representatives mentioned here must refer to the representatives of the trade union or the workers' congress. . How to deal with the relationship between the shareholders 'meeting and the workers' congress and how to resolve the contradictions cannot be clearly stipulated. The old and new business systems are very different. It can be said that the new system is in line with China's national conditions and both in line with international practice, but there are many contradictions in the concrete connection operation with the old system.

(4) Lag of financial system conversion.

The modern enterprise management system is an important part of the modern enterprise system, and the financial system is an important issue of the modern enterprise management system. It involves whether the enterprise can truly reflect the operating situation and the feasibility of accepting shareholders and social supervision. From the current situation of the enterprise, because the training of the company has not kept up, the financial system has been delayed and the financial statements cannot accurately reflect the situation of assets and liabilities This is also the weak link in the transformation of the establishment mechanism of commercial enterprise groups.

(5) The problems of corporate debt and proliferation are difficult to resolve.

Many commercial enterprise groups are carrying heavy debt burdens when they are formed. Who should pay off these debts left before the establishment? One of the currently proposed solutions is: The corporate debt formed by the "allocation of loans to change," In order to "change the loan to investment", so as to maintain the ownership of the country, this method of treatment actually counts the debts on the account of the enterprise. The corresponding problem is that during this period, the effective proliferation of enterprises, or the proliferation of self-funded enterprises, should theoretically also belong to the proliferation of state-owned assets. However, many companies find it difficult to accept this. They believe that this is a manifestation of the country's "negative profit and no loss". It has now been proposed that bank account caused by policy authoritarian losses should be written off by banks with bad debt reserves. Economic practice. However, many people in the banking industry believe that banks must also implement enterprise management and cannot allow write-offs. This recognition in the banking sector has made many state-owned commercial enterprises with heavy debt burdens skeptical. In fact, under the conditions of a market economy, commercial banks should have a certain amount of bad debt reserve in order to deal with financial risks. Of course, the definition of "bad debt" must also have a clear basis, and the determination of "bad debt" must also have standardized procedures.

(1) First of all, we must establish a correct concept.

The modern enterprise system is a product of the development of a market economy and socialized mass production. It is a civilized result created by people in practice in accordance with the inherent requirements of the development of productive forces in economic law. It belongs to the common wealth of mankind. The modern enterprise system we want to establish is an adaptation The socialist market economy requires it to become an enterprise legal person and implement a new enterprise system with a limited liability system.

As a commercial enterprise, it must be clear that the establishment of a modern enterprise system is a profound reform of the reinvented market body, and its depth and breadth go beyond the previous reforms. Establishing a modern enterprise system is not a partial, tactical reform, but a global and strategic reform. If the concept of an enterprise stays only at the low level of the contracted management responsibility system, it cannot adapt to this profound change.

For the government, it is also necessary to establish the correct concept of the modern enterprise system and speed up the transformation of government functions. If the government functions are not changed, it is impossible to establish a modern enterprise system by administrative means. When the enterprise group was originally established, there was indeed a "flop." Phenomenon rages, and to establish a modern enterprise system, economic means must be used to act in accordance with the law.

(2) There are two options for the future of commercial enterprise groups.

One option is to develop the strength of the group's core enterprises and make the core enterprises a strong operating entity. This requires that enterprise groups diversify their investments and obtain considerable economic economies of scale, especially through the new combination of industry and commerce and the integration of production and sales. Way.

Another option is to accept the authorization of the state-owned asset management agency to form a state-owned asset management relationship between the state-owned asset management agency and the enterprise group. This is feasible for large and medium-sized enterprises, especially large-scale commercial enterprise group companies, and it is a solution to the problem of defining and ownership of property rights within the group. It is a good idea to strengthen the economic ties between group members and give play to the enthusiasm of group member companies. In doing so, it is not only conducive to expanding the strength of commercial enterprise groups, but also to maintain and increase the value of state-owned assets.

(3) Cultivation of management talents adapted to the modern enterprise system is a top priority.

The implementation of a modern enterprise system urgently requires a large number of management talents who have both professional knowledge and modern management experience, as well as an innovative spirit, who can open up a new situation. This is the key factor that affects the success or failure of the modern enterprise system. As modern entrepreneurs, management talents should become professional operators guaranteed by credit and reputation. It is necessary to vigorously cultivate a team of entrepreneurs, and gradually form a set of management systems that meet the requirements of the market economy through selection, use, assessment, and dismissal. In order to meet the needs of the restructuring and establishment of a commercial enterprise group, the commercial enterprise group must start training talents from now on. First of all, a group of entrepreneurs who are good at using corporate legal person property and good at business management are trained inside the enterprise group.

A commercial enterprise group is an economic conglomerate that connects a number of companies in a tight, semi-tight or loose manner with retail and wholesale enterprises of a certain size and strength as the core and capital and contracts as the link. In addition to the main wholesale and retail businesses, some also accommodate industry, catering services, entertainment and real estate. Compared with industrialized enterprise groups with manufacturing as the core, most of its member companies are located in the field of distribution. In recent years, competition in the commercial field has become increasingly fierce. At present, China's retail market has become a hot spot for investment in countries in the West and Southeast Asia. With the establishment of a number of well-known large-scale multinational chain groups in China, the intensity of competition has increased. Although China's commercial enterprise groups have certain advantages, quite a few of them have limited scale and weak capital strength, making it difficult for them to compete in the competition. As a result, commercial enterprise groups have been involved in chain operation, trying to further improve the degree of commercial organization, expand the group's scale advantage, and enhance the overall function through this operation. This is the group chain. At the same time, the number of domestic chain companies is expanding rapidly, and it is possible to expand left and right through internal and external expansion, and set up large-scale enterprise groups with business as the leader to achieve chain grouping. Regardless of whether it is a chain group or a group chain, the goal is one, and scale efficiency is required. However, the first requirement for scale is financial support. A certain scale of chain operation is needed from the beginning to the end. A large amount of up-front investment is required. The internal and external transformation of a chain store requires hundreds of thousands, as many as millions, and lack of funds. Has become a bottleneck problem restricting enterprise groups to follow the path of large-scale commercial development. The analysis of its causes is mainly:

(1) Congenital "developmental" dysfunction and acquired dysfunction.

In the early days of the establishment of some commercial enterprise groups, the government or the competent authority of the enterprise did not guide the enterprise according to the market mechanism, relying on the gradual expansion and rolling development of the enterprise itself, but blindly expanded and artificially "made up", or some unrelated enterprises, Simply group them together to form a group, or combine some debt-heavy and many-year-losing companies with good-efficiency companies, relying on administrative means to "latch up," resulting in unclear property relations within the enterprise group and inventory of existing assets. Without living, capital gathering is nameless. This kind of congenital "developmental" dysfunction will inevitably lead to the dysfunction of acquired "hematopoiesis", and small capital cannot drive and activate large capital.

(2) The internal lack of internal capital for efficient operation of the company, poor operating performance, and difficulty in achieving scale advantages.

Some business enterprise groups either blindly develop chains out of the will of the chief executive or to obtain the benefits of preferential policies, relying on borrowing to achieve their scale expansion, and are ultimately affected by factors such as geographical location, transportation, purchasing power, and competition in the same industry. It meets the essential requirements of unified purchase, unified distribution, unified decision-making, and unified management of chain operations, and the benefits of scale are like talking on paper. The low economic benefits of the group will inevitably restrain the tolerance of financing risks and financing costs, resulting in insufficient financing for the group, lack of advantages in the domestic competition for attracting funds, let alone participating in competition in the international capital market.

(3) There are single financing channels and many constraints.

At present, commercial enterprise groups can generally be divided into two categories: joint-stock systems and limited liability companies. Regardless of the former or the latter, the funds required are still largely solved by bank loans, but due to the limitation of bank credit scale, it is difficult to meet the funds needed for their development. . At the same time, the huge amount of loan interest makes the business burden heavy. The host banking system first implemented, although to a certain extent, can solve some of the enterprise's capital needs, but the bank has adopted the method of deducting loan interest first, making it more difficult for the enterprise's capital turnover. Secondly, in terms of the overall scale of existing commercial enterprise groups, there are still few who have the conditions for establishing financial companies, which affects the group's financing function to a certain extent, and through other non-bank financial institutions such as leasing companies, insurance companies, trust and investment companies, etc. Financing is also constrained by various factors. Thirdly, commercial enterprise groups have narrow overseas financing channels. Some enterprises have no ability to attract foreign capital at all, and those with foreign investment have a low proportion in the corporate financing structure. It should be acknowledged that in terms of overseas financing, commercial enterprise groups are far from other large enterprise groups.

(4) Outdated financing methods and small choices.

As mentioned earlier, due to China's long-term implementation of the financing management system of "allocation of loans to reform" and bank indirect financing, a large number of state-owned enterprises have high debt operations without their own funds. Because commercial enterprise groups develop chain operations, the investment scale is large, and the results are slow. Generally, it is not easy to obtain the financial support of commercial banks. Even if the government is inclined to support the financing policies of enterprises, the degree of financial support is limited. Although direct financing channels have broad prospects, most companies do not yet have the conditions to issue stocks and bonds to raise funds, and direct financing through the capital market is restricted. Some companies have just started to transfer property rights or equity through equity transfers, auctions, mergers and acquisitions, and raising funds using international securities financing and other new financing methods is even more elusive. What is mentioned here is that commercial credit, commercial paper and other financing methods can solve some short-term capital needs of enterprises, especially commercial paper is very convenient for corporate finance, but the issue of commercial paper is tightly controlled, and most companies are excluded.

In summary, due to the small size of China's capital trading market, state-owned enterprises' access to the capital market is subject to multi-party policies, and enterprises lack the autonomy to directly finance from the capital market. At the same time, corporate financing mechanisms have not yet been established and sound, and lack the motivation and pressure to raise funds from the capital market. To change the status quo, it is necessary to establish a sound financing mechanism through the two-way efforts of the government and enterprises, break through the old financing structure, expand financing channels, innovate financing methods, and provide financial guarantee for the development of commercial enterprise groups.

Speeding up the implementation of the strategy of large groups and large companies, and the establishment of "aircraft carriers" in the field of circulation are the strategic deployment of the central government in 3 years to get rid of the predicament of most state-owned large and medium-sized loss-making enterprises and initially establish a modern enterprise system. Improving the financing function of commercial enterprise groups is closely related to this strategic deployment. The following approaches are proposed:

(1) Actively promote commercial enterprise groups to enter the securities market and property rights market, vigorously develop direct financing, and promote the transition of state-owned enterprises from indirect financing to a diversified financing structure that increases the proportion of direct financing. During the transition of China's economic operation mechanism, the trend of marketization and securitization of financing methods has made it possible for commercial enterprise groups to expand direct financing channels and increase the proportion of direct financing. Such as Shanghai Hualian Group's listing and financing to the development of supermarket chains with strong financial support. Chengdu People's Shopping Center (Group) Co., Ltd., in order to solve the problem of the shortage of funds required for the national stock allotment, put forward the idea of discounting and allocating the net assets of a company that is related to the company's business and has good development prospects and belongs to the category of strong and powerful alliance. , The first precedent for listed companies to "live" corporate net asset allocation. But the number of such companies and the scale of financing are limited after all. According to statistics,

By the time the number of listed companies in the two cities ended by 725, the number of listed companies in the commercial sector was 67, accounting for 9.2%, of which the proportion of listed companies belonging to commercial enterprise groups was even lower. For this reason, the author believes that commercial enterprise groups should seize the favorable opportunity that the policy environment of direct financing has begun to actively create internal and external conditions for direct financing and flexibly choose direct financing methods according to their own needs, not only to expand A shares and B shares. The issuance and circulation scale of shares can also use the intangible assets of the company for equity financing, participate in the asset reorganization of the property rights market, and make a fuss about the "bigger" capital increase. For example, high-quality companies are encouraged to select the bad shells in the domestic stock market for acquisition and reorganization, and complete the shell buying (backdoor) listing to achieve low-cost expansion and the expansion of the group's functions. If it does not meet the requirements for listing, it can take the form of a limited liability company to absorb external investment through cross-regional, cross-industry, joint venture, and cooperation channels. For commercial enterprise groups with certain strength, corporate bonds can be issued, especially convertible bonds for financing. In addition, operating leases and financing leases can also help enterprise groups to obtain short-term, medium- and long-term financing facilities.

(2) Adapt to the new international capital operation trend and adopt various methods to carry out overseas financing. In the 1990s, the international capital market showed a clear trend of financing securitization. Regardless of whether it is a developed or developing country, using overseas funds and financing from the international capital market has increasingly become the main method for enterprises to raise funds. Such as overseas direct listing and financing, overseas issuance of ADR securities financing, overseas shell buying, shell listing financing, and overseas investment fund financing can all be used as entry points for Chinese companies' overseas financing. Among them, ADR securities financing is very popular because it enables the issuing company to mobilize funds in the capital market at a low cost, speed and a large amount. Under the current international capital market conditions, shell financing and shell listing financing also have great development prospects, and Chinese enterprise groups should vigorously use them.

(3) While actively seeking loans from domestic banks and financial institutions, operate various financing methods such as commercial credit, commercial paper, and interbank lending. As the core enterprise of an enterprise group, in addition to directly obtaining bank loans, it can also rely on the strength of the group to do everything possible to raise liquidity and special loans for its subsidiaries from domestic financial institutions. Banks can use the functions of the group's financing center, such as helping Group-affiliated Chinese and African capital-linked companies introduce financing channels and recommend corporate performance to banks to support the development of joint ventures or collaborative enterprises to improve the overall efficiency of the enterprise group. At the same time, open up the horizontal flow of money in the currency market and actively carry out commercial credit and inter-bank lending. Those with the necessary conditions shall, with the support of policies, issue commercial bills, carry out discounted bills, and mobilize funds for enterprises.

The above-mentioned financing channels and financing methods are compatible with each other and can be used flexibly, which can promote enterprises to face the market instead of relying solely on banks. Enterprises can choose financing methods according to their own business scale, strength, and economic, financial and other objective environments to form a reasonable Financing structure to maximize market value.

At present, there are three main forms of commercial enterprise groups in China:

(1) Commercial enterprise groups that implement centralized management. This form of commercial enterprise group refers to a large, comprehensive commercial enterprise that manages various types of goods such as clothing, food, housing, transportation and import and export trade, and has multiple functions such as operation, service, and entertainment. Such as Tianjin Exchange Building, Shenyang Zhongxing Commercial Building, etc. Its characteristics are: the geographical locations of the affiliated companies are almost the same: using administrative methods and centralized management in accordance with the administrative system; the number of enterprises in the group is limited.

(2) Extensive loose commercial horizontal associations. This form of commercial enterprise group refers to various types of cross-regional retail and wholesale commercial enterprises with guild-type horizontal economic union. Such as the National Federation of Large and Medium-sized Retail Commercial Enterprises with a certain influence in the country, the "Shoe Association". The "Shoes Association" and other characteristics are:

(3) Zero-credit enterprise cooperatives. This form of commercial enterprise group refers to a collaborative network of wholesale and retail enterprises that spans regions, industries, and ownerships, and has some kind of contractual relationship. Such as Beijing Jiaotong Group Corporation. Its unique features are:

From the analysis of the three forms of commercial enterprise groups, it is not difficult to see that the first form can be the embryonic form of a commercial enterprise group, and the other two forms do not yet have the basic characteristics of a commercial enterprise cluster. But the first form still has problems that need to be solved, such as lack of overall planning, backward management mode, too small scale, incomplete functions, and poor cohesion.

(1) Commercial enterprise groups that are taking shape should improve and rationalize their internal structures and functions.

First of all, one of the funds must be selected as the backbone of the enterprise group. In addition, a series of measures were taken to strengthen the strength of the group's mother body. Secondly, through the parent company of the group, it invests, controls or contracts on several other key close-knit companies to strengthen the economic linkages of its subsidiaries. Furthermore, based on the gradual formation of investment centers, profit centers, and accounting centers within the enterprise group, according to the established goals, with reference to actual needs and possibilities, planned geographical adjustments and adjustments were made to improve the structure and function of the group. Finally, at the appropriate time, the scale of the enterprise group should be further expanded to strengthen and strengthen the overall strength base of the enterprise group.

(2) Various types of commercial enterprise consortia should start with the organizational foundation, improve their cohesion, and gradually transform into commercial enterprise groups.

Various loose commercial enterprise consortia are based on their original central enterprises with certain strength and influence. For those enterprises with weak strength and better conditions, they can selectively purchase and merge in advance to expand the central level. Enterprise strength. At the same time, for backbone enterprises scattered in various regions, various methods such as holding, participation, joint venture contracting, leasing, and fund-raising are adopted in accordance with the different conditions in different regions to improve their own cohesion to strengthen their tight and semi-tight layers. The connection of enterprises establishes and forms the organizational foundation and structure of a commercial enterprise group, with a view to transforming to a commercial enterprise group when conditions are ripe.

What needs to be pointed out here is that the retail business enterprise consortium (group), the branches or branches and interlocking stores established in the above-mentioned ways in various places must be in terms of joint purchase distribution, product quality, product price management style, service specifications, etc. To achieve the same requirements and integration of operations with its central enterprises to maintain the credibility of enterprise groups.

(3) With the development of China's planned commodity economy, the degree of socialization of production and circulation has relatively increased, and the market system has been gradually established. Some commercial enterprise groups can carry out shareholding transformation on the original basis and readjust their internal economic structure. And organizational structure, and gradually establish a corporate shareholding group system to achieve the characteristics of China's standardized shareholding system of commercial enterprises.