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国企改革,产权重组,出卖企业(资产),搞混合所有制、股份制等等,现在已经被大家从观念上开始接受了,也有了一些政策。但是,有人说实际障碍仍无法逾越,国有企业那么多职工,那么多债务,想卖都卖不出去。所以他的结论是,靠产权重组来改革国有企业,理论上大概是对的,但在现实中还是行不通。 说资产卖不出去,逻辑上是似是而非,因为从经济学上说,天下没有卖不出去的东西,只有定价不对的东西。我们是否想过:卖不出去的东西要价太高了? 这里的问题首先在于如何认识“资本的市场价值”。资本的本质在于它可以生利,在于给资本所有者所带来的未来收益。因此,资本的市场价值,不是它的“账面价值”,甚至不是实物资产的“重置价格”,而说到底,是未来时期内(可以假定无限时期内)预期收益(当前形成的预期)折现值的总和。100万元建一个企业,利润丰厚,其资本的价值可以是100亿;而100亿建的厂,若已不能赢利,可能只值100万(等于清偿拍卖后的残值),这时你若定价100亿,当然卖不出去。如果一个企业已经亏损,还有一大堆欠债,或者还有一大批工人无法安
State-owned enterprise reform, property rights restructuring, selling enterprises (assets), engage in mixed ownership, joint-stock system, etc., has now been accepted by everyone from the concept, there are also some policies. However, some people say that the actual obstacles are still insurmountable. With so many workers in state-owned enterprises, so many debts and wanting to sell can not be sold out. Therefore, he concluded that the reform of state-owned enterprises by reorganization of property rights is probably theoretically correct, but in reality it will not work. Saying that assets can not be sold is logically paradoxical because economically speaking, there is nothing that can not be sold in the world, only the ones that are priced incorrectly. Have we ever wondered what the asking price is too high to sell? The problem here is, first of all, how to recognize the “market value of capital.” The essence of capital is that it benefits from the future benefits it gives the capital owner. Therefore, the market value of capital is not its “book value” or even the “replacement price” of the physical asset but, in the final analysis, the expected return (the current expectation) of the future period (which can be assumed for an indefinite period) The sum of present value. One million yuan to build a business, lucrative, the value of its capital can be 10 billion; while the 10 billion plant built, if not profitable, may only worth 1 million (equal to the remuneration after the auction residual value), then if you Pricing 100 million, of course, can not sell. If a business is already losing money, there is a whole lot of debt, or a large number of workers