必胜28

广州国资发展控股有限公司

【国资智库】广州国发“炼金”

发布时间:2017-11-09 浏览量:

zuozhe:wangzheng

zujianchengliyue2nianhou,guangzhouguozifazhankongguyouxiangongsizuoweiguangzhoushishuguozidiyigezibentouziyunyingpingtai,yunyingchengjilingrenzhumu。


gaigongsiguimoconggangzujianwanchengshide534yiyuanzengzhangdao642.5yiyuan,jingzichancong284yiyuanzengzhangdao317.9yiyuan,leijidachengtouzixieyi200yiyuan,wanchengtouzi150yiyuan,guanlideshizhicong330yiyuanzengzhangdaoyue550yiyuan。2016nian,guangzhouguofaruweizhongguoqiye500qiang,weilie2016nianzhongguofuwuyeqiye500qiangdi155ming。


buguo,yejierenweiqixiantianjiyouyoushi。2014nian9yue,guangzhouguofachubuzujian。guangzhoushiweishizhengfujiangguangzhoufazhanjituanhezhupijituanliangjiazhengtishangshidejituanbenbuhebinggongtonggaizuweiguangzhouguofa。


zujianfangzhiyiguangzhoufazhanjituanzhuyaocongshizonghenengyuanyewudetouzi、jingyingheguanli,shiguangzhoushiguoyouzichanshouquanjingyingjigou。qixiayongyoubaokuoguangzhoufazhanshiyekonggujituangufenyouxiangongsi、guangzhoudianliqiyejituanyouxiangongsi、guangzhoushiranqijituanyouxiangongsidengquanzi、kongguqiye30duojia,yu2012nianzhengtishangshi。


zhupijituanzeshiyijiayipijiuyeweizhuti、yipijiupeitaohexiangguanchanyeweifuzhudedaxingxiandaihuaqiye,qixiaweizhupigufen。2015nian6yue,qi100%guquanhuazhuanruguangzhouguofa。


由两家整体上市企业合并组建,我们可以从一开始就通过国有股权的大归集搭建资金统筹配置的大平台,推进国有资本大运作,实现国资国企大发展。”广州国发总经理高东旺介绍。


他表示,广州市成立一家资本投资运营平台,一方面,实体企业需要引进社会资本,中间载体不可或缺,另一方面,地方政府也需要类似的平台将资金引入实体企业。广州国发将承担载体和平台作用。


必胜28genjuguangzhoushiweishizhengfuduiguangzhouguofadedingwei,guangzhouguofajianglvxingdezhinengbaokuo:guoyouguquanchigupingtai、zibenyunzuoguanlipingtai、zhanlvetouzifazhanpingtaiyijigonggongzijinzengzhipingtai。


所谓国有股权持股平台必胜28,即其将通过持有上市公司、非上市公司的国有股权,最大限度挖掘和提升上市公司股权价值,提高国有资本的回报率及证券化率。


资本运作管理平台,即广州国发需发挥资源整合、投资引领、杠杆放大等功能,引入社会资本参与国企重组改革,推动混合所有制经济发展。


战略投资发展平台即广州国发将参与投资效益好、带动性强的战略性新兴产业项目,优化国资产业布局,同时代表广州市政府积极参与重大生产力项目的投资布局。


gonggongzijinzengzhipingtaizezhi,guangzhouguofaxuyaopanhuoshibenjigonggongzijin,guanlizhengfuchanyeyindaojijinyitishengzijinxiaolv,tansuoyunyonggonggongzijinjiakuaituijinguanxishehuiminshengdeshizhengfuzhongdianxiangmujianshe。


guangzhouguofadezhanlvedingweipoweichizhong。

01

初登舞台


guangzhouguofachudengshichangwutaibianjiyoupoli,qilianxuzaigongkaishichangshangdashoubicanyuguangzhoushishushangshigongsidingzengrangshichangermuyixin。


必胜28zaizujianwanchengdeyue2nianshijiannei,guangzhouguofaxianhoucanyuleguangzhouyouyi、guangzhoulangqi、baiyunshan、zhujiangpijiu、lingnankonggu、guangqijituan、zhongguodianjiandengduojiaguozishangshigongsidedingzengjihua,bingzaiduojiaqiyezhongyijuchengweizhongyaogudong。


必胜28guangzhouguofadiyicizaigongkaishichangshangxianshen,shizaiguangzhouyouyidedingzengfanganzhong。2014nian12yue5ri,tingpai3yueyouyudeguangzhouyouyifabuzengfafangan,xiangguangzhoushiguoziweiyijiguangzhouguofa、guangzhouditiedeng7mingtedingduixiangfaxingbuchaoguo10.6yigu,mujibuchaoguo100yiyuan,yongyugoumaiyuexiujinkong100%deguquanbingxiangyuexiujinkongzengzi。guangzhouguofazaicicidingzengzhongchuzi25yiyuancanyurengou,rengoujinejinciyuguangzhoushiguoziwei。


yuguangzhouyouyijinxiangge20tian,zaidangnian12yue26riguangzhoulangqipiludedingzengfanganzhong,guangzhouguofazaicichuxian。guangzhoulangqifaxing7655wangu,muji6.5yiyuan,guangzhouguofachuzi6.3yiyuan,rengouleqizhongde7420wangu,zhanrengouzongede96.93%。tongguocicizengfa,guangzhouguofazaiguangzhoulangqizhongdegufendadao14.2%,chengweiguangzhoulangqidedierdagudong。


dangnian7yue,zhujiangpijiugonggaoyidingzengdefangshimujibuchaoguo48yiyuan,dingzengduixiangbaokuoqishiganggangdanrenkonggugudongdeguangzhouguofa、dierdagudongbaiweiyingboyijiyuangongchigujihua。guangzhouguofatourulebushaoyu25yiyuancanyuzheicizengchi,erqiehaiduidingzeng“baodi”。jiguangzhouguofaderengoushuliangjiangshiyizongrengoujinejianqubaiweiyingboheyuangongchigudejinequeding。


必胜28“qijinweizhi,womenyigongtouzi135yiyuanzijincanyudingzeng,zaiyuanlaideguangzhoufazhangufen、zhupigufenjichushang,zaigoujianqi“2+6”chanquanjiegou,ji2jiakonggushangshigongsi,6jiacangushangshigongsi,guoyouguquanchigupingtaichubuxingcheng。”gaodongwangjieshao。


必胜28nengpinpincanyushangshigongsidingzengziranyouqiliyou。


“一是广州市委市政府大力支持,希望广州市属上市企业在定增的时候,广州的国有资本运营平台公司优先参与;其二,是我们可以为上市公司发行价格和数量进行兜底,彰显了广州市国资的实力和进一步做强做优做大的决心,这样能够增强资本市场的信心和市属上市公司在引入战略投资者时的谈判能力,广州国发是在为广州国资整体的资本运作保驾护航;其三,有的企业,比如央企中国电建定增,是通过市场竞争的方式进行,央企希望选择有协同效应、竞争力和未来具备战略协作关系的企业参与,广州国发旗下有电力企业,在市场上形象正面,又有平台优势,我们被中国电建选中。”高东旺表示。


必胜28guangzhouguofacanyuzheixieshangshiqiyezengfa,tongchangshixiezhuqijinxingzichanzhongzu、jiegoudiaozhenghuochanyezhuanxingshengji。“yifangmianzengqiangzhengfuduishangshigongsidekongzhilihehuayuquan,lingyifangmianzengqiangshichangxinxinweihutishengshangshigongsishizhi,zaishangshigongsizhengtishilihechanyetouzinenglidedaojinyibujiaqiangdetongshi,guoyouzichanyededaolebaozhizengzhi”gaodongwangjieshao。

02

构建基金群


培育企业发展生态比关注单个项目更重要,建立科技创新支持体系比一次性奖励补助更重要,构建长效伴随企业成长动态的机制比静态单向服务更重要。基金模式既是引入社会增量资本,放大国有资本的重要手段,也是新一轮混合所有制改革的重要工具,因此广州国发目前正着力构建基金群,构建促进实体经济发展的生态圈。”高东旺表示。其目前正打造的基金包括广州市中小企业发展基金、科创基金、绿色基金、并购基金等,计划基金群总规模近千亿元,并能整合优势资源,搭建产业发展生态圈。


必胜28julejie,guangzhoushizhongxiaoqiyefazhanjijinguimowei5yiyuan,quanbuweiguangzhoushicaizhengzhuzi。caizhengshelicijijinmudezaiyuzhichiguangzhoushizhongxiaoweiqiyefazhan,huanjiezheixieqiyegeleirongziwenti。


必胜28“zheizhiyindaojijinjuyoucaizhengjingshouyirangdu、gudonghuigouhexieyizhuanrang、qiangzhigentou、juecequanxianxiayidengchuangxinliangdian,muqianyixiyin20duojiaguoneizhimingguanlijigoucanyuzijijinguanlirenjingbiao,tongguoshichanghuafangshixiyinshehuiziben,jiangxingchengchaoguo20yiyuanguimode8-10zhizijijinluohuguangzhou,nianneizhishaoshixian6jiazijijinluohu。”gaodongwangjieshao。caizhengjiangyindaojijinjiaoyuguangzhouguofaguanliheyunying,danbingbuqiangzhiqitouzimougejutixiangmu。


政府的管控措施是设定战略投资方向和投资模式,投资模式即70%通过子基金投资,30%为母基金直投。必胜28但到具体如何选择项目,如何决策都交由企业市场化操作,我们的基金管理团队亦全部为市场化招聘,我们也强制要求团队对项目和子基金跟投。”高东旺介绍。


必胜28jizhidelinghuojuedinglechengxiao。


yuzhongxiaoqiyeyindaojijinyunzuofangshileisideshi,guangzhouguofazhengyukechuangweixiashuchengdanzhengfufuwuzhinengdeguangzhoukejijinrongfuwuzhongxingongtongfaqi、lianhezhengquanjigou、shangyeyinxingdengshelishouqiguimo11yiyuandekechuangguofamujijin,gaijijindingweiyufuwuguangzhoukejixinggaoxinjishuqiye。


必胜28“zhengfujigouhebumenxiwangjingzhunxunzhaodaozuoyouzuoqiangdeqiyebiaode,erwomenjiangyishichanghuadeshouduan,jiangziyuandaorudaoyouxuqiude、fuhebiaozhundeqiye,jiangqiyedechanyeliantiaozuozhang。”gaodongwangbiaoshi。


guangzhouguofaxiwangkechuangmujijinxiyinchaoguo100yiyuandeshehuizijinguimo,bingjiangsheliguoneilingxiandezhongzi、tianshi、vc、pe、binggouzijijinqundeng。gengyuandeguihuashi,yituozhongchuangkongjian、fuhuaqi、jiasuqi、kejichanyeyuandengchuangxinchuangyezaiti,dazaokejijinrongfazhanpingtai,jiangkeyifuwu500jiakejixingqiye。


这支基金未来争取推进100家科技型企业进入多层次资本市场,优化广州科技企业的投资——创新——发展产业生态圈必胜28。”高东旺介绍。


lvsejijinzeshiguangzhouguofaweizhichiguangzhoushidezhongdajichusheshijianshesheli,chuqiguimowei500yiyuan。guangzhouguofachuzi24yiyuan,huitong8jiaguangzhoushishucongshijichusheshijianshedeqiye,zhei8jiaqiyebaokuoguangzhouditie、guangzhoushuitou、guangzhoujiaotou、guangzhoutietou、guangzhougang、zhujiangshiye、guangzhoujianzhu、zhishichengjituandenggongtongchuzi40yiyuanchenglimujijin。zheixiangdangyushangshu8jiaqiyezhishaochuzi1yiyuan,ranhouzaiyaoqingbaoxianjigou、shangyeyinxingdenggefangziyuangoujianlvsefazhanchanyetouzijijin。


“zhei8jiaqiyedoushichengjiejichusheshijianshedeqiye,youtongzhihuaquxiang,jijindeshelinengbangzhutamenzaichengjiexiangmuhexiangmushishideshihou,jijiangdizongherongzichengbenyougaishanzibenjiegou,tongshiyishichanghuafangshifengfufazhanshouduan。”


并购基金的组成方式亦与绿色基金类似。广州国发拟会同8家国企或国有控股上市公司筹集资金30亿元,成立总规模达300亿元的国内国际产业并购基金。


zheizhijijinsheliyitudanchun,mudemingxian。anzhao“xianshibaobenlicai、xushizhanlvezhicheng”desilubangzhuhezuofangweiraoshangshigongsizhuye,duiguanjianxinghehexinjingzhengliqiangdechanyelianshangxiayouyoushiqiyeshishishougoujianbing,kuozhangchanyelianshangxiayou,dajianshishuguoqilianshou“zouchuqu,yinjinlai”defuwupingtai,yinciqiyunxingfazeyijiandanmingle:sheidexiangmusheidanbao,sheidexiangmusheifuzehuigou。jijinzhuyaoshibangzhuhezuofangzaibinggouguochengzhongqidaozijinhezhanlvezhichengzuoyong。


lvsejijin、binggoujijin、kechuangjijinjuncaiqujiegouhuasheji,youliyujinyibufahuiguoyouzibendeyinlingdaidongzuoyong,gengdabilideqiaodongshehuiziben,yinjinbaoxianjigouheyinxingzijin,fuwuguangzhoushehuijingjifazhandaju。


yimianduozhongshouduankuozhangzengliang,yimian,guangzhouguofapanhuocunliang。

03

激活


广州国发的存量来自于两方面,一是拥有的作为组建基础的两家上市公司股权资源和AAA信用评级优势,一是待盘活处置的存量资产


guangzhouguofarenweiziyuanguijidayouyichu。


必胜28“gongsiyunyingyueliangnian,falidianzhiyibianshiguijideziyuan。zhiyoujiangziyuanguijicaiyoufazhankongjian。”gaodongwangbiaoshi。


必胜28huanjuhuashuo,guangzhouguofanengjiangshangshigongsideguquanzaizibenhua。


事实上,一方面借助于上市公司股权资源和较高的信用评级,广州国发在没有新的财政投入情况下,采用各种办法,比如发行私募债、公司债、超短融等市场化的方式获取较低成本的中长期资金,另一方面通过存量资源盘活、资产证券化等多种方式解决整体资本运作的资金需求。必胜28目前,累计达成协议投资金额超200亿元,并撬动800亿元投资规模,让国有资产规模迅速扩大。“在发挥平台作用中,广州国发更侧重于协同市属国企,推动国有企业改革发展和地方实体经济建设,例如广州国发目前的投资中98.9%投资于国有企业、91%投资于广州当地,在广州市国资委33家企业中,广州国发已与18家形成了股权关系或基金合作等。”高东旺表示。这与市委市政府赋予广州国发的功能定位也是一致的,有效地实现了政府的战略意图。


zheiyiweizheqijihuolechendiandeguquanziyuan,bingjinzuidakenengfangdashichangxiaoyong。“ziyuanguijihou,bujinxianjinliuxingchengjujiheli,qieqiyefuzhailvjiangdi,kangfengxiannenglizengqiang,womennenggengyouliliangzhichiqixiaqiyejinxingzhongdachanyetouzi、binggou、zhuanxingshenzhituichu。”biruqidashoubicanyuzhujiangpijiudingzeng,zhichiqibinggoutouzi,tuidongyuangongchigu,zuizhongshixianshengjizhuanxingyuanwang。lingyifangmian,qizaizujianzhichuyizuikuaisuduwanchenglexiashu5jia“jiangshiqiye”chuzhi,meinianjiankuiyue300wanyuan,jiaonashuijin15340wanyuan,qingsuanjingshouyi39506wanyuan,leijifenpeihuideshengyuzichan88015wanyuan。yucitongshi,qijijishulixianzhitudi、wuyezichandeng。birujiangxianzhidedikuaijiaoyudifangzhengfushouchu,jiangchiyoudewuyejinxingpanhuodeng。wanchenghouyujijianghuilongzijin15yiyuan。


ciwai,qizaichuzhiboligeleizichanshi,jiangyushangshigongsiyewuguanliandujiaogaoqiejingyinglianghaodeyouzhizichanguquanshishizhurushangshigongsi,zheijinyibutishengqigongsidezichanzhengquanhuashuiping。


虽然广州国发在资本市场上长袖善舞,但在背后实际运营的确实个“小团队”。高东旺介绍“广州国发目前整个团队仅有45人,按照“小机构、大运作”的思路搭建架构,实现高效运作必胜28”。其风控亦可圈可点。据了解,广州国发设置了整体负债水平不超过65%的控制线,在完成一系列资本运作后目前的资本负债率仍在50%左右,处于行业较低水平;并通过出资10亿元设立全资子公司广州国发资本管理有限公司,建立防火墙,运作市场化项目,参照淡马锡防控体系,对市场化项目,一律不担保、不增信,确保风险隔离。


qizaizhilijiegoushangyishishiwaibudongshiguoban、waipaijianshizhidu,qixianyou7mingdongshi,qizhong4mingweiwaibudongshi,3mingneibudongshi(han1mingzhigongdongshi)。


ciwai,qiyuyeneipaimingqianwudezhimingzhengquan、simujigou、zhiminglvshishiwusuo、huijishishiwusuohezuo,pinqingqiduijutitouzixiangmutigongzhuanyezixunhedulipingguyijian,tishengfengxiankongzhishuiping。


gengjutesedeshi,weifangfandaodefengxian,guangzhouguofaneibusheliyoulianzhengfengxianbaozhengjinzhidu,guangzhouguofameinianjiangzhongcengganbuyishangdegaoguan10%degongzishourukouxialaizuobaozhengjin。


对基金管理团队则强制跟投,有条件的子基金团队实现股权激励。“这样我们利益共享,风险共担,有效把控了公司的整体风险。”


必胜28weilai,guangzhouguofajiangchongfenfahuixianjinzhizaoyejiasuqi、zhanlvexinxingchanyeyindaoqi、guangzhoushishuzichanzichanzhengquanhuazhuanhuaqizuoyong,lizhengyong3nianzuoyoushijianchouji1000yitouzifazhanzijin,qiaodong8000yiyuanyishangjiansheguimo。


必胜28“womenjiangchongfenfahuiguangzhouguofazuoweiguangzhoushiguoziweishichanghuazhuashouzuoyong,chongfenfahuiguoyoujingjizaichengshifazhanzhongdezhicheng,yinlinghedaidongzuoyong,bujinyaochuangzaojiazhi,gengyaoqiaodongguoyoujingjidezhengtijiazhi。”gaodongwangbiaoshi。

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