| The share-cooperation system has currently become an important way in the reform of small & medium sized state-owned enterprises, but ,as for the large scale state-owned companies whether this approach is still applicable remains unanswered. Taking the reform of state-owned Yaguang Electrical General Factory as the research object, and analyzing its restructuring process, wich have carried out a comprehensive reform based on the share-cooperation system, this study puts forward that a share-cooperation system is suitable to large ventures as well, with a different implementation plan depending upon the circumstance of each venture. The study analyses and discusses the unique methods used in Yaguang's reform as well as its remaining issues, in order to provide useful experience to the current reform of state-owned enterprises. The study consists of more than 30000 words and 4 sections.Section 1.The first section provides a profile of state-owned Yaguang Electrical General FactoryEstablished in 1965, state-owned Yaguang Electrical General Factory was one of first key enterprises in China to manufacture microwave semiconductor components and circuits. The factory occupies a piece of land greater than 60000 square-meters, and has a total of building space of more than 50000 square-meters.It hold assets of more than 150 million RMB with an assets-debt ratio of 94% and in excess of 2800 employees(including retiredworkers). This state-owned second-class large enterprise owned originally by former Ministry of Electronics Industry was transferred to Chengdu City in 1980s. In 1998, Yaguang started to carry out the comprehensive multi-ownership reform based on the share-cooperation system.Section 2The second section includes the review of the reform process of Yaguang, the analysis of its administration structure and main characteristics, and the discussion of the change and development before and after reform.The basic concept of Yaguang's reform was based on the share-cooperation reform. Starting from the clarification of ownership, and assets reorganization, the reforms were aimed at the establishment of a "standard company", i.e., according to the practical circumstances within Yaguang, a comprehensive reform plan was designed to transform the enterprise from a wholly state owned venture into the one with mixed ownership.During the reforming process, Yaguang showed a strong leadership and coordination capability. It carried out a multidirectional and multi-level promotion that ensured the reform plan was passed firs by the Workers Representative Assembly and then approved by Chengdu City Government. It employed an intermedeary agency to evaluate the assets, debts and land value of Yaguang to confirm the real situation of its asset and liabilities, and ratified the settlement expenses and industrial injury (decease) expenses for the workers as well as the expenses for retired and disabled workers. The workers of Yaguang have purchased newly issued shares with cash and became shareholders of the company. A Shareholder Committee of Yaguang's Workers was then established.The reform in Yaguang has the following characteristics: 1. Breaking through the restriction that the share-cooperation system could only be used in small & medium sized enterprises, and finding a new direction for the reform of large state-owned enterprises.2. Establishing creative systems and standard operations procedures.3. Introducing external shareholders and breaking through the limitation of a single shareholder. 4. Transfering debts into shares and reducing the burden of debt.5. Establishing the operation of the Shareholder Committee. Based on the practical circumstance, the Shareholder Committee of Yaguang's Workers is an organization of non-corporate entity. The members of the committee were democratically elected and are responsible for the management of the shares held by individual workers. They join the Board of Directors and are involved in the management of the company.6... |
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