Chapter 29 Chapter 29 "Blossoming on the Tree" and the Functions of the Shareholding System

"If it is necessary to wait for accumulation to make some individual capital grow to the extent that it can build railways, then I am afraid that there are no railways in the world until today. However, this matter is completed in an instant through the centralization of joint-stock companies." This is Marx in A famous saying when talking about the capitalist joint-stock system, from which we can see that the great proletarian revolutionist fully affirmed the joint-stock system. At present, with the deepening of my country's economic system reform, a large number of joint-stock enterprises have sprung up all over the country, especially in coastal open areas, and newly listed stocks are also increasing day by day.The upsurge of stock investment and trading in Shanghai, Shenzhen and other places came one after another.These phenomena have aroused widespread concern and strong interest.People are asking: what is a shareholding system?What is a joint stock company?What impact will the implementation of the shareholding system in our country have on economic construction?This chapter will answer these questions.

The shareholding system is an organizational form of socialized large-scale production. It is a three-in-one comprehensive economic operation mechanism based on joint-stock companies, based on the issuance of stocks, and based on the stock trading market. It is also a joint-stock company that raises capital through the issuance of stocks. Production and operation, a mode of operation in which stock investors participate in management and distribution according to their share of invested capital. As a historical economic category, the shareholding system has gone through a long process in its emergence, development and perfection.As early as in ancient Greece and Rome, there were precursors to the shareholding system. By the time of the primitive accumulation of capitalism in Europe, the shareholding system had undergone development, growth, and gradual maturity.Later, due to the development of the commodity economy and the requirements of large-scale social production, the share economy in the modern sense grew significantly.Especially after the war, the international division of labor expanded and deepened, and the means of transportation and communication equipment became more and more modernized, so that joint-stock companies also crossed national boundaries and developed into large multinational companies all over the world.

The shareholding system in the modern sense has many important characteristics, among which the four "separations" are the most obvious, namely: Enterprise ownership and management rights are "separated"; capital value form is "separated" from physical form; equity is "separated" from property rights; capital operation is "separated" from enterprise operation.A joint-stock company is an enterprise that concentrates scattered monetary capital through the form of issuing stocks.Specifically, it is a group of shareholders who act as promoters. They can apply for registration with the competent government department after raising a certain amount of funds, and obtain the right to issue shares after review; and then issue shares in the financial market in the name of the company. And open a public offering; after the capital is fully raised, it can open for business.A joint-stock company is an independent enterprise legal person organization, which operates independently and is responsible for its own profits and losses. The company has the right to sign contracts with other legal persons or natural persons.According to the law, promoters must subscribe for a certain number of shares, so promoters must become shareholders after the company is established.

Historically, the joint-stock company is the product of the development of the commodity economy and socialized mass production to a certain stage.As early as the period of primitive capital accumulation, joint-stock companies had already appeared in Europe.By the second half of the 19th century, it had become widely popular in capitalist countries.Since the beginning of the 20th century, joint-stock companies have dominated the capitalist economy. Currently, more than 90% of industrial and commercial capital is under the control of joint-stock companies.The joint-stock company played a powerful leverage role in accelerating the concentration of capital and promoting the development of capitalist production.It is precisely through the form of joint-stock companies that capitalism quickly concentrates large and small monetary capital scattered in society into huge stock capital, which is not only used for the operation of modern large enterprises, but also organizes a large number of companies in this form. multinational.

At present, there are so many joint-stock companies in all countries in the world that they are flourishing.The reason why this kind of enterprise is enduring is because of its internal reasons.Eagles fly into the sky with their strong wings, tigers stand in the mountains with their sharp claws, and joint-stock companies are particularly prosperous because they have a special ability to tap the capital potential of all aspects of society.This is called "flowering on the tree" in "Thirty-Six Strategies". "Blooming on the tree" is the fifth strategy in the fifth set of merger strategies in "Thirty-Six Strategies". "Using the situation to deploy the situation, the force is small and the situation is strong. When Hongjian is on the land, his feathers can be used as a ceremonial instrument." It means that using other situations to form a favorable formation, although the force is weak, the lineup appears strong.Swan geese fly high, piercing the clouds and fog, arrayed across the sky, fueling their momentum with their plump wings.This strategy is actually to use other forces to expand one's momentum.In war, the weaker side often uses this tactic to defeat a stronger opponent.

During the Warring States period, Yan State united with Qin, Han, Zhao, Wei and other four countries to attack Qi State.The Qi army could not withstand the attack of the powerful coalition forces at all. Within half a year, more than 70 cities were conquered, and King Qi Min was killed.In the end, only Jimo was left in the hands of the Qi army in the huge state of Qi. Tian Dan, the defender of the Qi State in these two cities, was resourceful. He defended for three years, but he was not attacked.Tian Dan has great ambitions and has always wanted to regain the old land of Qi.But he understands that the coalition forces are powerful and must be outsmarted to succeed.Therefore, he raised ten thousand taels of gold from the people, and sent rich men in Jimo City to the commander of the coalition army, the general of Yan State, to ride robbery, and pretended to say: "Jimo has been trapped for three years, and it can no longer support it. The people in the city are discussing to surrender immediately. I am here to ask the general, I hope that after the city is broken, our wives and concubines will not be touched." Chi Jie was overjoyed, thinking that victory was at hand, and gradually relaxed the siege of Chengzhong.

When Tian Dan saw the opportunity, he immediately collected more than a thousand cows from the city. He ordered people to cover the cows with silk, draw colorful dragon patterns, tie sharp knives to the horns, and fill the reed stems with fat. Tied to the oxtail.One night, Tian Dan ordered the sergeant to drill several big holes in the city wall, and ordered to light the reeds on the ox tails. The oxen, frightened in pain, rushed out of the city hole like crazy, and rushed straight to the enemy camp.Yan Jun was in a deep sleep. After waking up, he thought it was a monster breaking in, and he was in a mess. He was stabbed to death by ox horns and sharp knives, trampled to death by bulls, and trampled on each other, killing countless people.Tian Dan then sent another 5,000 strong men to rush into the enemy's line. The young and old in Jimo City also beat drums and cheered on the city. Among the chaos, Qi Jie was killed.The army of Yan lost its commander, and was even more defeated. The army of Qi took advantage of the victories to pursue and won consecutive victories. The more than 70 occupied cities were all recovered within half a month, and Qi became a big country in the east.

In this example, due to the lack of troops, Tian Dan used the "Fire Bull Formation" to strengthen his own strength. This is a typical "blossom on the tree." A big tree will appear weak if its branches and leaves are all fallen. And if the flowers and leaves are luxuriant, it will appear full of vitality.The composition of the joint-stock company is like this. It may not have much capital, but because it can effectively and continuously tap the capital potential of all aspects of society, its strength will continue to increase, which is the same as "blooming on a tree".

Although the joint-stock company is generally developed under the capitalist mode of production, as a form of enterprise organization and management, it is by no means a unique economic phenomenon in capitalist society.In the short history of socialism of more than 70 years, socialist countries have also used the form of joint-stock companies to serve socialist economic construction at different times and to varying degrees, and have achieved good results. In recent years, with the deepening of my country's economic system reform, many types of joint-stock enterprises have emerged in various places, and the shareholding of enterprises has become a striking wave in the movement to deepen enterprise reform.Shenzhen Baoan Company is the forerunner in this wave.

In 1982, Hu Yaobang, then General Secretary of the CPC Central Committee, came to Shenzhen and proposed the idea of ​​raising funds from farmers in the special zone to run enterprises.In the second year, Bao'an Investment (Group) Company was established, and the first stock of New China was born on the land of the special zone.Compared with the sky, the new things at that time seemed immature and informal: this kind of stock has interest, can pay dividends, and can be refunded freely, but it is not allowed to trade freely.The company's leaders peddled around by bicycle, and by the end of the year, they had received a few hundred yuan in stock funds, and the year-end dividend rate was 18.4%.

The joint-stock system endows enterprises with powerful mechanisms for self-discipline, self-responsibility for profits and losses, independent management, self-accumulation, and self-development.By 1990, before the public listing of Bao'an stock, this joint-stock company, which started with millions of shares, had become a company with 12 second-tier companies, eight third-tier companies, 11 Sino-foreign joint ventures, and 40 incoming materials plus 1: enterprises. enterprise group; the net asset value is 165 million yuan.The company was also officially named Baoan Enterprise (Group) Co., Ltd. In June 1991, after the listing of Development, Vanke, Jintian, Anda, and Yuanye, Baoan's stock was finally listed.In less than half a year since its listing, Bao'an has developed by leaps and bounds, real estate has developed rapidly, industrial production has maintained a strong momentum, and import and export trade has further expanded. In 1991, the sales volume reached 400 million yuan, the total industrial output value reached 119 million yuan, and the profit was 106 million yuan. The annual net increase is 5 times. Now, Baoan Company has assets of 650 million yuan and a net value of 430 million yuan. There are 35 subsidiaries, Sino-foreign joint ventures, and 35 in-line companies, and 45 processing companies with supplied materials, forming 8 large-scale industrial zones and one with a special railway line. storage and transportation area. Baoan is implementing a strategic transformation: from "three to one subsidy" to the establishment of joint ventures; from ordinary processing industry to high-tech industry; from domestic operation to domestic and overseas two-way investment; total investment of 110 million US dollars Six Sino-foreign joint venture projects have been put into practice.Baoan Company has officially left Shenzhen and invested in real estate development in Shanghai Pudong, Wuhan, Hainan and other places. The successful practice of Bao'an Company shows that the corporate organization form of the joint-stock company has a unique role in the development of the socialist commodity economy and the promotion of socialized large-scale production in our country.This point has been fully affirmed by experts and scholars in theory. 1992: In the middle of the year, at the "Shanghai Economic Theory Circle Learning from Comrade Deng Xiaoping's Important Discussion Symposium" held by the Shanghai Social Federation, a well-known professor from the Department of Economics of Fudan University pointed out that we used to think that the three stages of capital development are: freedom (individual) ) capital, state capital and monopoly capital, and recently discovered that Marx’s analysis of the form of capital has two formulations that have been neglected by us: one is that share capital is the most appropriate form of capital; the other is that share capital is the final form of capital.These two formulations are very important, because they point out that through the form of joint stock system, the combined individual capital is transformed into social capital.Only in this sense can we understand why the countries and regions that nationalized one after another after the Second World War started privatization after the 1980s and socialized assets through the joint-stock system, and achieved considerable success. economic success. The professor also said that ownership includes both nature and form, and the nature of my country's socialist ownership cannot be changed.However, the form of ownership should be improved and changed with the development of production and economic levels.The form of possession of state-owned assets should be socialized to socialize the assets.Without this, it is difficult to achieve the separation of the two powers, improve the business mechanism and enhance the vitality of the enterprise.The shareholding system is the most appropriate form to realize the socialization of assets. With the renewal of concepts and the sublimation of theories, the pace of my country's shareholding system reform is also gradually accelerating. Although this baby who has just crawled out of its infancy is still immature, it is growing at an astonishing speed. who" trend.According to reports, one of the largest joint-stock companies in my country will appear in 1992. The Shanghai Chlor-Alkali General Factory, the largest chlor-alkali chemical plant in Asia, proposed to establish a total share capital of 800 million yuan, and issue 240 million yuan to domestic and foreign markets. The plan of 80 million yuan of eight kinds of large-scale stock limited companies has been affirmed by the professional demonstration organized by the relevant departments of Shanghai.Their goal is: "Return one chlor-alkali general plant within this century, hand over another chlor-alkali general plant, and strive to build another chlor-alkali general plant." We look forward to: the joint-stock system based on the principle of "blossoming on the tree" will bring greater prosperity to China.