Chapter 23 1988 The Awakening of Capital

On December 6, 1988, Wang Wenjing, the 24-year-old deputy director of the Finance Department of the State Council Administration Bureau, and his partner Su Qiqiang came to the Industrial and Commercial Bureau of Beijing Haidian District in Zhongguancun. They came today to receive a company license.At that time, Zhongguancun had a very good entrepreneurial atmosphere. Not long ago, it was designated as a pilot zone for China's high-tech development. Every day, passionate young people came to start their own businesses. At the enterprise registration office, the clerk asked him enthusiastically: "Do you want to register as state-owned or collective?" Wang Wenjing said: "We want to start our own business." The clerk said: "Then you went to the wrong door." At that time, there was no choice but to register a high-tech enterprise other than state-owned or collectively-owned enterprises. For the sake of convenience, many people attached themselves to some state-owned or collectively-owned enterprises, which caused many property rights disputes in the future.

Unwilling to be rejected, Wang Wenjing turned around and walked into the physical department next to him.Two hours later, he received a license for an individual business. To Wang Wenjing, it seems a bit humiliating to lose the enviable "iron rice bowl" of civil servants, but can only be an individual industrial and commercial household.However, in his view, it seems more important to have a clear property right for one's own business. What Wang Wenjing didn't know at the time was that at the same time he was getting his individual license in Haidian District, the first batch of private enterprises in Beijing had begun to register. However, the government chose Dongcheng District as a pilot.The first batch of eight private enterprises were selected from the city's 120,000 self-employed individuals. Among them, "Bingtanghulu King" Wei hoped to employ 26 employees, including a professor and two engineers; 50-year-old Zheng Baoling, with a registered capital of 78 Wan Wan is the female owner of the first private foreign-related hotel in Beijing; the youngest owner of a private enterprise is a 20-year-old girl who recruits disabled workers who are engaged in decoration design.The UFIDA software company founded by Wang Wenjing was registered as a private enterprise in 1990. In 2001, Yonyou, already the largest financial software company in China, was approved to go public. Because it indirectly held 55.2% of the total share capital, the assets under Wang Wenjing's name once reached 5 billion yuan.Like many entrepreneurs of the same generation, he was not troubled by the ownership of property rights. The reason is that he went to get a "low status" license during the business registration 12 years ago.

1988 can be seen as such a year: Before that, the emergence and development of Chinese private companies were unconscious, they were more to save themselves from starvation, but after that, the pursuit of assets became new theme.Those visionaries started to look farther, thinking about the ownership and destiny of the enterprise.Facts in the future have proved that these visionaries were finally rewarded for their advanced vision, and those entrepreneurs who avoided or did not think about this issue will pay a heavy price. The awakening of property rights awareness means that the first generation of Chinese entrepreneurs who grew up from the planned system began to become independent of capital personality. In a sense, this is a symbolic event.Although in fact, it is only reflected in a few entrepreneurs with foresight, but its essential meaning is very clear.

If Wang Wenjing's awakening of capital consciousness is natural, then some other entrepreneurs who have already embarked on the road of starting a business have begun to realize the importance of property rights.For them, everything cannot be restarted, but they began to consider adopting some obscure or tortuous methods, leaving room for maneuvering for the clarity of property rights in the future.They may be the most talented entrepreneurs of that era, of course, this is a very risky behavior. One afternoon in January 1988, Lu Tanping, a Hong Kong businessman who was hurrying on the streets of Kowloon, borrowed a phone call from Beijing Lenovo General Manager Liu Chuanzhi: "Mr. Make it bigger.” Lu Tanping is a computer agent, and his Hong Kong Daoyuan Computer Co., Ltd. is unknown in the industry. Three years ago, he started some agency business with Lenovo.

Liu Chuanzhi's decision to set up a trading company in Hong Kong was a necessary step for Lenovo's business development.The SAT microcomputer he chose to replace the IBM microcomputer was produced by a Hong Kong computer company. The newly established Hong Kong Lenovo Company will act as an agent for all the import business of Beijing Lenovo. In a sense, it is not only an agent middleman, but also an important interest transformer.Liu Chuanzhi chose two partners, one was China Technology Transfer Co., Ltd., and the public reason for choosing it was "the background of this company is that it can borrow a lot of money, and it has roots in borrowing money." What was unknown at the time was that, The chairman of this company is Liu Chuanzhi's father, Liu Gushu, and the other is Lu Tanping's Hong Kong Daoyuan Company.According to regulations, Beijing Lenovo, China Technology Transfer and Daoyuan each invested 300,000 Hong Kong dollars, with an equal share of shares.One year later, the turnover of microcomputers represented by Lenovo in Hong Kong reached 200 million yuan, and the profit was nearly 20 million yuan. The return rate of investors for the year exceeded 20 times.

Lu Tanping's good luck did not end. In 1993, Liu Gushu retired and China Technology Transfer Company withdrew from Hong Kong Lenovo immediately. Hong Kong Lenovo announced an increase in investment and shares. Lu Tanping, one of the major shareholders, claimed that he had no money, so Liu Chuanzhi lent him another US$5.5258 million. Increase its stake from 33.3% to 43.3%. In 1995, the relationship between Liu Chuanzhi and Ni Guangnan deteriorated extremely, and Lu Tanping became one of the most controversial factors. In 1996, Liu Chuanzhi persuaded Lu Cong to quit Lenovo, who converted all shares into cash at the market value at that time, thus becoming the first natural person to become a billionaire because of Lenovo.

In the history of Chinese enterprises, the emergence of Lu Tanping-like characters is neither accidental nor accidental.When an enterprise develops to a certain scale, any operator will involuntarily consider the relationship between himself and the enterprise. In 1988, Liu Chuanzhi had obviously begun to face this problem.Lenovo is a wholly-owned state-owned enterprise of the Institute of Computing Technology, Chinese Academy of Sciences. Liu Chuanzhi did not have the guts and methods to change the capital. However, when setting up a new subsidiary, he thought of introducing a private joint venture.In the following ten years, this has been a method that many state-owned enterprises have been quietly trying: through the introduction of private investors, the establishment of a subsidiary company with clear property rights, so as to form a new capital operation platform, to promote and even complete Capital restructuring of the parent company.In this process, any public or gray capital combination may appear, and Lu Tanping's characters have become very subtle and key natural persons in this game.For Lenovo, its capital change has just begun, and some new stories will unfold in a more dramatic way in the future.Compared with Liu Chuanzhi, who manipulated curves and did nothing but talk, another entrepreneur with a greater reputation in Zhongguancun, Wan Runnan of Stone Company, pushed himself into the focus of public opinion. He wrote in the "Economic Daily" that "Stone developed without state investment, staffing, or special policies. Stone's property is neither owned by the state nor any private individual. All, it belongs to Stone Enterprise, and no one has the right to divide it. Therefore, Stone is a real public ownership.” His remarks sparked a heated and antagonistic discussion. In June 1989, Wan Runnan fled abroad, and Stone has gradually declined since then.

Another capital awakener, we will talk about Lu Guanqiu.On the edge of a paddy field on the outskirts of Hangzhou, the head of the largest family business in China sat in the third-floor office of the factory and began to ponder the relationship between himself, the government and the factory. At this time, Lu Guanqiu was not comparable to the past. He was already a well-known entrepreneur throughout the country. In 1985, the American "Business Weekly" reported on Lu Guanqiu and his universal joint factory under the title "Heroes of China's New Era". This was the first time that Lu Guanqiu appeared in overseas news media. The 1986 article "The Wonderful Flowers of the Country" made him a role model for China's township enterprises.In this year, he was selected among the "Top Ten News Figures in China" selected by "Half Moon Talk" with a circulation of 6 million copies at that time, and he was selected with a high number of votes. Long, he turned a small township factory into an enterprise comparable to developed countries, and the universal joints he produced entered the American market.He is known as an entrepreneur who "goes from the field to the world". In 1987, he was elected as a representative of the 13th National Congress of the Communist Party of China. During the meeting, as the only representative of the business community, he attended press conferences for Chinese and foreign journalists and accepted interviews.

Different from other reform models, this middle-aged man who was born as a car repairman has never been overheated in the face of flowers and honors.He refused to move the factory's headquarters to Hangzhou City, nor did he have much interest in industries other than auto parts.In his spare time, he spends a lot of time on reading and studying. Under the guidance of university professors, he proposed a new concept of "corporate interest community". In an article published on "Seeking Truth", he He said bluntly: "The overall quality of state-owned enterprises is higher than that of township enterprises, and their technical strength is stronger than that of township enterprises. Why are some state-owned enterprises' economic benefits lower than that of township enterprises? I think it is mainly because a considerable number of state-owned enterprises are in the practice of implementing the contract system. It did not really solve the problem of the separation of the two powers, did not completely break the "big pot of rice" in the form of distribution, and did not establish the master status of employees in the enterprise. Township enterprises have obvious advantages in these aspects." In October of this year At the National Economic System Reform Theory Symposium held in Beijing on the 8th, Lu Guanqiu made a speech: "Contracting should be a full contract, and the autonomy should be fully given to the enterprise. If there is no personnel right and investment right, the enterprise will not be able to enter the market." If you go up to compete, you will not be able to break into the international market.”

Lu Guanqiu has already seen the limitations of the contract system, which cannot fundamentally solve the ultimate requirements of employees and operators for assets.The universal joint factory he runs belongs to the Ningwei Township Government where he belongs in terms of assets. He packed up and left - a story that would repeat itself over the next decade or so.Therefore, starting from the concept of "community of corporate interests", Lu Guanqiu further proposed "paying money to buy nothing".He assessed the net assets of the universal joint factory as 15 million yuan, and then negotiated with the township government, proposing to return 7.5 million yuan of it to the township government, and the rest to the "factory collective". reflected in the turned-in profits.

Luckily for Lu Guanqiu, he completed this definition at the peak of his reputation—and similarly, five years later, Liu Chuanzhi completed a definition of the same nature when Lenovo was at its lowest point.What is particularly clever is that the property rights design has clear external boundaries and fuzzy internal boundaries. Lu Guanqiu did not fight for his own personal shares. He cleverly bypassed the most sensitive areas, but left unlimited possibilities for future gradual changes.Through this definition of property rights, Lu Guanqiu gained absolute control over the enterprise, but did not lose the nature of a "collective enterprise". As he said in the future: Wanxiang's property right structure has its own characteristics, and the higher it goes, the more blurred it becomes. .Our property rights are owned by the enterprise, and "all employees" of the enterprise, so we can enjoy some preferential policies.Everything is clear, and when the water is clear, there will be no fish; everyone has privacy, and companies also have their own "privacy". In the Chinese business world around 1988, Wang Wenjing, Liu Chuanzhi, and Lu Guanqiu were only a small number of capital pioneers, and the vast majority of factory directors and managers still circled around in the big circle of the contract system.At the beginning of last year, the State Economic Commission held a "direct dialogue" with 16 directors of state-owned enterprises in Beijing and Tianjin. The "Economic Information Daily" reported this on the front page. Yuan Baohua, deputy director of the Economic Commission, clearly pointed out in the dialogue that Therefore, the factory directors should work hard on the separation of ownership and management rights, but do not make a fuss about changing the ownership system.Specifically, a small number of qualified large and medium-sized state-owned enterprises can be selected to carry out the joint-stock pilot project, but the national interests cannot be damaged. Small state-owned enterprises can try the pilot project of leasing and contracting operation, but this part of the enterprises must be small-profit, loss-making and on the verge of bankruptcy. , must be controlled.Yuan's speech represented the mainstream thinking of the decision-makers at that time. For quite a long time, the implementation of the contract system that separated the two has been the theme of enterprise reform. On April 2, the selection of the previous National Outstanding Entrepreneurs was announced, and 20 entrepreneurs won the honorary title awarded by the State Economic Commission.This is the first time they are called "entrepreneurs". The word "entrepreneur" used to be a "pejorative term" in the past few years.Zhang Weiying, a professor at Peking University, once recalled that in 1984, he wrote an article entitled "The Times Needs Entrepreneurs with Innovative Spirits". The editor of "Dushu" magazine who decided to adopt this article discussed with him: "Entrepreneurs" Do you want to change it to "industrialist"?Should entrepreneurs' "spirit of adventure" be changed to "spirit of adventure" or "spirit of innovation"?Zhang Weiying recalled: "Because at the time, these two words were derogatory, and they both had negative meanings in the Chinese dictionary." According to the memory of Wang Hai, director of Qingdao No. 9 Rubber Factory, The discussion center - Huairen Hall in Zhongnanhai, Beijing, held an award ceremony for these entrepreneurs. At that time, the main leaders of the central government participated with great enthusiasm.According to a report from People's Daily, during a group photo session, the main leaders of the central government asked Ma Shengli, "Ma Chengbao, how many did you pack?" The answer: "63." Asked: "Is the word Bao so clever?" ?” Answer: “There is a big difference between enclosing and not enclosing, and enclosing it will be effective.” Question: “Don’t you still have 36 tricks?” Smiling answer: “Yes.” The central leadership finally said repeatedly, “Enclosing is the best policy , Bao is the best policy." Just when the leaders of the central government kept saying that "packing is the best policy", he didn't know that Ma Shengli in front of him was actually forcing a smile.A month later, news spread from Zhejiang that Ma Shengli had "failed" to contract the Pujiang paper mill. The plan to contract hundreds of paper mills soon fell into a quagmire.In the rural areas, once the contract system is applied to enterprises, its inherent defects will appear from the very beginning.First of all, the directors of the company's contracts for the company's amount of responsibility are all inclusive of profits but not losses. When I was in the factory, I used seedlings worth 20,000 yuan in my private plot as collateral.The contracting system made the operators blindly and limitlessly expand production as their duty, and there was a large amount of product backlog and inflation in those two years, which was quite related to this.Secondly, there is a tension between the operator and the workers. A large number of factory managers get rich overnight by contracting manufacturing, while ordinary workers get very little benefit from it. They are more required to "dedicate" and work overtime. Japanese-style strict factories Management is being widely adopted, Zhang Xingrang's full-load work method is being promoted across the country as experience, workers are beginning to question the purpose of the reform, and newspapers have begun to discuss the relationship between contractors and workers. What's the difference.Finally, the contracting system cannot solve the contradictory relationship between the operator and the government. As the director and owner of the property rights of the enterprise, the government's direct command is still very serious, and the operator's rights may be easily deprived at any time. In a report in August, the South China Morning Post listed four reasons why the contracting system failed to achieve the expected results: Contracting contracts between the state and enterprises led the latter to use fixed assets recklessly; under the pretext of the contracting system The state simply let go of those institutions that should have been subsidized by the state, such as hospitals, schools, research institutes, etc., all of a sudden poured into the torrent of contracting; the relationship economy replaced the open bidding system, and many contracting contracts lacked fairness; the contracting system The inability to resolve the dual contradiction of the state being both an asset owner and a macro-manager constitutes a huge possibility of conflicts of interest and unfair competition.In 1988, these problems did not erupt generally, but in some pioneering areas, such as East China and South China, they have been exposed very clearly.By the end of the year, the first famous victim finally appeared in Guangdong. The victim was named Deng Shaoshen (also known as Deng Shaoshen). In 1983, Deng contracted Guangzhou Erqing Machinery Repair Factory, a small loss-making factory with only 100 employees at that time. He introduced the first refrigerator production line in China from Panasonic, Japan, and began to produce Wanbao brand refrigerators.Due to its early start, Deng Shaoshen's factory rose rapidly, and Wanbao Refrigerator once reached 40% of the national refrigerator market share, becoming the largest home appliance manufacturing industry in the country.By 1988, the production capacity of Wanbao refrigerators exceeded 1 million units, with an annual output value of more than 1 billion yuan, ranking first among China's top 100 electronic appliances, and ranking 41st among all enterprises in the country in terms of comprehensive strength.At this time, Zhang Ruimin's Qingdao Haier had reached a scale of 200,000 units. In terms of property rights, Wanbao belongs to the Guangzhou Second Light Industry System and is a collectively-owned enterprise. Deng Shaoshen is a small "deputy director-level" cadre in the hierarchy of the administrative system.After rapid growth, Deng Shaoshen hoped to transform the company in terms of capital.Therefore, under his running around, at the beginning of 1988, the State Economic Reform Commission listed Wanbao as one of the four pilot projects and enterprises for the reform of the national enterprise shareholding system, and relevant central departments began to directly participate in Wanbao's development strategy and property rights reform.Contradictions are quietly sprouting in this transformation. When the situation of Wanbao Refrigerator was so good, the second light system of Guangzhou City first pushed a large number of "rotten apples" to Deng Shaoshen.Wanbao set up a group and took over 24 loss-making small and medium-sized factories successively. These long-standing enterprises consumed Wanbao's profits and Deng Shaoshen's energy every day. At the same time, the struggle within the company is becoming increasingly fierce. The party secretary appointed by the superior is at odds with Deng Shaoshen. The two have different views on the company's development strategy.He also admitted later, "At that time, many of Wanbao's plans and specific business decisions came directly from the Central General Office and the State Restructuring Commission, which gave the local government the feeling that Deng Shaoshen was too late." The tail is larger than the body, and there will always be a day when it will fall. On the surface, Wanbao's tragedy was caused by the imbalance between production and sales.Since June, inflation has accelerated across the country, and Guangdong, like all other places in the country, has experienced panic buying. The fleet waiting for refrigerators at the entrance of Wanbao Factory has been lined up from the production workshop to the road far outside the factory.The superior department found Deng Shaoshen and ordered him to take out 30,000 refrigerators and put them on the Guangzhou market as soon as possible in order to stabilize the rising prices of home appliances.On the one hand, Deng Shaoshen ordered the workshop to produce in three shifts, and worked overtime day and night to manufacture. At the same time, he urgently allocated refrigerators from other places to solve the urgent need in Guangzhou.Unexpectedly, at the beginning of 1989, due to the failure of the price breakthrough, the state implemented macro-control, and the home appliances suddenly fell into a slow market.Deng Shaoshen urgently reported to his superiors, saying that the warehouse was full and the working capital was seriously backlogged. Wanbao needed to suspend production for rectification, overhaul equipment and digest inventory.But the higher authorities severely reprimanded him for "influencing leadership decisions" and asked Wanbao to continue production "just in case."In this way, hundreds of millions of dollars of funds were accumulated, and the cash chain was quickly broken. When the higher-ups also found that the situation was not good, they decided that it was caused by Deng Shaoshen's poor sales.Under the decision of the secretary of the party committee, the company changed its original sales method. The previous sales company agreed to operate, and changed to "graded sales" by refrigerator manufacturers within the group. As a result, the sales system and wholesale and retail prices were in chaos.Distributors from all over the country took the opportunity to eat goods in disorder but did not pay. Wanbao had nearly 800 million bad debts in a short period of time. In the autumn of 1989, the disheartened Deng Shaoshen left without saying goodbye, and went to Canada to stay behind closed doors.In this way, Wanbao Electric, the first home appliance giant that emerged after China's reform and opening up, collapsed. The fall of Wanbao seems to be caused by poor management, and all of its internal contradictions and entanglements are related to the system.The creativity that the contracting system can inspire quickly faded after the rise of the enterprise. When Deng Shaoshen wanted to continue to take action on the road of clarifying property rights, he chose a very risky way-skip the existing The owner of the property rights, in the name of a reform pilot, sought the support of a higher administrative department. As soon as he took the first step, he immediately encountered a fatal attack.In this history of Chinese enterprises, Deng's fate is not an isolated case. Deng Shaoshen left without saying goodbye, and was classified as "fleeing" back then.A mayor of Guangzhou once proposed to inform Interpol to arrest Deng Shaoshen, but because it cost 200,000 US dollars, it was finally dropped.Xinhua News Agency reporter Gu Wanming once wrote a long article to report on this case. Judging from the materials he disclosed, the accusations against Deng Shaoshen are all speculative. For example, Wanbao successively introduced three refrigerator production lines at a cost of 60 million yuan. Doubt said, "According to foreign practice, the buyer has at least 5% - 10% commission. Why didn't Deng Shaoshen get it back to the company?" In addition, there were rumors that Deng had an unusual relationship with a boss Yuan in Singapore, and had an improper relationship between men and women. etc. However, what is full of drama is that five years later, this discredited "escaped suspect" returned to China in a stately manner. He changed his name to Deng Migao and started his business again in Guangdong.He first opened an air-conditioning factory in Conghua County. Three years later, due to a loan of 30 million yuan, Deng Migao went bankrupt.After the factory was liquidated, at the age of 60, he was employed as the general manager of Lehua Air Conditioning Company in Huizhou. After another two years, because he could not get along with the board of directors, he was transferred to Weili Electric Company to be responsible for the production and sales of air conditioning projects. In 2002, Deng Migao was interviewed by reporters when he was in power company. Talking about the events of Wanbao, Deng said, "It was said at that time that I fled and took away tens of millions of funds. After the audit results came out, I was Innocent." When he said this, Wanbao Electric, which looked down on the world, had been reduced to a second-rate factory worth mentioning. Deng Shaoshen's "fleeing" caused quite a commotion in the South China business community. Many people believed that he had made a fuss and absconded with money. Almost no one thought about this incident from the perspective of the system.Ten years later, entrepreneurs of his generation, such as Li Jingwei of Jianlibao and Pan Ning of Kelon, all fell into the same trap of fate without exception. In the south at that time, Wang Shi in Shenzhen was much luckier than Deng Shaoshen, who was ruined and unlucky. After Wang Shi's Vanke was established in 1984, it had constant friction with its parent company, Shenzhen Special Economic Zone Development Corporation.In 1985, the parent company wanted to withdraw 8 million US dollars from Vanke's account, but Wang Shi refused to do so. Since then, the two sides have been fighting openly and secretly over the control of Vanke. Around 1986, the Shenzhen government wanted to implement a joint-stock system pilot program in state-owned companies. At that time, life in state-owned companies was relatively easy. Many people thought that setting up a board of directors for a joint-stock system would add another mother-in-law.So no business responds.Only Wang Shi volunteered, and he realized, "Vanke is at a crossroads, and the joint-stock reform is an opportunity for Vanke to operate independently." Shentefa flatly rejected this, and the chairman at the time said to Wang Shi: "You are Even Sun Wukong can’t jump out of my Tathagata Buddha’s palm.” Wang Shi said emotionally to others: “Vanke is not Sun Wukong, but I feel an invisible palm spread out underneath, which may close at any time.” The wrestling begins here.Wang Shi got acquainted with the secretaries of the leaders of the Shenzhen government through the introduction of friends. Li Hao, the secretary of the municipal party committee and mayor, met Wang Shi irregularly. Secret channels, a bit like underground work.” By 1988, Vanke’s shareholding system pilot was put on the agenda, and when Shen Tefa learned that the city government was going to approve Vanke’s shareholding reform plan, he sent a petition team to the city government office Office, strongly demanded to withdraw the share reform document on the grounds that "the government overstepped its authority and interfered with the normal management of the enterprise".The general office had no choice but to suspend approval of Vanke's share reform documents. The stubborn Wang Shi had no choice but to take the risk and complain directly to Li Hao.He recorded the scene at that time: the office of the secretary of the municipal party committee was very small, and Li Hao sat behind the desk, holding a writing brush, practicing calligraphy while listening to the report.After listening to Wang Shi's bitterness, he put down his pen and said word by word: "Reform is a very difficult task, you young people should not be impatient, but calm down, the greater the difficulty, the more you must pay attention to methods and strategies. " With Li Hao's secret support, Vanke's share reform plan was finally passed after being shelved for a month. In December, Vanke issued 28 million shares at one yuan per share. At that time, Vanke's net assets were only 13.24 million yuan.Wang Shi personally led a team to sell stocks on the street, and even went to the vegetable market several times to sell them together with Chinese cabbage.He also asked the Bureau of Industry and Commerce for help, and the individual associations came forward to invite individual traders to a meeting. Wang Shi repeatedly publicized the significance of stock issuance and the investment value of stocks at the meeting. There are so many, we can donate as much as we need.” According to an interview with Zhou Hua, the author of “Wang Shi This Man”, there were only two companies that offered to buy Vanke shares at that time, one was Zhongchuang Group, and the other was the newly established Vanke Group. In Huawei, Ren Zhengfei bought 300,000 shares at once, and even paid for a dinner for Vanke's salesman. More than a year later, the Shenzhen stock market opened, and Vanke was officially listed with the number 0002.Wang An, a business writer, said with emotion in the book "Stock Master, You Are Here", "The first person to eat a crab will either die or be free." The fact is that the unlucky Wanbao "died", and the lucky Wanke was "free". The struggle between Wang Shi and Shenzhen Tefa will continue for 12 years until August 10, 2000. Under the operation of Wang Shi's speculators, Shentefa agreed to transfer the shares held by Vanke to China Resources Corporation. "That's the end of it.At 8 a.m. the next day, Wang Shi posted on the Internet: "In the sixteenth year, Vanke finally left Shentefa completely. The complaints that were originally full of complaints disappeared in an instant yesterday. Looking back on the ups and downs Yu, facing Shentefa Building, said silently: Goodbye, old club.” From 1984 to around 1988, there were not a few companies like Vanke that issued stocks and bonds across the country. According to a report in the Economic Information Daily, "6,000 companies across the country have implemented joint-stock systems." It does not have much to do with the capital market, mainly to solve the problem of corporate capital shortage. There has always been controversy about which stock is "the first stock in New China". Among them, the stocks that participated in the competition include: the stock discovered by Chengdu Industrial Exhibition and Sales Trust Company in December 1980; the stock gold certificate issued by Shenzhen Baoan United Investment Company in 1983; In September 1984, Beijing Tianqiao Department Store Co., Ltd. issued regular three-year stocks; in November 1984, Shanghai Feilo Audio Company issued stocks.Because Deng Xiaoping presented a piece of Feile stock to the president of the New York Stock Exchange, John Felson, it has the highest degree of recognition.Feilo stock implements the principle of "preservation of capital and interest, voluntary subscription, free withdrawal of shares". The stock is divided into collective stock and individual stock. The dividend rate is equivalent to the interest rate of the company's one-year time deposit and one-year savings deposit respectively. There is still a certain gap between stocks in the real sense. At that time, large state-owned enterprises could get priority in getting loans from banks, while collective enterprises had a little more difficulty, and township enterprises had no possibility. Therefore, the first to be approved to issue bonds were some state-owned enterprises with financial difficulties and no means of obtaining bank loans, as well as those with the government. Collective and township enterprises with relatively close relationship and better development.The amount of these bonds issued is not large. There are 1,548 small and medium-sized enterprises in Shanghai that have issued bonds with a total amount of only 240 million yuan. Only Feile and Yanzhong have issued bonds to the public, with an amount of only 5 million yuan.These two companies are small and unknown companies in Shanghai. The former is a small factory that manufactures resistive audio with a share capital of only 500,000 yuan, while the latter is even more insignificant.In those few years, the employment pressure in Shanghai was very high. Many streets organized unemployed young people, housewives and disabled people to set up small food stores, electrical repair shops and barber shops to serve the community. Yanzhong Industrial Co., Ltd. It is a management organization formed by the Jing'an District Government to manage these "lilong production groups", and its registered capital is only 500,000 yuan.No one thought that, just because they left a few years earlier, they became famous later on, just like the benchmarks of Shanghai companies. Among ordinary citizens, stocks and bonds are completely new things, and few people dare to try them out. In 1986, Shanghai Industrial and Commercial Bank opened the country's first stock counter, selling 1,700 shares of Yanzhong and Feilo shares on the same day, and then maintained at about 30 shares a day, almost a "dead market"; in 1988, Shenzhen Development Bank and Vanke successively Listed and traded in Shenzhen, no one cares about it every day, like two lazy tropical fish.Francine Brevetti, a reporter from the San Francisco Observer in the United States, said, "The much-hyped Shanghai stock market is actually an inaccurate misnomer. About 140 local companies have issued shares, but only two companies Approved by the People's Bank of China for listing and sale." Obviously, without a regulated capital market, those companies that have issued stocks and bonds are nothing more than borrowing a sum of money from a group of strangers. In August 1988, Gao Xiqing, a 36-year-old partner lawyer at the Wall Street Marke Rose Law Firm, and Wang Boming, a trader at the New York Stock Exchange, met and returned to Beijing from New York.No one asked them to come back. Their enthusiasm for nation-building was the only motivation. Their goal of returning home was to build China's stock exchange.The two agreed that they would work for five years after returning to China. If they failed, one would repair bicycles and the other would buy buns. They quickly found comrades in the country.In that summer, this group of energetic young people in their 30s often gathered at the home of Li Qingyuan, the female director of the Macro Department of the State Restructuring Commission, to have heated discussions.The Li family lived in Lingjing Hutong in the west of Beijing. There was a persimmon tree in the yard, and everyone often argued under the tree about the details of the establishment of the stock exchange.The leaves of the persimmon tree are very lush, and in midsummer, small flowers will bloom, and then star-like green fruits will be produced.Gao Xiqing joked that this tree would be as famous as the tree in the United States when the stock exchange started.The tree in the United States is in Manhattan. In 1972, 24 stockbrokers in New York gathered under a plane tree and decided to establish a new stock market. Up to now, there is still a bronze plaque in front of the New York Stock Exchange building: "This center for buying and selling securities. The market, built in 1972 for businessmen who gather daily under a nearby plane tree." Gao Xiqing and others wrote a "Concept for the Establishment and Management of China's Stock Market", which is the first constructive text to systematically explain China's stock market. On November 9, Yao Yilin, Vice Premier of the State Council, and Zhang Jinfu, member of the Standing Committee of the Central Advisory Committee and Secretary-General of the Central Finance and Economics Leading Group, listened to the report of this group of young people in Zhongnanhai.Zhang revealed that China's reforms have reached a critical point this year, with inflation, economic overheating and panic buying. Agriculture, industry and commerce are all facing a series of difficulties.The central government decided to spend three years on governance and rectification. How to reform can be summarized into four reforms. Two are macro-control and one is enterprise system. One is the establishment of a capital market. At this report meeting, the first concern of the central leaders was not how to build a capital market, but whether it should be built.The question raised by Lu Dong, deputy director of the National Economic Commission, is, "What is the difference between a public-owned company and a private-owned company, and what is the difference between stock listing?" Other leaders are concerned, "After the public company goes public, will its ownership be Will it change?" At that time, "surname 'capital' and surname 'community' were the first right and wrong questions to be answered in all economic reforms. In order to answer, or "bypass" this question, Gao Xiqing and his colleagues came up with a "collective shareholding system" A new term. At that time, there was also a radical restructuring plan for state-owned enterprises. The drafter was Gong Zhuming, who was the chief engineer of the forecasting center of the State Planning Commission and the director of the system reform office of the People's Bank of China. According to the report "Comprehensive Outline of China's Reform", in order to move forward in enterprise reform, property ownership must be clarified, and someone must bear the loss of the enterprise instead of the state and society. Gong Zhuming's plan is to integrate the existing State-owned enterprises and most collective enterprises are transitioning to limited companies. According to the principle of "workers get their shares", shares are issued to all employees in the enterprise free of charge, thus transforming most of the state-owned enterprises into joint-stock collectively-owned enterprises. The state only A "referee" and "order maintainer" is no longer a primary owner and operator. 这次汇报会，是中国筹建证券交易所的第一次正式会议，期间中央决策层与专家们得出的结论是，中国搞证券交易所，“一是条件不成熟，二是非搞不可”。 就在北京的高西庆和王波明为资本市场的筹建忙得不可开交的同时，在上海，另外一些人则已经卷起袖子干了起来。 年中，上海先后组建了三家证券公司，分别是中国人民银行上海分行（后来转给工商银行上海分行）的申银、交通银行的海通和股份制的万国。前两者受体制内管束较多，而股份制的万国则天然地显出它的优势，其总经理名叫管金生，他后来有“证券教父”的名号。 管金生出生在江西一个小山村的贫寒之家，1983年在比利时布鲁塞尔大学获商业管理和法学两个硕士学位。毕业归国后，在很长时间里他无所事事，被派到上海党校的一个“振兴上海研究班”里去“深造”。等到万国证券创办之际，41岁的管金生总算被挖掘了出来，出任这家拥有3500万元股本金的证券公司总经理。 万国创办，管金生第一眼瞄上的是国库券。中国从1981年开始发行国债，按国际惯例称为国库券，在相当一段时期里，由于缺乏流通性，所以很不受欢迎，不少地方政府以党性为号召，要求所有党员和公务员必须购买，有的政府和企业索性在工资中强行摊派发放。到后来，很自然地出现了国库券地下交易，一些人以五折六折的低价收购国库券，还有的企业用国库券变相降价，来推销积压产品。由于各地的收购价格不同，便形成了一个有利可图的“黑市”。这些行为虽属违法，但却日渐蔓延，已成无法遏制之势。到1988年3月，财政部被迫作出《开放国库券转让市场试点实施方案》，允许国库券上市流通交易。4月，上海、深圳、武汉等七城市率先试点开放，6月又开放了54个城市。 管金生是第一个从国库券流通中嗅出商机的机构券商。当时，全国银行并无联网，所以各地的国库券价格相差很大，万国只有十多个人，管金生率众倾巢而出，跑遍了全国250个大中小城市和偏远乡村，到处收购国库券。有一次，他亲自到福州去采购，一出手就吃进200万元的国库券，这些从无数散户手中收来的券额都是5元、10元的，足足塞满了几个大麻袋，他租了一辆汽车直送上海，装不下的两个大旅行袋，他一手拎一个坐飞机回去。在机场安检入口，他好说歹说硬是没有让安检人员打开旅行袋检查，到上海的时候，袋子的底部已经撑破了，他连拉带抱地总算出了机场。到1989年，万国的营业额做到了三亿元，成为当时国内最大的证券公司，其中绝大部分的业务来自国库券的倒卖套利。 如果说，双硕士出身的管金生是一个商业高手的话，那么，上海城里一个姓杨的仓库管理员则算得上是“天才”了。 1988年4月，上海铁合金厂的仓库管理员杨怀定一气之下辞职了。春节前后，厂里仓库丢了一吨多铜材，因为杨怀定的妻子承包的电线厂所用原料是铜材，所以他成了重点怀疑对象。很快案子破了，跟杨怀定没有关系，不过，受了一肚子气的他却决定不干了。 杨怀定订了26份报纸，那时还没有互联网，所有的信息都悄悄地藏在一行行枯燥的官样文字里。他在报纸上看到，从4月开始，中央相继开放了七个城市的国库券转让业务。他的眼皮狠狠地跳了一下。 在此前，国库券的黑市交易早就已经不是什么新闻了，但是，在政策管制上却还是违法的。半年前的1987年10月，上海还出过一个新闻，公安人员在工商银行上海分行静安营业部门口当场抓住了一家棉纺厂的青年工人赵德荣，当时他正以100：71的价格倒卖国库券，公安人员缴获人民币1800元和国库券2000元，还从他家里查出国库券2.6万元。不过如何处罚赵德荣却成了问题，公安部门认定倒卖国库券属于投机倒把行为，而管投机倒把的工商局说，这种黑市交易都是在银行的交易柜台门口进行的，银行不来找我们，我们也不好管，银行则说，我们只管门内的，门外的事情我们管不了。赵德荣最后被没收“赃款”，教育了一番就释放出来了。 跟“触霉头”的小赵相比，半年后的杨怀定就要幸运得多了。他在看到报上的新闻后，第二天，他就凑了10万元直奔安徽合肥。他的算盘是，当时各地的国库券价格都不同，只要有价差就能赚到钱。果然，他在合肥银行的门口吃进10万元国库券，然后倒给上海的银行，前后三天获利2000元。杨怀定收进的国库券上有合肥银行的标志封条，他怕上海银行看破其中的诀窍，进行银行间互相调剂，便很有心机地撕掉封条，把编号弄乱，让迟钝的银行摸不到他赚钱的法门。 在随后的一个月里，杨怀定日夜兼程，把上海之外的其他六个开放城市跑了一个遍，当时上海银行国库券日成交额约70万元，他一人就占去1/7。就这样，一条匆匆出台的中央政策成全了一个仓库管理员的致富梦。杨怀定是中国第一个靠资本市场发财的普通人，他后来以“杨百万”闻名早年的中国股市。 早在1988年的秋天，杨怀定就已经结识了年长三岁的管金生，对国库券异地套利的共同嗅觉让他们成为上海滩上的“亲密知己”。他在2002年写的自述《做个百万富翁》中，讲到过当年的一个细节： 1989年元旦刚过，管金生告诉杨怀定，他去中国人民银行上海分行金管处串门，看到处长张宁桌子上压着一份文件，内容是1988年国库券准备在不久后上市。如果谁知道这个消息，黑市价75元买进，一上市可能就是100元，暴利25元，这是个发大财的机会。于是，杨百万成了万国证券的授权代表，拿了一台万国的点钞机，在海宁路1028号自己的办公室内大张旗鼓地收购，短短时间内竟买走了上海市面上一半1988年国库券。管、杨的狂收行动引起了金管处的注意，张宁在某日赶到万国突击检查，管金生想出了个绝招，把所有的国库券从地下室的金库转移到自己的办公室里，从地上一直堆到天花板。张宁来检查，一无所获而归，万国证券躲过一劫。数月后，1988年国库券上市，价格为104元，作为当时国内最大的两只“国库券鼹鼠”，管金生的万国证券和杨怀定完成了惊险而丰厚的原始积累。 暗潮涌动的资本故事，暂且告一段落。这是一个新的利益游戏的开始，前景并未完全清晰，规则还在混沌之中。在很多年后，当人们回忆起1988年的时候，会更多地谈论当年惊骇一时的“物价闯关”和席卷全国的“抢购风”。 1988年的宏观经济再趋紧绷，三年多的高速成长让中国列车再次驶入经济周期的敏感地带。随着轻工业的发展加快，企业数目剧增，物资供应的紧张更趋激烈，而推行了四年的物价双轨制在此时终于释放出它所有的负面效应。在在上一年的4月，国务院系统各部委组成了一个生产资料价格监督检查组，分为28个小组到各地实地调研，在9月份向国务院的报告中，它论定“生产资料乱涨价乱收费相当严重，部分地方和领域已经到了无法无天的地步”。其后一段时间，尽管中央三令五申，但是仍然无法阻止有利于多的政府机构和国营机构投身到物资的倒卖中，人们利用手中的或大或小的权力，从双轨制中牟取利益。《日本经济新闻》报道了一个很夸张的案例，在南京，1000吨钢材原地不动被炒卖了129次，价格上涨近三倍，参与这一事件的有江苏、广东、安徽和湖北的83个部门，主要当事者是拥有专营权的南京物资交易中心等物资流通部门。 这一年的头五个月，北京新增公司700家，上海猛增3000家，由中央国家机关系统开办的各类公司达2万家，其中很多是专门从事物资倒卖的“皮包公司”。民间开始流传民谚：“十亿人民九亿倒，还有一亿在寻找。”7月份，国家工商局排出95起倒卖生产资料的要案大案，其中58起是物资主管部门搞的，“它们利用权力将国家定价的生产资料平价调出，而后投入市场，转手高价卖出”。《经济日报》提出了“官倒祸国论”，它论定，“生产资料价格飞涨，国家三令五申禁止乱涨价却收效甚微，造成这种局面的，主要是那些政企不分，官商不分的公司”。利用价格管制而牟取私利的现象一直没有杜绝。2005年，汉口火车站站长刘志祥被判刑，他把持“计划配票权”，把大量紧俏车票指令分配给自己的合作者，然后加收“手续费”再投放市场，“一般是座位票最低加5元，春运期间加30元”。刘靠倒票及受贿，9年非法所得4745万元。北京大学的经济学家周其仁在分析此案时说，“价格管制是天下最事与愿违的政策。” 跟尘埃飞扬的中国经济同时的是，国际环境正朝自由市场主义的方向快速转型。在这一年，英国经济学家、1974年诺贝尔经济学奖获得主哈耶克发表了，在这部影响巨大的著作中，他认为对高度计划经济的追求是理性主义者的一次“致命的自负”，他系统地论证了计划经济的局限性，在题为《社会主义是个错误吗？》的导论中，哈耶克写道：“未经设计的情况下生成的秩序，能够大大超越人们自觉追求的计划。”这部作品为西方资本主义世界及时地提供了理论上的武器。 在这一年，1976年诺贝尔经济学奖得主米尔顿·弗里德曼访问中国，受到了中央领导人的接见。弗里德曼是当时国际最知名的价格理论和货币理论大师，在会谈中，一向坚持自由市场的他极力主张中央政府应该放开价格管制，他认为中国的改革到了“最后的时刻”，香港《信报》引用他的观点说，“不应该把放开价格和通货膨胀混为一体，如果放开价格，仅是部分商品会涨价，在最初几天，人们可能会感到痛苦，但很快会发现价格并不一定会轮番上涨”。在四川考察时，弗里德曼对四川省长说，“如果你想把老鼠的尾巴砍断的话，不要慢慢地一截截地砍，一下子砍掉就行了，长痛不如短痛。”省长请教说：“教授先生，你知道我们中国的老鼠是不同的，它们有很多不同的尾巴相互纠缠在一起，您先砍哪一根？”弗里德曼耸耸肩，没有回答。事后，一位经济学家发表文章说，“我是有答案的，但我当时没有说，我的答案是，把所有的尾巴都一同砍掉。”2001年4月，这位经济学家在中山大学演讲时承认，“弗里德曼一向主张放开价格管制，1988年我们向中国的领导人推荐这一点，结果一团糟。” 跟弗里德曼等人一样，想把“中国老鼠”的尾巴一次性砍掉的，还有当时中央的一些高层领导。他们显然意识到，当前物价的不正常波动是计划体制和价格双轨制所造成的，要摆脱体制怪兽的缠绕，就要用非常非常的霹雳手段，让物价迅速地进入到市场调节的轨道之中。价格大师弗里德曼的建议给了中央领导层理论上的依据，而中国经济体制改革研究所对基层企业职工进行的一次抽样调查则让中央倍感信心，那次调查的结果表明，75.3%的人赞成“只要改革能改好，我们生活水平暂时低一点也行”。于是，中央决定放开管制，取笑物价双轨制，进行“物价闯关”。 闯关行动是3月份从最大的工业城市上海开始的，当月，上海调整280个种类商品的零售价，这些商品大都属于小商品或日常生活必需品，涨价幅度在20—30%之间。4月，国务院推出主要副食品零售价格变动给职工适当补贴的方案。5月19日，新华社发表通电，“中国的物价改革是一个大胆行为，要冒一定的风险，但是中央有信心把这件事办好……” 这一调价政策的出台，迅速波及全国。从5月份开始，全国中心城市的猪肉和其他肉食价格以70%左右的幅度上涨，其他小商品迅速跟进。出乎弗里德曼和邓小平预料的是，“物价闯关”很快就呈现出全面失控的可怕趋势，各地物价如脱缰的野马，撒蹄乱窜。当时，全国居民的存款为3000亿元（1992年为一万亿，2005年为14万亿元），并不是一个很大的数字，但是由于公众的看涨恐慌心理，却造成全国性的抢购风，这似乎应了凯恩斯的那句名言，“社会心里决定了人类永久的经济问题”。根据当时的报纸报道说，“人们像昏了头一样，见东西就买，即抢购保值商品，也抢购基本消费品，连滞销的也不放过，电视机有图像就抱，电风扇能转就买，电冰箱有冷气就要。”不同寻常的是，民众的抢购已经与世纪的供求脱节，以电扇为例，当时有200多家电扇厂，年产量达3400万台，成为世界最大的生产国，从两年前开始，国内产销就出现供大于求的状况，电扇积压非常严重，但是在抢购风中，国内仓库里的所有电扇均被一抢而空。In remote provinces such as Guizhou and Yunnan, people even fought on the streets to buy wool.Rising prices have caused people from all walks of life across the country to shout "too much".Some university teachers, unable to make ends meet due to soaring prices, openly set up stalls on campus to sell wontons, bread, eggs and popsicles.新华社在当年发表的一篇通讯中，不寻常地引用一位“部长级干部”的话说，他家的保姆不敢去买菜，一花就是10元钱一张的大票子，看着眼晕。 抢购风诱发通货膨胀的同时，还造成了生产物资的空前紧张。5月份，上海所有电厂存煤不足两天，数十万家企业奄奄一息，到任上海市长不久的朱镕基不得不做出一个保证上海煤炭供应的决定。 8月28日，上海抢购狂潮进入最高潮，市政府不得不采取紧急措施，实行凭票供应食盐和火柴，铝锅只能以旧换新或凭结婚证和户口申请购买。9月26日的美国《商业周刊》以《中国改革路上的弯路》为题报道说，“今天，中国的改革正在失控。为了应对危机，物价改革上个月被冻结。突如其来的政策转向给中外投资者带来了一段前景不明的困惑期。中国目前正在进入紧急控制状态，澳大利亚使馆的一位经济学家说：我们正在见证一场旨在恢复消费者信心的地毯式运动……” 国家物价局的《中国物价年鉴》记载，“1988年是我国物价上涨幅度最大、通货膨胀明显加剧的一年。在国家计算零售价格指数的385种商品中，动价面达95%以上，全年零售物价总指数比去年上升18.5%，这个上升幅度又是在持续三年物价累计上涨23.7%的基础之上。” “物价闯关”被认为是1978年改革以来最大的一次经济失控，它在10月份就宣告失败，中央开始调整政策，再次提出“宏观调控、治理整顿”的方针。此次失利，表现为商品抢购和物价飞涨，它对于宏观经济所产生的影响虽然是负面的，但并没有招致毁灭性的生产崩溃，然而它对全国民众的改革热情则是一次重大的挫败，在通货膨胀中利益受到损害的民众对“价格双轨制”下大发横财的“官倒”更为痛恨，并由此产生了“改革造成社会不公”的印象。 由于受到闯关失利的影响，1988年的中国企业缺善可陈。以打破“铁饭碗”而著名的步鑫生在这时已日薄西山，而河北马胜利承包100家造纸厂的计划虎头蛇尾，到年中就出现了危险的信号。中国政府和民众都从未见识过的经济危机正在可怕地发生。 4月，中国知名度最高的运动员、26岁的“体操王子”李宁在获得了第106牌金牌之后宣布退役，他放弃了进大学、当教练、当官员的机会，南下广东，出任李经纬的健力宝集团总经理特别助理。两年后，他创办广东李宁体育用品有限公司，并亲任总经理，再过十年，“李宁牌”运动服跟耐克和阿迪达斯在中国市场上平分秋色，坐拥中国体育用品半壁江山。 8月，全球最大的日化公司美国宝洁与广州肥皂厂、香港李嘉诚的和记黄埔公司合资成立广州宝洁有限公司。它在前几年一直坚持在中国独资办厂，却始终得不到准许。在很长一段时间里，生产日用消费品的跨国大公司要在中国办厂，都必须与当地的同行国营企业合作，比如，可口可乐和百事可乐的各地工厂都与中粮集团旗下的地方工厂合资，而宝洁和联合利华则被要求与地方的化工厂合资。当月的美国《商业周刊》发表评论说：“自从邓小平1978年打开国门以来，美国公司一直试图打入巨大的中国消费市场。但中国政府却在打另外的注意。他们希望外国人将投资放在出口产品和高科技项目上，那些想把产品卖给十亿中国人的公司一直面临着无数的障碍。比如可口可乐和肯德基都被牌照限制着，只有很少的企业从合资公司中真正获益。但现在情况正发生变化，那些在美国家喻户晓的企业正和中国伙伴做成新的交易。除了宝洁将在中国开始洗涤和个人护理用品的业务之外，其他的新来者还包括博士伦、强生、纳贝斯克等。不久中国的消费者就可以买到中国生产的纳贝斯克饼干和邦迪创可贴了……” 9月，国内最长（871米）、采用计算机控制、日产能力200辆的轿车总装线在上海大众公司落成。自从1983年组装成功第一辆桑塔纳轿车之后，德国与中国专家一直在致力于国产化的努力。年初，上海市政府对上海大众董事长陆吉安下了死命令：“今年国产化率要完成25%，明年50%，不能少，否则你就引咎辞职。”到年底，桑塔纳的国产化率从12.6%提高到了30.6%，这组统计数字被看做是当年最具光彩，也是最有战略意义的成果。 12月15日，北京大学研制出新一代电子出版系统。在这一天举行的“北大华光电子出版系统技术汇报会”上。来自首都及各省的报社、印刷行业的300多位代表观看了这个系统的表演。一段1000字的横排文章，版面编辑想把它变成直排的形式，一位技术娴熟的拼版师傅至少需要十分钟的时间，才能用手把一个个铅字扭过来。现在，只需轻击几下键钮，不消一分钟光景就能实现。这项技术的发明人是北大教授王选，他因此被誉为“当代毕昇”，他创办于中关村的方正集团成为中国最大的电子照排系统供应商。