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<h2 class="newsinfo_title">中国宝武：旗下混改的企业 将不止目前的五成</h2>
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<li>2018-2-7 9:32:23</li>
<li>来源：中商网撰写</li>
<li>作者：杨进先</li>
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<td>中国宝武：旗下混改的企业 将不止目前的五成</td>
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<td>宝武 企业 混改</td>
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<p class="MsoNormal" style="margin: 0cm 0cm 0pt"><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">过去一年，中国<b>宝武</b>钢铁集团有限公司</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">(</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">下称“中国宝武”</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">)</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">总经理陈德荣深刻地感受到公司发生的变化：一是原宝钢和原武钢两大国内钢铁巨头的联合重组，二是国务院国资委明确中国宝武成为国有资本投资公司试点央企。</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin: 0cm 0cm 0pt"><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">联合重组让中国宝武以</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">6000</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">多万吨的粗钢产量稳坐国内钢铁老大的位子，国有资本投资公司的定位也让公司有了新的角色需要探索。</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin: 0cm 0cm 0pt"><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">为此，中国宝武制定了全新的五年规划，各个业务板块的部署和体制机制的改革也已启动。</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin: 0cm 0cm 0pt"><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">欧冶样本</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin: 0cm 0cm 0pt"><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">2015</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">2</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">月成立的欧冶云商，是中国宝武近年来实施<b>混改</b>试点的其中一个平台。</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin: 0cm 0cm 0pt"><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">2017</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">5</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">月，欧冶云商成功实施首轮股权开放和员工持股，引入本钢集团、首钢基金、普洛斯、建信信托、沙钢集团和三井物产</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">6</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">家战略投资者及员工持股平台，增资近</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">10</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">亿元。</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin: 0cm 0cm 0pt"><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">“这次股权开放吸引了大量投资者，我们先期选了一些对我们业务有支撑的钢铁<b>企业</b>和战略投资者，首先有空间的选择，本钢在东北，首钢在华北，沙钢在华东，与中国宝武在上海、武汉、新疆、广州、湛江的布局相呼应。”陈德荣告诉第一财经记者，“同时，我们还选择了沙钢这家民营钢企，希望为欧冶带来民营资本的活力和机制。普洛斯则是全球领先的物流地产企业，未来将在大宗商品物流设施建设运营上与欧冶展开进一步合作。建设银行将与欧冶在供应链金融领域开展深度合作，三井物产有遍布全球的经营网络，将助推欧冶的跨境经营。”</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin: 0cm 0cm 0pt"><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">陈德荣对第一财经称，之所以选择这些合作对象，也是希望进一步打造欧冶第三方平台的形象，尽可能淡化宝武的色彩，而员工持股则是希望克服原来体制机制的弊端，建立适应互联网企业特点的员工激励机制，“这两点都是欧冶成立之初时面临的最大短板”。</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin: 0cm 0cm 0pt"><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">此次欧冶混改同步配套的核心员工持股，出资的价格与同期外部投资者进场挂牌交易价格一致，首批</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">126</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">人核心团队实现持股，共认缴欧冶云商首次股权开放后</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">5%</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">的股权，在长期激励和约束机制上实现了突破。</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin: 0cm 0cm 0pt"><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">“这样的员工持股设置，有利于员工将自身的利益与企业高度绑定。”欧冶云商高级副总裁金文海说，“比如欧冶云商早前计划搬到市中心的办公楼，但租金比较贵，后来大家商量决定节约成本，最后搬到远郊，租金比原来位于宝山城区的办公楼便宜一半，领导都换成了小办公室集中办公，优先把企业资金用于发展业务。”</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin: 0cm 0cm 0pt"><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">目前，全国各类钢铁电商平台已经有</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">300</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">多家，竞争激烈。不过，通过推进混合所有制改革，引入国有和民营品牌钢厂、跨国物流地产企业和综合商社以及金融机构，为欧冶云商打造第三方钢铁电商平台生态圈注入了新的活力。</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin: 0cm 0cm 0pt"><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">根据第一财经记者获得的最新数据，</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">2017</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年欧冶云商实现</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">GMV</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">交易量</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">6835</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">万吨，行业领先。目前平台上有</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">150</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">多家合作钢厂，超过</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">6.6</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">万家中小用户，</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">2017</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年末布局了</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">1880</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">个合作仓库，还在东南亚等区域拓展了</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">21</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">家海外仓服务站点。</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin: 0cm 0cm 0pt"><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">成熟一个推进一个</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin: 0cm 0cm 0pt"><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">“下一步欧冶云商还会进一步开放股权，甚至到最后中国宝武也可以不控股。”陈德荣表示，欧冶云商目前所做的，也是中国宝武旗下众多公司未来要发展的道路，“作为已经处于充分竞争领域的产业，中国宝武的任何孙子公司都没有禁区，都可以实施混合所有制改革。”</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin: 0cm 0cm 0pt"><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">目前，中国宝武旗下已有混合所有制企业</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">249</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">户，占全部企业</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">(</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">不含参股企业</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">)</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">的比例</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">48.9%</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">，混合所有制企业注册资本</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">1173</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">亿元。</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">2015</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年以来，中国宝武共实施了</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">23</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">个混合所有制改革项目，引入非公资本</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">17.3</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">亿元。</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin: 0cm 0cm 0pt"><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">在陈德荣看来，</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">48.9%</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">的比例未来还会大幅提高，“成熟一个推进一个”，接下去可能会在还没有完成混改的一级子公司加快步伐，引入其他国有资本或各类非国有资本实现股权多元化，形成具有市场竞争优势的治理结构、管理体制和运行机制。</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin: 0cm 0cm 0pt"><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">根据中国宝武的计划，在实施混改的推进工作中，对已混企业，要着力进一步健全现代企业制度，持续完善治理机制和监管体制，不断提高资本运行效率。</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin: 0cm 0cm 0pt"><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">对宜混企业，要根据国家及集团公司改革发展要求，通过兼并重组、增资扩股、股权置换、依法转让等多种方式，进一步优化股权结构。</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin: 0cm 0cm 0pt"><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">对于还没有且宜进行混合所有制改革的子公司，要依据推进原则，充分发挥市场机制作用，积极创造条件，引入多元投资主体，推进股权多元化，确保改革规范有序进行。</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin: 0cm 0cm 0pt"><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">而对于新增业务或新设公司，原则上均应按照充分竞争行业和领域的商业类国有企业改革要求，实施股权多元化、建立混合所有制企业，按照市场化、商业化模式运营。</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin: 0cm 0cm 0pt"><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">试水市场化重组</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin: 0cm 0cm 0pt"><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">除了内部的混改工作加快推进，中国宝武还在通过更符合市场化的操作方式，参与国内钢铁业的重组。</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin: 0cm 0cm 0pt"><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">去年，由中国宝武作为发起人之一成立的四源合股权投资管理有限公司</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">(</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">下称“四源合投资”</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">)</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">，就是公司在被国务院国资委确定为国有资本投资公司试点企业后所做的全新尝试。</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin: 0cm 0cm 0pt"><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">四源合投资由华宝投资有限公司</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">(</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">中国宝武的全资子公司</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">)</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">、美国</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">WL</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">罗斯公司、中美绿色东方投资管理有限公司和深圳市招商平安资产管理有限责任公司</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">(</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">招商局集团为其控股股东</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">)</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">共同设立，四家发起股东的股权比例非常接近，中国宝武、</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">WL</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">罗斯公司、中美绿色基金、招商局集团分别为</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">25%</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">、</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">26%</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">、</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">25%</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">、</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">24%</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">。</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin: 0cm 0cm 0pt"><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">之所以发起设立四源合投资，中国宝武董事长马国强曾对第一财经记者称，主要就是希望通过市场化的方式、专业化的运作、全球化资源嫁接，助力中国钢铁行业去除过剩产能、出清僵尸企业、加快兼并重组、提高产业集中度、实施混合所有制、推动新型国际产能合作。</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin: 0cm 0cm 0pt"><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">过去国内钢铁行业内做了不少兼并重组的探索，但受制于体制和机制上的诸多障碍，效果并不十分理想。</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin: 0cm 0cm 0pt"><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">“股东中没有一家可以单独控制公司，所有事项由投资决策委员会制定，这是中国宝武尝试市场化参与钢铁产业重组迈出的很大一步。”四源合投资总经理</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">(</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">行政</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">)</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">虞红告诉记者，可以解决以前纯国有并购中存在的不少缺陷，比如按照市场本质解决债务、人员、机制等根本问题，利用更多公众化、市场化资金和资源等。</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin: 0cm 0cm 0pt"><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">如今，四源合投资已经启动了第一个国内钢铁重组项目，即近年来屡亏不止的</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">*ST</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">重钢</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">(601005.SH)</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">。</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin: 0cm 0cm 0pt"><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">“整合重钢股份只是四源合投资跨出的区域整合第一步，未来四源合投资将以钢铁平台公司为基础进行产业整合，打造区域性钢铁运作平台，有效提升行业集中度。”虞红对第一财经记者透露，规划是将不少于</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">80%</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">的资金用于中国钢铁企业并购投资、股权投资和债权投资，将不超过</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><font face="Times New Roman">20%</font></span><span style="font-family: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">的资金用于和钢铁投资项目相关的衍生投资机会。</span><span lang="EN-US" style="mso-bidi-font-size: 10.5pt"><o:p></o:p></span></p>
<p>(关键字：宝武 企业 混改)</p></div>
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<div class="pT25 t-r f14 cGray01">（责任编辑：01112）</div>
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