It was Professor Li Yining who led me to the door of the joint-stock system reform research. If Professor Li Yining, who is known as "Li Shares", is the founder of china's joint-stock system research, I am his earliest loyal follower and collaborator.
On November 22, 2009, the award ceremony of the China Economic Theory Innovation Award (the second session) was held at Chinese Min University. This year's Economic Theory Innovation Award awarded the "Theory of Shareholding System Reform of State-Owned Enterprises" with Li Yining as the main contributor. The award-winning "Theory of Shareholding System Reform of State-Owned Enterprises" is one of the most representative economic theories for China's economic reform and development since the reform and opening up, which has laid an important foundation for the establishment of the micro foundation of the socialist market economy, such as the implementation of the shareholding system of state-owned enterprises and the cultivation of the securities market, and has played an important role in promoting the reform of the ownership system. The laureate, Professor Li Yining, Honorary Dean of Guanghua School of Management, Peking University (hereinafter referred to as Professor Li), has long been committed to the research and practice of China's economic reform and development, and is one of the most influential economists in contemporary China. Professor Li is the first scholar in China to propose that state-owned enterprises should carry out joint-stock system reform (1980), and personally practice research and practice, is the main contributor to the theory of joint-stock reform in China, known as "Li Shares", he won the "State-owned Enterprise Shareholding Reform Theory" Innovation Award is well deserved! As a student and assistant of Mr. Li, I extend my warm congratulations to Mr. Li!
After learning the results of the selection, Mr. Li said in a video interview that many economists have contributed to the "theory of shareholding system reform of state-owned enterprises", and the winner of this award should be a collective, he is only a member of this collective. He said that Mr. Dong Fureng raised the issue of ownership reform in 1979, and he cited that after he proposed adopting the joint-stock system to revitalize China's economy at a labor wage forum jointly held by the Secretariat of the CPC Central Committee and the State Administration of Labor in May 1980, many economists attending the meeting, such as Jiang Yiwei, Wang Jue, Tong Dalin, Xiao Zhuoji, Feng Lanrui, Bao Enrong, Zhao Lukuan, and Hu Zhiren, all agreed with his views. Teacher Li also specifically mentioned me, saying that "Cao Fengqi has made great contributions, he not only publicized the shareholding system, but also occupied an important position in the drafting of the securities law." This is a high evaluation and praise for my joint-stock system research. Here I am very grateful to Teacher Li for his affirmation of my research!
I am very pleased that the theory of shareholding system reform of state-owned enterprises, represented by Mr. Li as the main contributor, was awarded. First of all, from the perspective of the 30 years of reform and opening up, there are two most important reforms. One is the rural co-production contract responsibility system, and the other is the reform of the enterprise shareholding system. The award of the joint-stock system reform theory is a victory for The reform of Chinese enterprises and a victory for a group of economists who insist on reform! Secondly, a group of Peking University scholars represented by Professor Li Yining (three of the main contributor candidates for the Innovation Award "The theory of Shareholding System Reform of State-Owned Enterprises"): Li Yining, Cao Fengqi, and Wu Jiaxiang. Teacher Li and I are Peking University scholars, and Wu is our student. First of all, he proposed that the shareholding system should be implemented in China and practiced it, which is a major contribution made by Peking University scholars to China's most important reforms. Third, I have made my own efforts and contributions in the reform of China's most important enterprise system, and I feel that this is something worthy of my life's pride and pride!
I am one of the earliest joint-stock scholars in China under the leadership and guidance of Teacher Li. After Mr. Li put forward the proposal of shareholding system reform in 1980, I was the first positive responder and practitioner at Peking University. In 1989, in the preface to the "Theory and Practice of The Shareholding System in Chinese Enterprises" edited by me, Professor Li wrote, "Comrade Cao Fengqi's research on the joint-stock system and enterprise groups has been seven or eight years. In the summer of 1981, when he went with me to Yantai to attend a central bank seminar held by the China Society of Finance and Finance, he discussed with me how to use stocks to concentrate idle social funds and transform consumer funds into production funds. I remember very clearly that since I proposed the use of the joint-stock system to revitalize China's economy at the labor work forum jointly held by the Research Office of the Secretariat of the CPC Central Committee and the State Labor Administration in May 1980, Cao Fengqi was one of the first Peking University teachers to join me in advocating for the joint-stock system. ”
I remember holding a seminar on central banks at the Zhifu Hotel in Yantai in July 1981, and Mr. Li and I lived in a dormitory. Teacher Li asked me a question, he said, Fengqi, do you think China's method of using the shareholding system to raise funds is feasible? I said absolutely. Teacher Li said, then you should study the issue of the shareholding system. So I started researching. From 1982 to 1983 I visited some Chinese companies. In my opinion, the main problem of Chinese enterprises, especially state-owned enterprises, is not the lack of funds, but the backwardness of the enterprise operation and management system. Enterprises lack motivation internally and lack pressure externally. China's enterprise reform is not to solve the problem by tinkering, but to carry out institutional reform, that is, to promote the shareholding system. The earliest public point of view of the shareholding system reform was in 1984, when I wrote about 10,000 words for the "Handbook of Financial Economists" (edited by Yang Peixin and Yi Hongren, Published by Beijing Publishing House, published in 1985), "The Shareholding System under Socialism", "The Nature of Joint-Stock Enterprises under Socialism", "The Nature of Dividends and Dividends under the Socialist System", and "The Issuance, Trading and Management of Negotiable Securities under the Socialist System". In 1985, the first issue of the Journal of Peking University (Philosophy and Social Sciences Edition) published an article of mine, "On the Shareholding System under Socialist Conditions" (this article was recommended by Professor Li to the Journal of Peking University), expounding the nature of the shareholding system, why China should implement the shareholding system, and how China should implement the shareholding system and open up the stock market. This is the first article I systematically studied the joint-stock system, which had a great impact, and was later included in the book "On the Property Shareholding System" (edited by Han Zhiguo, Cao Yongrong, Wang Yong, published by Liaoning University Press in 1989), in chronological order of publication, listed in the first part of the book.
Since then, I have begun to conduct an in-depth study of the shareholding system reform.
In January 1989, I published an article in the Journal of Peking University entitled "On the Shareholding System Under Socialist Conditions Again", which comprehensively expounded the issue of using the modern company system to transform state-owned enterprises. During the "Seventh Five-Year Plan" period, I undertook the State Education Commission Youth Scientific Research Fund project "Research on the Implementation Path and Management of The Shareholding System in Chinese Enterprises", and one of the results of the project, "Theory and Practice of the Shareholding System of Chinese Enterprises" (edited by Cao Fengqi, Enterprise Management Publishing House), was published in April 1989. This book systematically discusses the theory of the shareholding system, the reform of the shareholding system and the economic system, the property relations of enterprises, the implementation path of the joint-stock system of enterprises, the external environment for the development of the joint-stock system of enterprises in China, the organization and management of joint-stock companies, stock issuance, trading and management, enterprise groups and joint-stock systems, industrial structure transformation and joint-stock systems, etc. The book also lists examples of the formation of several joint-stock companies in China. This book has great innovation and foresight in the theoretical aspects of the reform of the shareholding system, and has great operability in the practice of the shareholding system. After Comrade Deng Xiaoping's speech in the south in 1992, a new upsurge was set off in the reform of China's shareholding system, and in this situation, I revised the book "The Theory and Practice of The Shareholding System in Chinese Enterprises" and published it in January 1993. The revised version not only further improves the theory of the shareholding system, but also has stronger operability. During the "Eighth Five-Year Plan" period, I also undertook the key scientific research project of the Ministry of Education of the People's Republic of China, "Theory and Practice of Joint-Stock System", as one of the research results of the project, in 1998 published the book "Joint-stock System and Modern Enterprise System" (cao Fengqi, Enterprise Management Publishing House), which made a new discussion on the theory and practice of China's joint-stock system reform. In 1997, in response to the new problems arising in the shareholding system reform, I published an article in the Shanghai Securities News (September 4, 1997) entitled "Where is the Road to shareholding system reform", which attracted great attention from all sides. For more than thirty years, I have published a number of articles on the reform of the shareholding system, and in 2001, "On the Shareholding Economy" (Peking University Press, 2001), which included 30 of my research articles. For 20 years from 1985 to 2005, I published a series of articles on the reform of the shareholding system in the Journal of Peking University, which had a great impact in China. Publishing 10 consecutive articles on an issue in an academic journal over a period of two decades may be the first of its kind at home and abroad. In the early days, I was also directly involved in the design and renovation of Beijing Station wagon Co., Ltd., Tianlong Co., Ltd. and Shenyang Jinbei Co., Ltd.
The theory of shareholding reform is one of the most important components of my scientific research theory. My contribution to the theory and practice of shareholding reform in China is reflected and reflected in my article "Ten Treatises on Shareholding System" published in the Journal of Peking University (Philosophy and Social Sciences Office), the title and publication time of these 10 articles are:
"On the Shareholding System under Socialist Conditions", No. 1, 1985. "On the Shareholding System under Socialist Conditions Again", No. 1, 1989. "Three Treatises on the Shareholding System under Socialist Conditions", No. 3, 1993. "Difficulties and Countermeasures for the Reform of State-Owned Enterprises: Four Treatises on the Shareholding System under Socialist Conditions", No. 2, 1996. "Improving and Perfecting the Corporate Governance Structure of China's Corporate Enterprises: Five Theories on the Shareholding System under The Conditions of Socialism", No. 6, 1997. "Asset Restructuring and Mergers and Acquisitions of Listed Companies: Six Discussions on the Shareholding System under Socialist Conditions", No. 1, 1999. "The Formation and Management of Chinese Enterprise Groups: Seven Treatises on the Shareholding System under The Conditions of Socialism", No. 4, 2000. "On the Reduction and Circulation of State-Owned Shares: Eight Discussions on the Shareholding System under Socialist Conditions", No. 4, 2002. "Research on the Governance of the Board of Directors of Listed Companies: Nine Theories on the Shareholding System under The Conditions of Socialism", No. 3, 2004. "Research on Equity Incentives for Senior Executives of Listed Companies: Ten Discussions on the Shareholding System under Socialist Conditions", No. 6, 2005.
On August 2, 2007, he was invited to attend the ninth meeting of the Construction Committee of Peking University Tsinghua University to support Yantai University, and he drove past Zhifu Hotel, which was really emotional. Because in the summer of 1981, Professor Li Yining and I came to Yantai to hold a seminar on the central bank and stayed at the Zhifu Hotel. Here, we discussed the implementation of the shareholding system in China. It can be said that this is the place where the implementation of the shareholding system was first proposed in China and the reform of the shareholding system should be studied in depth. I felt inspired and wrote The Seven Laws. Zhifu Look back": Zhifu Hotel faces east, and the sunrise and the sea are red. The waves are pounding on the shore, and the idea of stock financing is surging. Where the reform of enterprises goes, the union of capital must be among them. Now the spark is burning everywhere, looking back at the original pride.