540 listed companies share 22 billion subsidies
According to statistics, it is limited to publicly disclosed subsidies. In 2012, domestic listed companies received at least 989 subsidies from various levels of government, totaling 22 billion yuan. In addition to listed companies, there are a large number of small and medium-sized enterprises that receive subsidies from the government through various channels.
Among these subsidies, 195 subsidies were sourced from the central government, the State Council ministry and the central bank, accounting for 19.7% of the total subsidy; in terms of the amount, the total amount of subsidies from the central government ministries and central bank subsidies was 4 billion yuan, accounting for 18.2%. . Most of the remaining subsidies come from provincial government departments, municipal governments, and science parks. The smallest administrative unit that issues subsidies is the town government.
From the monthly distribution, there are 222 single government subsidies announced in December last year, and 105 singles announced in January. These two months are the most concentrated months for listed companies to issue subsidy announcements. This is the eve of the release of the listed company’s annual report. Some listed companies have a prominent role in profit adjustment.
Zeng Meng, a professor at the China-Europe Business School who has long been in contact with SMEs, said that SME owners generally have a tendency to move closer to the government. On the one hand, they receive taxation and environmental protection support. On the other hand, various subsidies are in the hands of local governments.
Therefore, the market has spawned a number of “subsidized hackers†who have subsidized the running of enterprises. Government subsidies have become the source of wealth for some people.
In order to protect the shell resources of listed companies, local governments will distribute subsidies to enterprises that are not well-managed, which may easily lead to resource mismatches. In the more subtle public company subsidies, corruption and power rent-seeking are also considered to be widespread.
Subsidized business of "Xiamen's richest man"
Sanan Optoelectronics (600703) has received nearly $3 billion in government subsidies in the past three years. The company's boss is "Xiamen's richest man" Lin Xiucheng, with $1.1 billion in assets.
Among hundreds of listed companies, Sanan Optoelectronics is a private company that has been on the subsidy list for several years.
Lin Xiucheng, the company's chairman, replaced Ding Shizhong, chairman of ANTA Sports Board, in 2012, becoming the newest “Xiamen richest manâ€. The 2012 Forbes Global Rich List shows that his assets are $1.1 billion.
According to public information, in 2010, Sanan Optoelectronics received a total of more than 700 million yuan of government subsidies, saying that it was “a leader in the industryâ€; in 2011, the government subsidies received by Sanan Optoelectronics doubled from the previous year. 1.829 billion yuan; in 2012, Sanan Optoelectronics received a subsidy of not less than 300 million yuan.
The main products of Sanan Optoelectronics are LED epitaxial wafers and chips. After the listing in 2008, the company's capacity expansion has extended to Tianjin, Wuhu, Huainan and Quanzhou.
According to statistics, Sanan Optoelectronics can obtain land at a low price almost every time. The purchase of core production equipment MOCVD (key equipment for LED epitaxial chips) can also receive subsidies of 8 million to 10 million per unit. Take out hundreds of millions of yuan to purchase LED street lights from Sanan Optoelectronics.
Such a large subsidy concession is related to the government's support for the LED industry. In 2009, the National Development and Reform Commission issued the "Opinions on the Development of Semiconductor Lighting Energy-Saving Industry." At the same time, the energy conservation and environmental protection industry has been designated as one of the seven emerging industries in the “Twelfth Five-Year Planâ€. Under the policy call, local governments have shown great enthusiasm for the LED industry.
In the same year, the Yangzhou Municipal Government of Jiangsu Province introduced the MOCVD subsidy policy. Each time a company introduces a MOCVD machine, it will provide a financial subsidy of 10 million yuan. Subsequently, other local governments followed suit.
Sanan Optoelectronics also reached an agreement with the Wuhu Municipal Government of Anhui Province to grant a subsidy of 8 million yuan per red and yellow MOCVD, and a subsidy of 10 million yuan per blue-green MOCVD. In 2010, Wuhu City announced the purchase of high-power LED street lamps designed and produced by Sanan Optoelectronics, totaling 600 million yuan.
These government subsidies have become an important guarantee for Sanan Optoelectronics' profitability.
The government subsidy for Sanan Optoelectronics' net profit in 2010 was 250 million yuan, accounting for about 60% of its net profit of 419 million in that year. In 2011, 850 million government subsidies were included in the annual report, and the company's net profit for the year. It is also only 936 million yuan.
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How to convince the government to subsidize
For Sanan Optoelectronics to enter the industrial park, Anxi County, Quanzhou City, Fujian Province is expected to invest about 4 billion yuan. Among them, 2.2 billion yuan is subsidies for purchasing equipment for enterprises.
After completing the industrial layout of many places, Sanan Optoelectronics has become the largest LED epitaxial wafer and chip manufacturer in the industry.
In 2011, Lin Xiucheng’s hometown of Quanzhou, Fujian Province, called on Quanzhou, a foreign businessman to invest in the hometown, and Lin Xiucheng was also invited by the local government. In October of that year, Sanan Optoelectronics announced an investment of 2.5 billion yuan to build the Sanan Optoelectronic Sapphire Substrate Project in Quanzhou (Hutou) Photoelectric Industrial Park.
A "Reporting Material" (hereinafter referred to as "Materials") provided by the staff of the Propaganda Department of Anxi County Committee of Quanzhou City shows that Sanan Optoelectronics has three projects in the industrial park, and various supporting inputs are expected to cost about 4 billion yuan.
The "Materials" wrote, "Sanan Optoelectronics Co., Ltd. proposed that as a public listed company, in order to facilitate the company's high-level investment decisions, the preferential policies of each place should be basically the same. After repeated negotiations with Sanan Company, refer to other provinces and cities such as Anhui. Given the preferential policies of Sanan Company, the county government intends to try its best to meet the requirements of Sanan Company."
The government investment of 4 billion yuan includes three aspects: First, land use, infrastructure, and R&D centers and incubator centers need to invest 1 billion yuan. Second, with reference to the Wuhu approach, MOCVD and sapphire substrate production equipment will be given. Subsidies, the first phase of the three projects procurement equipment needs to subsidize 2.2 billion yuan; Third, supporting the construction of the construction of the co-construction project, it is estimated that 800 million yuan.
However, with the financial resources of a county, how to provide 4 billion yuan to support enterprises? The feasibility of this material was measured, saying that after the completion of the project, the county-level main income could reach 7.551 billion yuan within 10 years. Assume that 4 billion yuan will be invested, all of which will be obtained by means of loans. County-level income can be used for repayment of loans. According to the calculation of the benchmark interest rate of the People's Bank of China, all principal and interest can be paid off in the ninth year.
Not only that, the land transfer fee of the project will be fully awarded to Sanan Optoelectronics in the form of financial subsidies; the county-level retained portion of Jian'an tax during construction will also be returned in full; Anxi County has initially determined that it has been in the past 4 years. San'an LED products were promoted and applied in municipal projects in cities and counties, amounting to 650 million yuan.
"Materials" shows that Anxi County made such a decision because the county believes that the introduction of Sanan Optoelectronics is not only the introduction of a company, but more importantly, the introduction of an emerging strategic industry. Therefore, “although the introduction of the project requires relevant funding subsidies and policy concessions, it is still worthwhile in terms of long-term benefits.â€
In January 2012, Lin Xiucheng was invited to give a speech at the “Second Venture†1000th People's Congress in Quanzhou. In his speech, he introduced his business experience: "Every time you invest in a new project and start a new venture, you must base on the national industrial policy to make up for the local industry gap as the main direction, so that you can get twice the result with half the effort."
At present, Sanan Optoelectronics' project in Anxi County is under construction. Since December 2011, Sanan Optoelectronics has repeatedly received financial subsidies, of which more than 400 million yuan from the Anxi County Finance Bureau.
The news is the "starting line" for subsidies.
One boss said, "A lot of policies have been introduced. We all know temporarily that the time required to submit materials is very tight." Therefore, he believes that "to do government relations is to know this information for the first time."
Unlike Sanan Optoelectronics, many companies do not have the ability to negotiate one-on-one with the government. In order to obtain subsidies, they must pay close attention to various industrial policies and apply for the first time in the policy.
The solar photovoltaic industry is another industry with a lot of financial subsidies. Since the launch of the “Golden Sun Project†in 2009, the cumulative subsidy has reached tens of billions of yuan. In the second batch of subsidies in 2012 alone, 214 projects entered the catalogue, involving hundreds of enterprises, and the subsidy amount may reach more than 15 billion yuan.
Liu Gang is the owner of a photovoltaic investment company in Shanghai. He has applied for subsidies for different categories such as “Golden Sun Project†and “Photovoltaic Building Integrationâ€. He told reporters that the "Golden Sun Project" is a national project. When filing, it needs to be reported to the province first, and then reported to the country by the province. "Each layer may be screened when screening projects."
According to Liu Gang, the pass rate of “Golden Sun†is generally around 20%, and only one of the five projects is often passed.
Looking back at the multiple application process, Liu Gang said that the application for subsidies “has to be both speed and quality, and the competition is very intenseâ€. "A lot of policies have been introduced. We all know on a temporary basis. The time required to submit materials is very tight." Liu Gang said, "To do government relations is to understand this information for the first time."
Take the subsidy of “Golden Sun Project†as an example. There are hundreds of pages to be submitted at the time of declaration, including economic benefits, environmental benefits, etc., and also qualified institutions, usually design institutes, to conduct feasibility studies. report.
“From looking for a project to submitting a report, it may take two or three months before and after. But sometimes, when you know that there is a subsidy project, there is only one or two weeks left before the submission of the materials.†Liu Gang said: “So To apply for a subsidy, you must know ahead of time and prepare in advance."
According to statistics, it is limited to publicly disclosed subsidies. In 2012, domestic listed companies received at least 989 subsidies from various levels of government, totaling 22 billion yuan. In addition to listed companies, there are a large number of small and medium-sized enterprises that receive subsidies from the government through various channels.
Among these subsidies, 195 subsidies were sourced from the central government, the State Council ministry and the central bank, accounting for 19.7% of the total subsidy; in terms of the amount, the total amount of subsidies from the central government ministries and central bank subsidies was 4 billion yuan, accounting for 18.2%. . Most of the remaining subsidies come from provincial government departments, municipal governments, and science parks. The smallest administrative unit that issues subsidies is the town government.
From the monthly distribution, there are 222 single government subsidies announced in December last year, and 105 singles announced in January. These two months are the most concentrated months for listed companies to issue subsidy announcements. This is the eve of the release of the listed company’s annual report. Some listed companies have a prominent role in profit adjustment.
Zeng Meng, a professor at the China-Europe Business School who has long been in contact with SMEs, said that SME owners generally have a tendency to move closer to the government. On the one hand, they receive taxation and environmental protection support. On the other hand, various subsidies are in the hands of local governments.
Therefore, the market has spawned a number of “subsidized hackers†who have subsidized the running of enterprises. Government subsidies have become the source of wealth for some people.
In order to protect the shell resources of listed companies, local governments will distribute subsidies to enterprises that are not well-managed, which may easily lead to resource mismatches. In the more subtle public company subsidies, corruption and power rent-seeking are also considered to be widespread.
Subsidized business of "Xiamen's richest man"
Sanan Optoelectronics (600703) has received nearly $3 billion in government subsidies in the past three years. The company's boss is "Xiamen's richest man" Lin Xiucheng, with $1.1 billion in assets.
Among hundreds of listed companies, Sanan Optoelectronics is a private company that has been on the subsidy list for several years.
Lin Xiucheng, the company's chairman, replaced Ding Shizhong, chairman of ANTA Sports Board, in 2012, becoming the newest “Xiamen richest manâ€. The 2012 Forbes Global Rich List shows that his assets are $1.1 billion.
According to public information, in 2010, Sanan Optoelectronics received a total of more than 700 million yuan of government subsidies, saying that it was “a leader in the industryâ€; in 2011, the government subsidies received by Sanan Optoelectronics doubled from the previous year. 1.829 billion yuan; in 2012, Sanan Optoelectronics received a subsidy of not less than 300 million yuan.
The main products of Sanan Optoelectronics are LED epitaxial wafers and chips. After the listing in 2008, the company's capacity expansion has extended to Tianjin, Wuhu, Huainan and Quanzhou.
According to statistics, Sanan Optoelectronics can obtain land at a low price almost every time. The purchase of core production equipment MOCVD (key equipment for LED epitaxial chips) can also receive subsidies of 8 million to 10 million per unit. Take out hundreds of millions of yuan to purchase LED street lights from Sanan Optoelectronics.
Such a large subsidy concession is related to the government's support for the LED industry. In 2009, the National Development and Reform Commission issued the "Opinions on the Development of Semiconductor Lighting Energy-Saving Industry." At the same time, the energy conservation and environmental protection industry has been designated as one of the seven emerging industries in the “Twelfth Five-Year Planâ€. Under the policy call, local governments have shown great enthusiasm for the LED industry.
In the same year, the Yangzhou Municipal Government of Jiangsu Province introduced the MOCVD subsidy policy. Each time a company introduces a MOCVD machine, it will provide a financial subsidy of 10 million yuan. Subsequently, other local governments followed suit.
Sanan Optoelectronics also reached an agreement with the Wuhu Municipal Government of Anhui Province to grant a subsidy of 8 million yuan per red and yellow MOCVD, and a subsidy of 10 million yuan per blue-green MOCVD. In 2010, Wuhu City announced the purchase of high-power LED street lamps designed and produced by Sanan Optoelectronics, totaling 600 million yuan.
These government subsidies have become an important guarantee for Sanan Optoelectronics' profitability.
The government subsidy for Sanan Optoelectronics' net profit in 2010 was 250 million yuan, accounting for about 60% of its net profit of 419 million in that year. In 2011, 850 million government subsidies were included in the annual report, and the company's net profit for the year. It is also only 936 million yuan.
Â
How to convince the government to subsidize
For Sanan Optoelectronics to enter the industrial park, Anxi County, Quanzhou City, Fujian Province is expected to invest about 4 billion yuan. Among them, 2.2 billion yuan is subsidies for purchasing equipment for enterprises.
After completing the industrial layout of many places, Sanan Optoelectronics has become the largest LED epitaxial wafer and chip manufacturer in the industry.
In 2011, Lin Xiucheng’s hometown of Quanzhou, Fujian Province, called on Quanzhou, a foreign businessman to invest in the hometown, and Lin Xiucheng was also invited by the local government. In October of that year, Sanan Optoelectronics announced an investment of 2.5 billion yuan to build the Sanan Optoelectronic Sapphire Substrate Project in Quanzhou (Hutou) Photoelectric Industrial Park.
A "Reporting Material" (hereinafter referred to as "Materials") provided by the staff of the Propaganda Department of Anxi County Committee of Quanzhou City shows that Sanan Optoelectronics has three projects in the industrial park, and various supporting inputs are expected to cost about 4 billion yuan.
The "Materials" wrote, "Sanan Optoelectronics Co., Ltd. proposed that as a public listed company, in order to facilitate the company's high-level investment decisions, the preferential policies of each place should be basically the same. After repeated negotiations with Sanan Company, refer to other provinces and cities such as Anhui. Given the preferential policies of Sanan Company, the county government intends to try its best to meet the requirements of Sanan Company."
The government investment of 4 billion yuan includes three aspects: First, land use, infrastructure, and R&D centers and incubator centers need to invest 1 billion yuan. Second, with reference to the Wuhu approach, MOCVD and sapphire substrate production equipment will be given. Subsidies, the first phase of the three projects procurement equipment needs to subsidize 2.2 billion yuan; Third, supporting the construction of the construction of the co-construction project, it is estimated that 800 million yuan.
However, with the financial resources of a county, how to provide 4 billion yuan to support enterprises? The feasibility of this material was measured, saying that after the completion of the project, the county-level main income could reach 7.551 billion yuan within 10 years. Assume that 4 billion yuan will be invested, all of which will be obtained by means of loans. County-level income can be used for repayment of loans. According to the calculation of the benchmark interest rate of the People's Bank of China, all principal and interest can be paid off in the ninth year.
Not only that, the land transfer fee of the project will be fully awarded to Sanan Optoelectronics in the form of financial subsidies; the county-level retained portion of Jian'an tax during construction will also be returned in full; Anxi County has initially determined that it has been in the past 4 years. San'an LED products were promoted and applied in municipal projects in cities and counties, amounting to 650 million yuan.
"Materials" shows that Anxi County made such a decision because the county believes that the introduction of Sanan Optoelectronics is not only the introduction of a company, but more importantly, the introduction of an emerging strategic industry. Therefore, “although the introduction of the project requires relevant funding subsidies and policy concessions, it is still worthwhile in terms of long-term benefits.â€
In January 2012, Lin Xiucheng was invited to give a speech at the “Second Venture†1000th People's Congress in Quanzhou. In his speech, he introduced his business experience: "Every time you invest in a new project and start a new venture, you must base on the national industrial policy to make up for the local industry gap as the main direction, so that you can get twice the result with half the effort."
At present, Sanan Optoelectronics' project in Anxi County is under construction. Since December 2011, Sanan Optoelectronics has repeatedly received financial subsidies, of which more than 400 million yuan from the Anxi County Finance Bureau.
The news is the "starting line" for subsidies.
One boss said, "A lot of policies have been introduced. We all know temporarily that the time required to submit materials is very tight." Therefore, he believes that "to do government relations is to know this information for the first time."
Unlike Sanan Optoelectronics, many companies do not have the ability to negotiate one-on-one with the government. In order to obtain subsidies, they must pay close attention to various industrial policies and apply for the first time in the policy.
The solar photovoltaic industry is another industry with a lot of financial subsidies. Since the launch of the “Golden Sun Project†in 2009, the cumulative subsidy has reached tens of billions of yuan. In the second batch of subsidies in 2012 alone, 214 projects entered the catalogue, involving hundreds of enterprises, and the subsidy amount may reach more than 15 billion yuan.
Liu Gang is the owner of a photovoltaic investment company in Shanghai. He has applied for subsidies for different categories such as “Golden Sun Project†and “Photovoltaic Building Integrationâ€. He told reporters that the "Golden Sun Project" is a national project. When filing, it needs to be reported to the province first, and then reported to the country by the province. "Each layer may be screened when screening projects."
According to Liu Gang, the pass rate of “Golden Sun†is generally around 20%, and only one of the five projects is often passed.
Looking back at the multiple application process, Liu Gang said that the application for subsidies “has to be both speed and quality, and the competition is very intenseâ€. "A lot of policies have been introduced. We all know on a temporary basis. The time required to submit materials is very tight." Liu Gang said, "To do government relations is to understand this information for the first time."
Take the subsidy of “Golden Sun Project†as an example. There are hundreds of pages to be submitted at the time of declaration, including economic benefits, environmental benefits, etc., and also qualified institutions, usually design institutes, to conduct feasibility studies. report.
“From looking for a project to submitting a report, it may take two or three months before and after. But sometimes, when you know that there is a subsidy project, there is only one or two weeks left before the submission of the materials.†Liu Gang said: “So To apply for a subsidy, you must know ahead of time and prepare in advance."
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