Port enterprises: What kind of trouble do you have in choosing the cooperation mode?

At present, many port enterprises, especially container terminal enterprises, mostly achieve asset scale growth and business scale expansion through cooperative investment promotion. The insiders combed its context, analyzed its advantages and disadvantages, and now published it for reference. At present, China's port cooperation model generally presents the following characteristics. Stock cooperation is the mainstream. Stock cooperation is the mainstream of China's port investment cooperation. Specifically, it can be divided into:

Judging from the number of shares held, it includes holding cooperation and holding cooperation. Ports can hold shares (relative or absolute) in some terminal facilities, logistics fields and port-facing industrial projects, which is the national protection policy for five years after China's entry into WTO. Absolute holding, such as four container berths in Shanghai Waigaoqiao Phase IV, is absolutely controlled by Shanghai International Port Group, accounting for 565,438+0% and Maersk accounting for 49%. Relatively controlled, such as Qingdao Port Qianwan Container Terminal Phase II, Phase III and Phase IV, with a total investment of US$ 887 million, with COSCO Pacific accounting for 20%, Maersk accounting for 20%, Tiexing Slagging accounting for 29% and Qingdao Port accounting for 3 1%. However, it is not necessary to hold shares, such as the container terminal cooperation with a total investment of 7 billion yuan in Shenzhen Yantian Terminal Phase I and Phase II, Yantian International Container Terminal Co., Ltd. holds 27% and Hutchison Whampoa holds 73%.

From the form of capital cooperation, there are asset cooperation, capital cooperation and management right cooperation. Asset cooperation refers to the cooperation in which ports convert land coastline and dock infrastructure into capital investment. For example, Maersk holds 49% of the four container terminals in Waigaoqiao Phase IV jointly operated by Shanghai Port and Maersk, and Shanghai International Port Group holds 5 1%. Port capital cooperation is generally accompanied by the mixture of capital and capital cooperation. Generally speaking, Hong Kong shares in land and shoreline facilities, and the insufficient part is invested in the form of funds. This is generally the case in joint venture construction and cooperative operation of some ports along the coast and the Yangtze River. It is unfavorable to invest in infrastructure such as docks. The port party can only get the profit dividend of its shares, and over time, the port resources are owned by foreign capital. The most favorable way of cooperation is to lease the terminal to a joint venture company, and only engage in joint venture of terminal management rights. If so, the port can not only get the infrared stock price, but also get a rental income. However, with the shortage of funds and the increasingly fierce competition for capital between China and Hong Kong, people often choose to convert assets into shares in exchange for more capital flows. International cooperation has become a trend. From the perspective of cooperation space, there can be international cooperation as well as domestic cooperation.

International cooperation includes inter-port cooperation of transnational ports and cooperation between Hong Kong enterprises. Cross-border cooperation between ports has become a trend, and the world's largest multinational enterprises such as Hutchison Whampoa, Singapore Port Authority, Maersk and Tiexing Slag Chemical have achieved extensive cooperation with China ports. Sometimes it is difficult to distinguish between international cooperation and cooperation between Hong Kong enterprises. For example, Tiexing Slag Chemical Co., Ltd. and Maersk Co., Ltd., including COSCO Group and China Shipping Group in China, are engaged in both shipping operations and terminal investment, owning terminals or holding shares in terminals.

Using foreign capital for port construction and development is a double-edged sword. A little carelessness will do harm to oneself, because the fundamental interests of investment operators and investors are different. The former pursues profit, while the latter pursues the development of regional economy. This requires our attention in attracting foreign investment cooperation. There are frequent domestic cooperation, international cooperation and cooperation between Hong Kong enterprises. Domestic and international cooperation has become a trend. In order to ensure Shanghai's status as an international shipping center, Shanghai is implementing the "Yangtze River Strategy": investing in Ningbo Port Container Terminal, spending 500 million yuan to achieve comprehensive strategic cooperation with Nantong Port, and cooperating with Nanjing, Chongqing, Yangzhou, Anqing and Wuhan Port. The cooperation between Hong Kong and domestic enterprises is in full swing. The investment of five berths in Yangshan Port Phase I is 1, 436,5438+0 billion yuan, and the main investor is Shanghai Tongsheng Investment (Group), a consortium of Hong Kong enterprises. Shanghai International Port Group owns 40% of Tongsheng Investment Company. State-owned enterprises and private capital are also investing heavily in various ports. Domestic cooperation is often accompanied by foreign cooperation. At present, it is limited to partial cooperation. Judging from the degree of cooperation, it can be comprehensive cooperation or partial cooperation. At present, the foreign cooperation of major domestic ports is limited to partial or partial cooperation, which is cooperation in some facilities, port areas, transportation and logistics business, management rights, coastal industrial projects, funds, etc., without overall transfer and overall cooperation. Although Jinzhou Port is controlled by private capital, the original state-owned port capital accounts for 22%, and the private capital Harbin Oriental Group accounts for 33%, but it has not been sold as a whole; It is only a part that some merchants build docks in the port and buy out the management rights of some docks. The so-called all-round cooperation refers to all-round cooperation in some fields or logistics and transportation business. In the future, the investment cooperation mode of major ports in China may move towards the all-round cooperation mode. (Author: Xu Yongjiu) (End)