Wang Yaqi: As an investment integrator engaged in regional economic development, we should define our main business, promote the investment of diversified capital, and change the diversification of investment fields into diversification of investment capital structure. This is the core of the transformation of Changjiang Group. Lin Yongting, president of Shanghai State-owned reporter Changjiang Economic Joint Development (Group) Co., Ltd. (hereinafter referred to as Changjiang Group), has been very busy recently because the group is about to sign a cooperation agreement with Shanghai United Assets and Equity Exchange. In Wang Yaqi's mind, the ideal Changjiang Group should be an "integrator" and a "quasi-investment bank" in the investment field of regional economic development. In the process of moving towards this blueprint, cooperation with Shanghai United Assets and Equity Exchange and other multi-level capital markets is an important step, which also reflects the strategic transformation of Changjiang Group. In order to implement the strategic intention of the CPC Central Committee to "promote the coordinated development of the Yangtze River Economic Belt", Wang Yaqi and his management team have been exploring a development path that really suits the functional orientation of the Yangtze River Group. There is an ancient Shanghai courtyard on the boulevard of Xinhua Road in Shanghai. Judging from the monument erected in front of the "historical relics protection unit", there should be many stories in this small building in the past. Today, the story told here is not inferior, because this quaint little building is the headquarters of the Yangtze River Group, which holds billions of assets. Wang Yaqi's office is on the second floor, and the window faces a clump of green trees. In the bright sunshine, there seems to be a trace of green flowing in the room. Wang Yaqi likes the environment here. Since he was transferred from the deputy head of Shanghai Luwan District to the president of Changjiang Group in 2003, he has been thinking about the history and future of Changjiang Group from time to time. Wang Yaqi is 52 years old, but others often don't notice his real age, because people are always attracted by his energetic loud voice. His past work experience left a deep impression on Wang Yaqi. For example, his habit of choosing words carefully was formed by working in government agencies for a long time. Similarly, his working experience in government departments has also created his broad economic vision and macro-control ability, and his study at China Europe International Business School has also laid a theoretical foundation for his thinking. Wang Yaqi himself felt that his past experience helped him a lot. He said: "Changjiang Group is a company with obvious functional characteristics. Because it wants to play the role of economic exchange platform between local governments, it is inevitable to deal with local governments. In the process of communication, because I have worked in government agencies, I understand their needs, ways of thinking and work habits, and I am more comfortable working. " Of course, from government departments to enterprise work, it has gone through a running-in period. Wang Yaqi admitted that there is still a big difference between the management mode based on administrative orders and the management mode based on market economy. However, when Wang Yaqi arrived at Changjiang Group, he was catching up with the strategic adjustment period of the Group. Under pressure, this run-in passed easily. Strategic Transformation When Wang Yaqi entered Changjiang Group, the group had experienced 65,438+02 years of development. The original owner, Bank of Communications, was restricted by the stipulation that banks could not hold industrial shares. Two years after its establishment, it transferred its equity to the Shanghai Municipal Government, and the Yangtze River Group became a local government economic consortium with the Shanghai Municipal Government as its major shareholder. Over the years, Changjiang Group has invested heavily in the Yangtze River basin. However, Wang Yaqi found that although the original investment has regional effect, its investment is scattered in many industries, and the linkage effect and agglomeration effect are poor. At the same time, due to numerous investment fields, the Group has not formed its own core main business. At the third board meeting, Changjiang Group decided to adjust its development strategy. Wang Yaqi caught up with the adjustment period as soon as he took office, and he actively participated in the planning and thinking of the strategic transformation of the Group. Since April 2004, Changjiang Group has set up a special group to conduct research and demonstration. In Wang Yaqi's thinking, the so-called planning is nothing more than two points: First, let the company enhance its competitiveness; Second, let the company accomplish its mission better. Wang Yaqi thinks: "The core issues of strategic planning of Changjiang Group are actually two diversified transformation issues. First, the diversification of investment subjects should be improved and subtracted. Changjiang Group once had more than 400 shareholders, which made decision-making difficult. Although we must insist on diversification of investment subjects, the number of shareholders of Changjiang Group should be reduced and the quality should be improved. We should closely rely on the planning of the government along the Yangtze River and participate in the economic development along the Yangtze River. Second, the diversification of the investment field should change to the diversification of the investment structure. Although the former Yangtze River Group participated in the urbanization process of cities in the Yangtze River Basin, it has a wide range of investments and has never formed its own main business. " Therefore, Wang Yaqi's functional plan for Changjiang Group is that Changjiang Group should play the role of "integrator", play the role of investment leverage and attract funds from all walks of life. Defining the main business, promoting diversified capital investment and changing the diversification of investment fields into diversification of investment capital structure are the core of the transformation of Changjiang Group. In order to adapt to the strategic transformation of the Group, according to the strategic adjustment intention of Shanghai state-owned assets and the requirements of the fourth board of directors, the Group decided to set up three major sections: supporting business, functional business and strategic business. First, the comprehensive development of real estate across provinces and cities. Changjiang Group has integrated a Changjiang United Land Co., Ltd. below, which is now in operation, and the current real estate is still the supporting business of Changjiang Group. The second is capital operation. In the Yangtze River Delta region, Changjiang Group cooperates with Shanghai United Assets and Equity Exchange, participates in property rights transactions, and forms a new market discovery mechanism through property rights transaction information. At the same time, use the radiation of the Yangtze River Group to attract funds. This is a "quasi-investment bank" business and a functional business of Changjiang Group. The third is logistics. Changjiang Group not only cooperates with large international companies as freight forwarders, but also does third-party logistics in China and cooperates with the government to establish a land trading platform in Shanghai. At present, Changjiang Group has integrated its five logistics companies and reorganized its logistics business in order to form another development pillar of the enterprise in the future. Anne and Wang Yaqi made it clear that the group level is only responsible for strategic management and financial management, and the real power of operation management should be truly decentralized. But where is decentralization? It turns out that the organizational structure of the group is investment holding type, which is not suitable for undertaking operational functions. To this end, Wang Yaqi has transformed the Group into a first-class operating entity and established three major operating platforms in three major business segments. In fact, he established a business unit mechanism, which was directly responsible by the vice president and appointed by the financial executive. In this way, on the one hand, the company's operating mechanism is close to marketization, on the other hand, the company that undertakes the main functions of the group has implemented flat management. The whole group has been restructured from Wang Yaqi to its own structure, and the three major operating platforms are responsible for the operation and management of the group. The structure is changing, and people are changing. After the company's organizational structure was adjusted, Wang Yaqi changed the personnel management of the group into human resource management. Because Wang Yaqi wants to build a "quasi-investment bank enterprise", Changjiang Group will have a higher demand for human resources, which has led to a major change in the marketization of Changjiang Group. Within the group, Wang Yaqi attaches great importance to the initiative of employees. He believes that the most important thing for middle and senior managers is to have a theoretical foundation and their own thinking space, because the efficiency of passive work is decreasing, and the first thing grass-roots employees need is the quality of obeying the law. Wang Yaqi told Shanghai State-owned Assets that at present, 70% of the middle managers of Changjiang Group have implemented market-oriented operation. Wang Yaqi believes that enterprises should start external integration at the same time as internal integration, that is, acquisition, because internal and external integration is an organic whole, and if it is simply assembled in the process of integration, something will happen. While adjusting its headquarters, Changjiang Group has also made some adjustments to companies in other places. In the past, the companies of Changjiang Group in other places cooperated with the provincial capital and invested jointly, which was managed by the local government. With the adjustment of Changjiang Group and its own radiation requirements, Changjiang Group strengthened its support for Nanjing Company and implemented holding. Of course, this change will not be simply copied, and local subsidiaries will make corresponding changes according to the adjustment and expansion of Changjiang Group's business. As an investor, Changjiang Group pays more attention to the contact with the local government, and the local government also welcomes Changjiang Group. On the one hand, they are shareholders, on the other hand, their urban planning also hopes that Changjiang Group can cooperate with investment promotion. Functional enterprises in the eyes of absolute liberal economists, the only purpose of enterprises is to make money, and they can only make money. On the other hand, Wang Yaqi is more like a constructivist. Besides making money, he also pays attention to its function and mission. Therefore, on the platform of Changjiang Group, his ideas have been strengthened and played well. At the beginning of the establishment of Changjiang Group, although the company model was adopted, it was not a simple company from the beginning. Local governments in the Yangtze River Basin set up such companies with the purpose of strengthening exchanges between regional economies and promoting common development. From this point of view, if Changjiang Group only makes money, it is still a long way from its ultimate success. Wang Yaqi told reporters: "Changjiang Group should not be reduced to an ordinary company, purely for profit. Of course, making money is the bounden duty of an enterprise and has its own operating rules, but the development of an enterprise must have a' god', which is the functional goal of the enterprise. " The development of the Yangtze River basin needs a lot of investment, but only the investment of the Yangtze River Group can play a limited role in such a huge economy. Therefore, Wang Yaqi said: "Our investment is only a guiding investment, and the direction of our efforts is to build a platform for all kinds of resources to come up. It is mainly an investment' integrator', absorbing all kinds of resources to invest in the Yangtze River basin, and it is also a window for the resources of the Yangtze River basin to enter Shanghai. After three to five years of hard work, Changjiang Group will become a large enterprise group with total assets exceeding 654.38 billion. " For regional economic exchanges, Wang Yaqi, who has worked in the government for a long time, understands that inter-governmental exchanges need a starting point. He pointed out: "The role of the Yangtze River Group as a platform for economic exchanges between local governments is irreplaceable, and only when it has a role can it have a position." In 2004, Changjiang Group was placed under the management of Shanghai State-owned Assets Supervision and Administration Commission. Wang Yaqi believes that this is a good thing for a powerful company. In the past, although the degree of freedom was relatively large, the board of directors only met twice a year without the guidance of superiors, but it was not easy to implement the responsibilities undertaken by enterprises. Nowadays, under the "strategy, budget, contract management" and "three management", it is easy for enterprises to enter a better track and realize their functions. As a special company, should Changjiang Group emphasize its functional objectives? Wang Yaqi thinks otherwise, for many state-owned enterprises, the functional goal is also very important, especially in the case that there are some major problems in the operation of state-owned enterprises and the efficiency of state-owned enterprises is always in doubt, we should firmly grasp its functional goal and put it in a very important position. Wang Yaqi is an in-service graduate student of China Europe International Business School. He used to be the manager of Wujiao Company in Luwan District, the deputy director and director of the Finance and Trade Office in Luwan District, the director of the Planning Commission of Luwan District, the deputy head of Luwan District, the member of the Standing Committee and deputy head of the CPC Luwan District Committee, the vice president of Changjiang Economic Joint Development (Group) Co., Ltd., and now he is the president, deputy party secretary (presiding) and senior economist of Changjiang Economic Joint Development (Group) Co., Ltd.