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    [國內資訊] “重回輕資產”成環境企業集體訴求,那么誰來持有重資產?

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    25hb.com 發表于 2019-5-23 18:55:12 | 只看該作者 |只看大圖 |閱讀模式 打印 上一主題 下一主題

      “沉重”成了不少水務企業的標簽。訂單之重,幾十上百億的訂單成了一線企業標配;債務之重,股權質押增多,債務逾期頻現,杠桿引發的債務危機快速蔓延;應收賬款之重,應收賬款比重高、增速快,進一步影響了企業經營。加上經濟及金融環境的影響,相當一部分企業陷入增產不增收乃至賠本賺吆喝的“悲慘式增長”。
      在此情況下,“脫重就輕”成了不少環境企業當下的轉型訴求。
      近日,在碧水源2018年度業績說明會中,總經理戴日成表示,公司將結合國家政策和行業發展前景,在大環保概念下,發揮公司的技術創新優勢,回到輕資產高毛利的模式當中去。在其年報中,也對公司近年來的快速擴張及毛利率降低的情況作了總結分析,提出要回歸核心業務:過去,公司通過獨有的技術與產品,使公司一直保持較高且穩定的毛利率。隨著公司業務的快速擴張,大量PPP項目中增加較多非公司核心技術的工程業務,導致公司整體毛利率隨業務擴大而有所降低,因此公司存在業務擴大所帶來的毛利率降低的風險。但隨著國家對PPP項目的整頓及行業目前調整的趨勢,公司未來將逐漸回歸到以城鎮鄉的污水處理與再生的主業務上來。
      對于類似問題,東方園林則公開表示,以后不會再盲目擴張,未來將開啟央企、民企、政府合作新模式,以相對輕資產方式參與ppp項目實施,促進業績增長。在具體操作上,東方園林年報顯示:對已中標工程項目根據融資進展合理安排投資和施工,融資落地有困難的,通過引入戰投、轉EPC、甩項驗收等多種方式解決。
      不僅是民營企業,混改代表、水務龍頭企業北控水務,早在2018年便已開始謀求輕資產轉型。北控水務“脫重就輕”的思路是將原有業務拆為兩個獨立平臺獨立運作,金融業務將被打包放進資產管理平臺,該平臺追求低風險與收益率;公司主體則輕量化為專注水務資產運營的運營管理平臺,投資僅以戰略性投資為主。一分為二后,“雙平臺”均實現了輕量化運作,以此來突破重資產增長的瓶頸,保持增速。
      “之前建設好的項目,會通過ABS的形式去做一部分。不過發行ABS也要看窗口,不會為了輕資產而輕資產。從過去海外的環保公司發展路徑去看,Veolia和Suez,這些都是從重資產走向輕資產。”北控水務在一次非交易路演中表示。
      一直以來,針對公司的輕重之別,判斷標準不一。有人將“有沒有資本能力”作為判斷標準,有人認為“有效率的資產就是好資產”。而目前,重資產大約成了“固定投資高、利潤低”的一類資產的代名詞。業內包括威立雅、蘇伊士等重資產聚集的公司,大多想通過轉型實現輕資產。通常會建立兩層架構,一層持有重資產,一層以運營為主,在收入分配上傾向于運營部分。
      “誰來持有重資產?”中國國際工程咨詢有限公司研究中心投融資咨詢處處長羅桂連博士提出疑問。顯而易見,這一類“重資產”不會溶解消失,只會通過金融工具分散或轉移。那么它們最后會去往哪兒呢?政府?或是平臺公司?
      在羅桂連看來,企業想要由重轉輕,需要一個硬性前提條件,即整體資產回報率要超過重資產持有人的合理收益率水平。比如,整體資產回報率為8%,那么通過結構化的切分,把重資產部分的回報率做到6%吸引財務投資人,輕資產部分的回報率則利用財務杠桿可以更高一些,這樣才能夠形成專業投資者和財務投資者的良性可持續的合作關系。而如果資產本身回報率低于財務投資者的基本回報要求,那么此路不通,即使僥幸成功一單也難以持續。”
      清華大學PPP中心主任助理、行業發展部部長劉世堅認為:“ABS(在進入傳統基礎設施領域時)所面臨的問題,在PPP實務里幾乎都是一一對應的。ABS既是PPP痛點的放大鏡,也是倒逼PPP改革、走上可持續發展之路的催化劑。”
      原標題:“重回輕資產”成環境企業集體訴求,那么誰來持有重資產?

    來源:中國水網

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