Comparative analysis of development status of domestic and foreign operators
August 11, 2004 People's Postal and Telecint
How far is we from the power of telecommunications?
After decades of wind and rain, the domestic telecom industry completely got rid of the "bottleneck" image of the economic development. Under the advocacy of the national "information driving industry", the telecommunications industry is expected to become the flagship industry that leads China's economic development, and this time The concept of Telecom's strong country is not only a plenty of telecommunications industry, but even the development of the entire national economy.
Telecom strong country is a concept of an industrial level, and the purpose of Telecom's strong country is to be a strong telecom industry. From a perspective of economics, companies are the social economy cells. It is the carrier of the industry. Therefore, the strong telecommunications industry should first start with strong telecommunications companies, and Telecom's strong enterprise is always the key to Telecom's power. The telecommunications company must be strong. First, according to the current standard, the total number of employees is not enough to measure the size of the company, and the international use of sales revenue (domestic telecommunications industry is often referred to as business income) as an important scale of the scale. index.
Domestic telecommunications companies should maintain considerable levels in scale, at least the gap should be too large. In recent years, domestic telecommunications companies have retained business revenue, despite high-speed growth, there is still a big gap compared to international telecom giants. Taking China Mobile, China Mobile, China Mobile, China Mobile, for example, except for BT, including Vodafone, including Vodafone, etc., the income of China Mobile twice, and Japan NTT business income is more up to up to China Mobile is four times (see Figure 1).
Figure 1: Contrast of domestic and foreign telecommunications companies (unit: 100 million US dollars)
Source: "Forbes" 2003 Wealth 500 and Information Industry
Note: The sales revenue of domestic enterprises is 2003, and the business data of foreign companies is 2002.
Obviously, the domestic telecommunications enterprises and international telecom giants are different. If this gap is not narrowed, the goal of telecommunications strong countries is difficult to achieve success, so we ask us to find a way to be a strong telecommunications company, choose the right development model, from making big telecommunications Enterprises start.
In theory, there are two models in the development model of enterprises, namely, connotation growth and extension growth. Taking the internal growth growth as an example, you can take a look at the possibility of implementing the power of telecommunications. Assuming domestic telecom companies rely on connotation growth models, maintaining 15% growth rate (equivalent to the growth rate of 2003 in China), 5 years later, domestic telecommunications companies and international telecom giants 2002 sales revenue comparison as shown in picture 2:
Figure 2: Assuming growth rate (15%), domestic and foreign telecommunications companies income contrast (unit: 100 million US dollars)
As can be seen from the figure, although we relaxed the hypothetical conditions, but only rely on connotation development, 5 years later, the gap between domestic telecommunications companies and international giants is still obvious, and it is difficult to make domestic telecom companies to make large, strong, and also It is difficult to achieve the goal of telecommunications, so it is necessary to do large and strong telecommunications companies with the means of extension. Before specific to the extent of the extension development mode, we first discussed the conditions for strong domestic telecommunications companies.
Strong enterprise calls for the orderly competitive environment
At least two conditions for strong telecommunications companies, one is a telecommunications market that has been continuously developed, and its second is to create a regulatory orderless competitive environment.
At present, the domestic telecom market has already had the first condition. For a long time, the number of domestic telecom users has maintained a higher level in the world. As of the end of 2003, the number of fixed telephone users reached 263 million, accounting for 22.5% of the global fixed telephone users; the number of mobile phone users reached 269 million, accounting for 18.5% of the global mobile users; the total number of telephone users has now exceeded 600 million households Being a big country in the world's first telecommunications user. From the business revenue, the domestic telecom industry maintains the rapid growth of two digits in the past at least 5 years, although the overall scale is still limited, but with huge user group support, the domestic telecom market still has huge development potential. Overall, the domestic telecommunications industry has undergone long-term development, providing telecommunications companies with a strong enough market space, only from market capacity, domestic telecommunications companies have strong conditions. However, from the perspective of competition, domestic telecommunications industry has a certain gap between the second conditions required to do strong telecommunications companies. The competition between enterprises is worrying, and the competition is not standardized and competitive. The smooth development of telecommunications companies. In the mobile communication market, the domestic mobile market has been divided by China Mobile and China Unicom, forming a fact that in the actual double oligonal monopoly. Due to the unbalance of the strength of the two companies, there is an asymmetrical control, causing the competitive irregularity, and weak operators tend to compete with leading operators in terms of tariffs, causing a certain chaos to the market.
In the fixed telephone market, the main two operators China Telecom and the China Netcom ruling, although the policy allows each other to enter the other field, but due to network resources, the Nort-South Telecom market is still in the fact-monopoly state. Although the fixed telephone market has China Tung Tong's participation, due to the relatively small size of China 's Railway, it is difficult to shake the competitive advantage of the two fixed-network operators. In fact, the competitiveness of the fixed network is still insufficient, and the effective competition is difficult to form. The vicious competition cases brought about by strength are endless, reflecting the seriousness of the competitive situation in telecom operations.
In addition, although there is also a heterogeneous competition between mobile phones and fixed phones, due to the different characteristics of mobile networks and fixed networks, the existence of this competition is also not conducive to breaking unilateral business monopoly, but will only make competition. It is more confusing, which is manifested in terms of tariff structure, interconnection, industry supervision, etc.
Therefore, according to the competitive environment in the current domestic telecom industry, strong telecommunications companies must first start from regulating competition. British economists Adam Smith made a self-regulating economic operation of "I can't see the hand". However, in the real world, the fully competitive market does not exist. Therefore, creating a normally orderly competitive environment is largely manifesting, particularly by regulatory agencies, especially in the state of oligopoly. However, it is important to pay attention to companies that "economic people" assumes, the maximization or vision of their own interests is always its rational behavior, and government control and the transportation of enterprises will be laid in local, which caused The conflict between government control and corporate interests will inevitably increase the cost of control, and reduce control efficiency, so that the effect of government regulation is demonstrated in some cases, so it is necessary to explore other ways to standardize telecom competition. To this end, it is necessary to dig deep-level reasons for disorderly competition.
Enterprise strength does not contribute to no competition
Due to the presence of the externality of telecommunications networks, the competition of telecommunications companies is not a purpose of being treated with two defeats. The competitors can use the network's externality to obtain economic remaining from the opponent, which is beneficial to competition. In this case, disorderly competition is not good for competition, and the income of disorderly competition is less than the loss of the benefits of the self-employed, which is lacking for the loss of disorderly competition. However, the size of the network is proportional to the size of the network. The larger the network size of an operator, the stronger the other enterprises on it, because the economic surplus of the economic surplus obtained by the externality of the network. This economic residual increasing increase will inevitably cause the market share of a strong operator market, so that strong operators have produced interest drivers to suppress weak traces. On the other hand, in the case where the strength of the competition is uneven, the strong operator has less economic residues due to network externality. When this economic remainder is less than the income obtained by disorderly competition, the disorderly competition has become The best choice for strong operators. Therefore, in order to obtain the maximum interest, strong operators tend to make disorderly competition through manufacturing interconnection disorders, reduce the weakness of the weak, and weak operators will use price control policies or adopt changes in phase reduction. Competition with strong operators, thereby triggering price wars, forming disorderly competition or even vicious competition.
Through the above analysis, it can be found that no matter from the strong operator analysis, the imbalance of competitive strength will cause disorderly competition, it can be said that the competitive strength of operators, the serious imbalance of market resources, should It is one of the important causes of current telecom market competition irregularities.
Confused in the domestic telecom market, only from business revenue, the strength of each operator differs very large, the first China Mobile's business income is twice as many China Netcom, which is more obvious compared with China Tietong. And the smallest operator China Waitong's business income is less than 1 billion yuan, thereby visible to the gap between domestic telecom operators (see Figure 3). China's commitment to joining the WTO, allowing foreign investment to enter the domestic market, foreign capital will take the mainstant operators as a cooperative object, which will increase the imbalance between strength between domestic telecom enterprises, exacerbated disorderly competition.
Figure 3: Domestic operator 2002 business income (RMB billion)
Source: "2002 Communication Development Statistics Bulletin"
Through analysis, it can be found that disorderly competition and even malignancy, the supervision is imperative, but only relying on supervision and does not fundamentally eliminates vicious competition, the unbalance of domestic telecom enterprises' competitive strength has objectively contributes vicious competition. In the absence of externality of telecommunications networks, the unevenness of this strength helps to curb malignant competition, helping to achieve telecommunications power.
An asset restructuring helps to achieve telecommunications
The weakness of the connotation type, the disorder of market competition has become the main factor in restricting the goals of telecommunications, and the asset restructuring is expected to solve the above two difficulties from different aspects.
Enterprise asset restructuring is an inevitable choice for corporate assets (mainly stock assets) optimized combination, social resource optimization configuration. The 15th National Congress of the Communist Party of China is proposed to have a strategic deployment of a large-scale asset restructuring through the market to form a strong competitive cross-regional, cross-industry, cross-owned and transnational operation through the market. .
In a socio-economic economy with improved market mechanism, complete legal system, good social security environment, enterprises can strengthen their own strength, achieve social resources optimization configuration, improve economic operation efficiency, and its role is:
- Compared with the company's own accumulation, the asset restructuring can quickly achieve production centralized and operating scale in the short term;
- An asset restructuring is conducive to the reduction of excessive competition in the industry in the same product, and improve industrial organization efficiency;
- Compared to new enterprises, enterprises can reduce capital expenditures; - asset restructuring is conducive to adjusting product structure, cultivating enterprises, and improving core competitiveness;
- The asset restructuring is conducive to the optimization of enterprise capital structure. Under the guidance of national industrial policy, it helps to achieve state-owned assets' strategic reorganization, enhance the competitive strength of state-owned capital.
The idea of the telecommunications industry asset restructuring is to reduce the number of operators through the re-optimization combination of various operator assets; large telecom companies through extensive development, improve the comprehensive competitiveness; balance the competitive strength of each operator, give full play to telecommunications The externality of the network; increasing the number of operators in the field of fixed-line business and mobile business, through the asset restructuring rather than simply distributes the effective competition pattern of several major business operators, improve the competitiveness of the telecom market, for the telecommunications strong country Implement a good market environment.
The asset restructuring has important significance to realize the country of electricity. By realizing the development of telecommunications companies, overcoming the difficulties of connotation growth, helps telecommunications companies grow rapidly; through balance the competitive strength of each operator, reducing the possibility of disorderly competition from the root cause, thus Telecommunications companies create conditions. Therefore, in terms of the environment in the domestic telecommunications industry, the asset restructuring is a good choice to realize the telecommunications strong enterprise, and thereby realizing the better choice of telecommunications power. From policy and reality, the domestic telecommunications industry has already implemented the conditions for the implementation of asset restructuring.
First, the policy basis for implementing the asset restructuring has already been met. The "Decision of the Central Committee of the Communist Party of China's Socialist Market Economic System" adopted by the Third Plenary Session of the Communist Party of China, from the height of the revitalization of the national economy, clearly expounded that the development of the monopoly industry and the basic industry is clearly pointed out "Accelerate the reform of the monopoly industry. For the monopoly industry to relax market access, introduce competition mechanism. Conditional enterprises should actively promote the investment subject diversification. Continue to advance and improve the reorganization of telecommunications, electricity, civil aviation and other industries." The National Development and Reform Commission issued the advice on the implementation of the 16th CPC Central Committee of the Party of the Party. The 2004 Economic System Reform has further clarified the focus of the 2004 economic reform. It is proposed to actively promote enterprise reorganization, joint, Mergers and Transfer, continue to do a good job in enterprise policy closes bankruptcy and the reform of state-owned commercial banks. Develop a group of large companies and large enterprise groups with international competitiveness. At the same time, it is clearly proposed to continue to promote the reform of telecommunications, electricity, civil aviation and other industries.
These provide policy basis for the implementation of asset restructuring of the telecommunications industry. The formulation of these policies shows the determination and confidence of the country to adjust the industrial structure. Under the guidance of national macroeconomic policies, the telecommunication industry asset restructuring will inevitably obtain the ideal effect, and the realization of strong telecom corporate goals will not be too long.
Second, the investor of telecommunications companies has clearly, and the asset reorganization has the operator. Domestic six telecom operators belong to state-owned enterprises, and the reality of state-owned property rights is unclear, and the real rights of the property rights hinders the property-based transaction between telecommunications companies. After the establishment of the State-owned Assets Supervision and Management Committee, Investor duties, making state-owned enterprises including telecommunications companies clear the property rights. The State-owned Assets Supervision and Administration of State-owned Assets, the purpose is to realize the value-added value of state-owned assets, and the asset restructuring of the telecommunications industry will help the state-owned asset's objective achievement, so At the perspective of the State-owned Assets Supervision Committee, the asset restructuring of the telecommunications industry is conducive to the development of state-owned economies.
In addition, the domestic telecommunications enterprises have achieved overseas listing, property rights are more clear, and it is convenient to achieve asset restructuring through the standard operation of the listed company through the capital market. As long as this restructuring is conducive to the self-development of telecommunications companies, it will also obtain investors' support. Therefore, the climbing of the company's share price, the improvement of corporate image brings a good news. From the telecommunications company itself, the asset restructuring facilitates the complementary complement of the enterprises, which is conducive to the creation of a competitive environment. This is what most operators want to see, so telecom operators have an inner power of asset restructuring. In short, we have reason to believe that the asset restructuring is an important means of the telecommunications industry to achieve benign development. The conditions for the restructuring of domestic telecommunication industry have already met to make big domestic telecommunications companies, balance operators' competitive strength, and enhance market competitive vitality The target's asset restructuring will help to achieve the grand target of telecommunications strong country.
