The key to mixed ownership reform is not the diversification of sources of equity, but a closer combination of various favorable factors. State-owned enterprises thus received resources, authorization and supervision. The relationship between all assets, rights, risks and obligations is more clearly defined, and the huge potential hidden in it is released, so that all those involved in the reform can enjoy more dividends.

The "mixed ownership reform" currently implemented in many places often opens up part of the equity to private or foreign investment. In this process, there are more capital increases than transfers. I am never pessimistic about the reform of state-owned enterprises. "Miller Modigliani's law" pointed out 40 years ago that a company's equity capital and its financing methods have nothing to do with the company's value. I once attended a class taught by Morton Miller, a Nobel laureate. In addition to his cynicism about Harvard University, he repeatedly emphasized that value is created through the use of the left column (assets) of the balance sheet, regardless of whether the right column (liabilities) comes from It will not create value for shareholders, the State-owned Assets Supervision and Administration Commission, foreign banks or underground banks. I understand what he said is to organize an excellent team to run assets more efficiently, rather than worrying about how to arrange shareholders' rights. Starting from this law, I have two key understandings: 1. Even if state-owned shares are sold to private enterprises or foreign capital, the value of the company will not increase. The key to whether a company can do well is not the source of its capital, but the use of assets. ; Second, we must establish an effective mechanism for operating assets.

“Mixed ownership” not only embodies “mixing” rather than “combination” in actual operation, it even causes some people’s impressions of “mixing” and “chaos”, which is wrong. Impressions come from our misunderstanding of words. Wittgenstein said that the function of a word is that it initiates a language game by triggering the listener to operate on the rules of application of the word and act accordingly. Therefore, if words are used incorrectly, the wrong game can be initiated.

The traditional Chinese character for "Luan" is "Lan". The left side radical of this character originates from Mao Gongding, which is the same as the upper half of the word "wan" ("wan") in "Shuowen Jiezi". The radical is similar, and this radical appears in the characters "Lian" and "娈" ("爱" and "娈"). Its meaning is "the hearts are connected and the thoughts are lingering", implying "a close or close relationship". ". The core essence of hieroglyphics is that each character has an application scenario, and the scenario simulated by this radical is to combine silk ("silk") by hand. From the perspective of Wittgenstein's philosophy of language, the two Chinese characters "LUAN" and "Jie" contain the same radicals, which must reflect the application scenarios of the ancient Chinese when they created these two characters. "Family Resemblance". There is a lot of evidence in this regard, for example: the traditional form of "Luan" (a spasm disease) in which the nerves are tightly gathered when the hands and feet are cramped is "Luan", which is a homophone to the word "Luan". "The Analects of Confucius Taibo" contains the "Rebellion of Guanju". If according to the current understanding, the word "Chaos" is interpreted as a disordered and scattered state, which is obviously not in line with the original meaning. If it is interpreted as a closely combined intimate relationship, then Very smooth; if the "chaos" in "Li Sao Luan Yue" is interpreted according to modern people's understanding of "chaos" as nonsense like playing the piano at the end of the music, it is obviously inappropriate. If it is interpreted as "summary" , it is not only smooth, but also in line with the order of the original text, and "Jie" thus has an extended meaning, the end and the end; "Only to chaos the people" in "Shang Shu Pan Geng", if it is interpreted as using chaos to govern the people, it is obviously absurd Jueluun, if interpreted as "governing the people in an intimate and close relationship", is completely consistent with the context; "Xunzi" said that "learning the art of chaos is enough to be the first king", if the "chaos" here is replaced by "knot", that is Only by learning to unite the people can one become a leader, which is in line with the author's original intention; "King Wu had ten rebellious ministers" in "Zuo Zhuan·Xiang Gong". If the rebellious ministers are interpreted as ministers who engage in conspiracy, it is completely contrary to history, and should be interpreted as united ministers. Close ministers. To generalize, what the ancients said "the world is in chaos, and then great order can be achieved" does not mean to make the world chaotic first, and then build a new order on the ruins; it means to unite the people of the world closely, and only then can there be peace and prosperity.

After I figured out the relationship between "chaos" and "knot", it suddenly became clear. The reason why I feel I better understand the original intention of the mixed ownership reform is because I learned these two from the source. The life scenes represented by the words. If we understand "chaos" as intimacy or a close relationship, many confusing problems will be easily solved. The core of mixed ownership is not mixing, but "combination" to form a combined force; the original meaning of "chaos" is to combine various elements to make them more closely integrated. The "chaos" in "cutting the mess with a quick knife" refers to a tightly knit (rather than loose and disordered) hemp rope that can only be cut with a sharp knife. Therefore, as I understand mixed ownership, there is no problem of who eats whom, and there is no risk of creating disorder. Its core essence is to establish a force that closely unites various forces to create new productivity.

Wittgenstein said, "As long as we re-describe the problem and clarify misunderstandings, the problem itself will disappear automatically."