Capital operation promotes economic development

To realize the capital operation of the exhibition economy, we must first analyze the definition and characteristics of the exhibition economy. Everyone talks about the exhibition economy a lot. I feel that there can be a breakthrough in the summary of the laws of the exhibition economy itself and the theory and economics of the exhibition economy. I want to correctly develop and run the exhibition economy in practice and make good use of the exhibition economy to drive the regional economy. As an important prerequisite for the exhibition economy, my understanding is that it should reflect the product culture of a country, a region, and an industry through exhibitions, and at the same time, correspondingly drive industries such as telecommunications, tourism, catering, leisure, etc., and it is a comprehensive economy. , it is such a proposition, so it should have the following characteristics.

First, the comprehensive benefits of the exhibition economy. What the exhibition economy itself drives is not the effect of the individual conference host itself, but the comprehensive effect on a region or even an industry itself. The characteristics of the related industries it drives are more prominent than other economies. So I saw the leverage of 1:9. I am afraid that there are not many tangible and measurable leverage effects in other industries. The second point is its combination of intangible and tangible, spiritual and material, that is to say, whether the exhibition economy is run as a public welfare undertaking. For example, its architecture is the symbol of the city, and there are not many decent exhibition halls in a city. Just like there are few museums and libraries, they are indispensable basic functions of a city. Museums and libraries are unprofitable state-owned assets, and exhibition halls, as a combination with the economy, must pursue profitability in hosting exhibitions. Therefore, the exhibition economy can only truly develop under the conditions of profitability.

Second, the exhibition economy has both public welfare and profitability. The same convention and exhibition economy, due to its asset characteristics, may require huge investment in fixed assets such as venues. Due to its public welfare nature, government subsidies may play a role in the initial establishment, because comprehensive The efficiency attribute will eventually be reflected through the government's fiscal revenue. The government itself is also a beneficiary, so the government's own investment is necessary. However, in operation, that is, long-term maintenance after the construction is completed, and its operation must be through the enterprise's investment. Full competition and operation to complete. Therefore, it combines the characteristics of public welfare and profitability.

Third, the natural monopoly of venues is combined with the full competition of exhibition companies. The so-called natural monopoly means that in a certain industry in a region, the operating cost of one manufacturer is less than the operating cost of more than two manufacturers. This industry usually behaves as a natural monopoly industry economically. Of course, venue construction must have regional attributes. If in this If several exhibition halls are built in a region to compete, the cost may increase. This kind of industry that is a natural monopoly is often an important area with certain public welfare and related to the national economy and people's livelihood. Therefore, the usage rate of the exhibition hall and the level of unit rent need to be determined according to the natural monopoly industry. The government or the hearing will determine a price. On the one hand, this price is for protection, and on the other hand, it is also due to natural monopoly. No one will tell you Competition prevents you from raising prices and causing adverse development of the regional economy. As for convention and exhibition companies, if we can consider venues and convention and exhibition companies separately, convention and exhibition companies must fully compete. Only competition can prosper. Therefore, the approval system must be abolished and domestic and foreign convention and exhibition companies from all aspects can be introduced to fully compete.

Fourth, the exhibition economy itself is unbalanced. For example, exhibition activities are one-time, multi-year, annual, quarterly, and maybe even monthly. In this sense, the development of the exhibition economy is actually a process of constantly moving from unbalanced to balanced development. This is a big problem, such as the Olympic Games. If the Beijing economy after the Olympic Games is not solved, the consideration will not be comprehensive. Therefore, the gradual advancement is the key to the continuous deepening of the exhibition economy. process.

Finally, there is another characteristic of the exhibition economy. It must be integrated with the development of the regional economy. It is not only related to the manufacturing industry. It is a misunderstanding that the exhibition economy is only related to the manufacturing industry. It must be closely integrated with the primary industry, the secondary industry, and even other service industries, and The proportion of the tertiary industry will become larger and larger, because the tertiary industry covers more and more cultural, leisure, and sports contents, so it must combine product and service features.

Can the exhibition economy and capital operation be integrated? The Olympic Games were run from the government to the company. Americans made huge profits, and they also made huge profits when the company held the Olympic Games. We traditionally understand the so-called monopoly links, links run by the government, in the future market economy, companies can undertake capital operations. In the United States, there is no concept of important competition and general competition. They believe that companies in many monopoly industries can do it. Including spaceships and missiles, they are all operated by companies, so we need to make a conceptual leap. Capital operations and companies are connected together. In this case, we must separate the capital operation of the venue from the operation of the exhibition company. Whether the venue itself can be listed and whether the exhibition company can be listed must be separated.

As far as the first link is concerned, the venue itself is the foundation of the exhibition economy. We hope that the market can create venues, rather than building a venue and then looking for a market later, which may lead to financial difficulties. .

As far as the venue itself is concerned, it also involves the construction and operation of the venue. I think two models can be considered in the construction and operation of the venue: one is a unified model, such as in developed countries, There are some such venues in Germany that may be jointly invested by the federal government, state governments or municipal governments, because they are characterized by comprehensive benefits. This comprehensive benefit will eventually bring about an increase in people's income and the improvement of people's income at all levels. With the increase in government fiscal revenue, such a development may be dominated by government investment, and then attract some strategic investors to form a company-style exhibition construction process. In this process, the exhibition construction itself and the venue construction itself are given a necessary industry price protection. Without such protection, commercial investors will not come in. After completion, the mayor may be the chairman of the board of directors during management, which obviously combines public welfare and commercial aspects. The second is the separation mode. The model of Hong Kong's separation is to exchange land for exhibition halls. The policy is to allocate the land to New World Real Estate Company. You can attach two hotels, an apartment, and an office building to the company, and then build the 90,000 square meters of the Government Hall. This maintains a normal operation. The ownership of the exhibition hall is still owned by the government, but there is actually no ownership fee, so that the operation of the exhibition hall can maintain its own good cycle without a huge burden on the exhibition hall assets. This situation involves the start-up model of a new venue in capital operation and the renovation model of existing regional venues. What should we do to complete financing and listing, so the model of exchanging land for exhibition halls is better. of.

If a venue operating company wants to be listed, it must ensure that the venue is a natural monopoly or its rental price is guaranteed. The venue operating company must be listed. Regardless of whether you are in a separate model or a unified model, your net assets The rate of return must reach 10%, which is a very important indicator. In fact, many investors are willing to buy such stocks because they are relatively stable. Why is it stable? Because the government adjusts the profit level through its rent, because This venue is exclusive and unique, and can guarantee a 10% return rate.

Of course, in terms of transformation model, what should we do with the existing venues? Especially in some of our cities, I think the operation of joint-stock systems is also very important. In China, it is now possible to combine them with listed companies. Nanjing model and Xiamen model. The government must not build venues with high debts, only to have them fall into idleness and financial difficulties after one-time use. This kind of lesson or tragedy should not happen again. For the venues that have been built entirely with 95% of bank debt, the trusteeship must be completed as soon as possible this year. Therefore, government financial subsidies are necessary during the operation of the venue, because since the comprehensive income it brings is 1:9, it will definitely be reflected in the local government's welfare financial and investment financial revenue.

Finally, for the development of venue company functions, all activities must be combined. Of course, the key to its listing is to increase the usage rate of the venue and the rental fee per unit area. Only when the venue utilization rate reaches a certain level can there be May be associated with capital.

As for the second link, it is about the listing of exhibition companies. The listing of exhibition companies has the characteristics of the exhibition economy itself. Venue companies have huge fixed assets, while exhibition companies do not have many fixed assets. However, even if you do not have many fixed assets, you can complete the listing, mainly based on your income and profitability level. For example, if the profit is 10 million, calculated based on a price-earnings ratio of 10 times, the actual value of your assets is 100 million.