A Study On The Capital Operation Of The State-owned Holding Campany

The capital operation is the new unique economic category appearing in the early days of 90's last century in china.As a conception opposite to the production management, the capital operation is what the enterprise investors optimize the capital collocation to obtain capital repayment maximization through M&A(Merger and Acquisition), the enterprise alliance, the share holding system and the recomposing assets. Our country state-owned capital operation has been developing continuously since reforming and opening policy. Through the capital operation, many state-owned enterprises expand their scale constantly, improve their profit ability constantly and enhance their market competitive capability obviously. With the unceasing thoroughgoing reform of the state-owned asset management system, the state-owned holding company has become the main body of the state-owned capital operation. It is of important significance to study the capital operation of the state-owned holding company for raising efficiency of the state-owned capital operation, promoting the state-owned asset maintenance and increment, speeding up the structure adjustment of the state-owned economy and enhancing the state-owned economy controlling capability.Under the guidelines of Marxism political economics and the general and specific policies on the state-owned enterprise reform and development of the party and the country, with reference to and absorption of the reasonable elements of the Western economics, by using the combinative methods of normative and positive analysis, micro and macro-analysis,theoretical study and managerial practice,and the comparative analysis, the article analyses deeply the three expansion capital operation ways of M&A(Merger and Acquisition), the enterprise alliance , the share holding system,and the contraction capital operation concrete ways of the state-owned holding company, also sets forth the risk and the guard on the capital operation of the state-owned holding company,initially builds the theoretical and the operational frame of the state-owned holding company's capital operation.