Research On The Risk In Capital Operation Of Nation-Owned Enterprises

Nation-owned enterprises are the foundation of public-owned economy in our country. It is not public-owned economy without nation-owned enterprises. Nation-owned enterprises are the dominant power in our national economy, the basis of our stabilization and development, and furthermore the safeguard of our economy. Currently, the reform on nation-owned enterprises is at the moment of truth. The profound administrative-level problems have exposed during a long time. Capital operation, one of the important measures in the development of the reform on nation-owned enterprises, plays a significant role in the reform on nation-owned enterprises, which is the action to get the capital increment or more proceeds by the exchange of capital or the usage of gotten profits. On the basis of the clearly defined property rights, from the view of the enterprise resource owners, the nature of capital operation emphasizes that enterprises can dominate all resources to recombine and optimize collocation by the capitalization operation mode, in order to make limited capital get maximal economic benefits. By the capital operation, enterprises can enlarge production scale, extend the dometic and enterior market, and improve the competition, which is useful for the maintance and increase in the value of nation-owned enterprises'assets. However, capital operation is a two-side sword, that is, there are also big risks under the remarkable benefits produced by the operation. At present, capital operation risk of nation-owned enterprises has become one of the important researches in domestic economics. When without consideration of capital operation risk coupling of nation-owned enterprises, capital operation risks of nation-owned enterprises can be divided into: basic risk and special risk, according to the influencing scope of risk. In penman's opinion, the contents of capital operation risk contained by the capital operation risk theory of nation-owned enterprises are not complete. It is objectively existent for the basic coupling risk, special coupling risk, and crossed coupling risk of nation-owned enterprises. Above all, the penman brought forward the capital operation risk coupling theory of nation-owned enterprises. It is the theatrical basic to completely elaborate the risks in the capital operation of nation-owned enterprises, at the same time, from the other angle, it also interprets that the risk of capital operation activities in nation-owned enterprises is higher than that of other activities in nation-owned enterprises, which needs to make more scientific and complete risk prevention strategies to reduce and avoid capital operation risk. Based on the birth of capital operation risk coupling theory of nation-owned enterprises, there are two aspects of important meanings for the whole capital operation risk of nation-owned enterprises: On one hand, some risk in the process of capital operation can't be separate from others, and they have mutual influence for each other. The whole capital operation risk of nation-owned enterprises from the nature has the undivided attribute. On the other hand, capital operation risk management should change from the traditional point-to-point management mode to more synthetic, integrate, and consistent management mode.Capital operation risk of nation-owned enterprises has its special characteristics for the capital operation risk of non-nation-owned enterprises. These mainly contain that: capital operation of nation-owned enterprises faces some special risks, which are moral risk of capital operation of nation-owned enterprises, the risk on capital operators lacking of diathesis, capital operation internationalization risk of nation-owned enterprises. Capital operation of nation-owned enterprises shows some specials, which are forceful coupling of capital operation risk of nation-owned enterprises, forceful breakage of capital operation of nation-owned enterprises, and forceful spreading of capital operation of nation-owned enterprises. Capital operation risk management of nation-owned enterprises shows some specials, which are multiple capital operation risk management entity of nation-owned enterprises, dual capital operation risk management objective of nation-owned enterprises.Capital operation risk of nation-owned enterprises not only endangers the safety of capital operation of nation-owned enterprises, but also restricts possibly nation-owned enterprises'future survival and development. So we must soberly know the forming mechanism of capital operation risk of nation-owned enterprises. The basic function of capital is to bring owners proceeds. Certainly, when it does this, capital also has uncertainty. The movement of capital has venture, that is, it has full risks during the process of its turnover and circle. Which is the root of capital operation risk of nation-owned enterprises and is also the internal mechanism forming the capital operation risk of nation-owned enterprises. But for the nation-owned enterprises, the movements of nation-owned capital are restricted by the following three main exterior factors: the first one is the restriction of nation-owned capital operation from exterior operation circumstance; the second is the restriction of nation-owned capital operation from capital operation entities of nation-owned enterprises; the third is the restriction of nation-owned capital operation from the risk immunity of nation-owned enterprises. They are considered as the exterior forming mechanism of capital operation risk of nation-owned enterprises.At first, we should identify the objective of capital operation risk management of nation-owned enterprises. The penman deems that the objective of capital operation risk management of nation-owned enterprises is: by the management, prevention, and dispelling of capital operation risk, we should reduce the loss induced by the capital operation risk as possible as we can, in order to realize the expected objectives of economic benefit and social benefit maximizations of capital operation of nation-owned enterprises. According to the real positions and inner and exterior environment of capital operation of nation-owned enterprises, the objectives of capital operation risk management of nation-owned enterprises should be made, based on the investigation and consultant. The risk management objective must be close to the real, and has some expections. After identifying the objective of capital operation risk management of nation-owned enterprises, we should do the complete evaluation on capital operation risk of nation-owned enterprises, mainly in order to get the risk points appeared possibly in capital operation of nation-owned enterprises, the factors inducing risk possibly, and the losses resulted by these factors. In fact, risk evaluation on capital operation of nation-owned enterprises is the process of identifying risk and analyzing risk. The countermeasures of capital operation risk management of nation-owned enterprises are according to the risk identification and analysis to bring forward the avoiding suggestions. The key point of countermeasures of capital operation risk management of nation-owned enterprises is to make risk avoiding countermeasures. Capital operation risk of nation-owned enterprises is dynamic, so we should evaluate and control the effects on capital operation risk management of nation-owned enterprises, during and after the process of implying the risk management decision. We also should concern that whether capital operation countermeasures reach the risk management aim or not. If so, it means that the activities of capital operation risk management of nation-owned enterprises are successful, meanwhile, we can conclude the successful experience; If not, we should renew to control risk management, including: to renew to adjust the objective of risk mangement, to renew to assess risk, to draw new risk avoding countermeasures, furthermore to control the capital operation risk among the scope of nation-owned enterprise's endurance.It isn't the final aim to do some theorical researches on this essay. I hope the research on this subject will really help the capital operation risk management of nation-owned enterprises. So at the last section, I designed the cases of the management on capital operation risk of nation-owned enterprises. Because I live in China Oil City—Daqing, which has many significant nation-owned petroleum enterprises. I have investigated these enterprises to acquire the first materials about our nation-owned petroleum enterprises'real capital operation cases. Though there are some differences between nation-owned petroleum enterprises and other nation-owned enterprises, it doesn't affect the applying effects of capital operation risk theory of nation-owned enterprises, and remains to provide some reference for other nation-owned enterprises to do capital operation risk management.