A Study On The Theory And Operation Of State-owned Economy Finance

Nowadays, China's market economy is still in fact the market economy dominated by the government, which has decided the crucial dominant position of state-owned economy in the national economy, and objectively it is required that the state-owned economy shall maintain the competitiveness of sustainable development. For this reason, it is more urgent and important to innovate the financial theory of state-owned economy and provide the theoretical support for the development of China's state-owned economy and the reform of property right based on the state-owned capital. Based on the research background of the management system of state-owned capital "two stages and three layers", this paper has studied the financial theory and financial operation law in the development of state-owned economy by utilizing the property right theory, principal-agent theory, state financial theory, finance right theory, finance stratification theory, etc., for purpose of creating the theory framework of the state-owned economy finance and the control mechanism of state-owned capital finance budget and guiding the operation of state-owned capital and state-owned property rights in the practice.This paper is divided into six chapters, and its logic framework and study system are as follows:chapter 1 is an introduction for purpose of disclosing the background of choosing this article and the production logic of state-owned economy finance from the reform process of state-owned economy and its operation state; chapter 2 is aimed to elaborate the theory foundation of state-owned economy finance; chapter 3 is aimed to establish the theory framework of state-owned economy finance; chapter 4 is aimed to establish the control mechanism of state-owned capital finance budget; chapter 5 and chapter 6 are the analysis venation based on the said theory framework and budget control mechanism, and to study the financial operation of state-owned assets supervision & administration commission and state-owned capital companies respectively, by taking the financial subject of state-owned economy as the main line.This paper has followed the research methods of the combination of history and logic, the combination of normative and empirical research and the combination of case and entirety study based on the existing studies at home and abroad to study the financial theories and financial operations of the state-owned economy, so as to make the innovations in the following respects:a. this Paper has systematically studied the macroscopic operation of state-owned capital from the angle of finance and innovated the financial theory of state-owned economy to confirming and normalizing the financial contractual relationship between the government and the state-owned enterprises so as to explain the strategic adjustment of state-owned economy into the optimization configuration of state-owned capital and state-owned property rights and explain the market access of state-owned capital into the financial operation of state-owned economy so as to break through the parochialism of existing state-owned economy in the respect of study.b. followed the finance-rights theory, this Paper has established the new theory framework of state-owned economy finance by taking the state-owned capital as the starting point of study logic and taking the financial essence, financial main body, financial goal and financial function as the logic main line and ideological system, which has not only received the study characteristics of the integration of "finance-rights theory" value and power, but also made up the fuzziness of "theory of state finance" in the respect of financial subject study.c. this Paper has re-interpreted the connotation of state-owned capital finance budget based on the finance-rights flow essence of state-owned economy finance, and disclosed the finance-rights budget essence of state-owned capital finance budget; then based on the angle of finance-rights budget, improved the system of state-owned capital finance budget from budget range, budget main body, budget rank and budget goal, which has not only overcame the study defect that regrds the operation budget as the income budget of state-owned capital as per the previous idea of public budget,but also clearly set apart the different category between state-owned economy finance and state finance and indicated the direction of practiacal exploration of state-owned capital finance budget.d. this paper has re-established the budget control mechanism of state-owned assets supervision and administration commission, state-owned capital companies and state-owned enterprises under the domination of the two stage state-owned assets supervision and administration commission between center and locality. This is not only coupled theoretically with the financial theory of state-owned economy, but also practically identical to the financial function of state-owned assets supervision and administration commission, complying with the requirements of establishing and perfecting the new management system of state-owned capital.e. this Paper has fully explained the financial position, financial function and financial operation of the state-owned assets supervision and administration commission and state-owned capital companies and the finance-rights configuration between them. The establishment of financial subject position of state-owned assets supervision and administration commission is an integration and intensification of property rights and finance rights after a long-term separation. The independence and entirety of financial subject position is the basic condition for the financial operation of state-owned economy, and this has provided new theory support for the reform of management system of state-owned capital.f. this Paper has carried out the empirical research by using the method of indirectly seeking the substitution variable and taking the holding and listed companies as the substitution variable of active financial operations. After rejecting the abnormal value of performance indicator, the parameter T inspection, non-parameter Mann-Whitney U inspection and regression analysis have all testified that the central enterprise operating profit margin of holding and listed companies is significantly higher than that of non-holding and non-listed companies. This indicates that the performance of the state-owned capital companies that actively carried out the financial operation according to the financial target is evidently higher than that of the state-owned capital companies that did not actively carry out the financial operation.