The Innovative Research Of The Management System Of China’s SOAs Under The Economic Globalization

The reform of China’s economic system has been lasted for more than30years and gained great achievements. The market economy system preliminarily has been formed in China, especially the reform of State-owned Assets (SOAs) management which gained a huge progress. However, there are still many existing problems needed to be researched and resolved.In addition, the Chinese SOAs meet a good opportunity to learn the experience of foreign countries’advanced management systems under the contemporary economic globalisation, but they face great impacts from the globalized market competition as well. If the Chinese government could not solve current problems by deeper reforms and system innovations to adapt competitions of economic globalization, the results would be critical.Therefore, based on China’s unique situations and draw the lesson of foreign advanced SOA’s management system to improve the innovation of China’s SOAs’ management system has important theoretical significance and strong applied value for developing the marketing economy with socialism character.The management of SOAs relates to a country’s basic economic system and is a sensitive issue. The Chinese government consistently adopts a cautious attitude towards the reform of SOAs management system. At the government level, functions of public management, public policies, operation and supervision of SOAs have been mixed and the regulatory relationships between them have not been formed. Moreover, the responsibilities of these functions are not clear and the systems of effective operation, supervision and regulatory relationship for SOAs have not been established, thus, the reform of SOAs management system needs to be continued deeper.However, the reform, development and progress of SOAs’ management system need the theoretical guide. Therefore, this paper seriously researches the Marxism economic theory, property rights theory, transaction expense theory, principle-anger theory, team producing and current enterprise theory, and human capital theory, in order to search for the theoretical basic for the management of SOAs. There are some valuable conclusions on SOA management.Firstly, according to the property rights theory of Marx, if the owners could not supervise their assets, those assets would not bring benefits for the owners. The theory explains that the marketing transaction entity must endow a clear, unique and free transferable property right to its partner, to make the marketing system operate and realize the optimal allocation of resources. Therefore, assets can be considered as a material form that can bring economic benefits and to make it play its role closely relates the arrangement of property right institution.The distribution efficiency of SOAs, or its existing meaning is to supply necessaries consumer goods that private businesses who mainly seek for benefits do not want to or could not produce. SOAs can conquer the market failure leading by externality and realize several special social objectives, and realize some particular social goals. Property rights management agency, its use right exclusiveness and its income distribution certainty make the government to exercise the state-owned property rights and the non-transferrable residual claim is the advantage for the state-owned enterprises to function above characteristics. Nevertheless, its problem is the allocation of SOAs follows longitudinal subordinate relationship, which led to the problem of convergence and would influence the efficiency in some extent.Secondly, to stabilize the public welfare of SOA, there is a dilemma of whether the SOAs are allowed to participate into the marketing competition for profit, which means whether the SOA rights are compatible with marketing economy. The productivity of a developing country decides that SOA rights must play a role in some fields; therefore, the government can still ensure the state-owned enterprises (SOEs) property rights even if it owns the right of residual claim. In such a condition, the cooperate rights of SOEs can be compatible with marketing economy without changing the essential attribute of SOA rights and SOEs can entirely enter the market after experiencing the corporation transformation.When SOEs entering the market competition, they need to ensure good efficiency and protect public welfare. So they have to draw lessons from transaction expense theory, principle-agent theory, team producing and modern enterprise theory, and human capital theory, to maintain a good operating system and ensure the SOA rights are able to effectively supervise SOEs so the value that SOAs brought could finally become the welfare of all human beings but not the tools for the few.Moreover, the paper classifies several developed countries’SOAs management system to analyze their strength and weakness for managing SOAs, and does researches for the SOAs management systems of transition countries that are similar to China in order to gain some inspirations.Finally, the paper concludes the foreign and China’s experience of SOAs’ management institutions, analyses the reforms of operating SOAs’ management systems from macro and micro angles to discuss the current issues and to design the operating framework for China’s SOAs management institution. The paper also advises to construct the framework of supervision and management system for macro and micro SOAs, and forms the operation institution of new management system for China’s SOAs. The paper also suggests the SOAs dynamic operation supervision systems, especially for micro SOAs, including national auditing, internal auditing, the board of supervisions for key SOEs, and the independent director system.The Contents of the Paper:The First Chapter, prolegomenon. This chapter introduces the background and research significance of the paper, current researching situation and literature review of SOAs’management institution, and researching contents and weaknesses of the paper.The Second Chapter, the relative basic theory of SOAs. This chapter regulates the relative basic theory of SOAs’ management including the Marxism equity theory, property right theory, and transaction expense theory, the principle-agent theory of SOAs’ management, team producing and current enterprise theory, and human capital theory.The Third Chapter, the management theory of SOAs. This chapter introduces SOAs’ character, position, the difference between SOA and State-owned capital, and the main theory of SOAs’ management, to form a deep recognition of the characters, contents and operations of existing SOAs’ management theory. The Fourth Chapter, the reform process and current issues of SOAs’ management system. The paper refers to the institutional transition experience of SOA’s management system, finds out the present situations and issues of SOAs’ management institution to address the trends and requirements for the innovation of SOA’s management institution.The Fifth Chapter, to draw lessons from some countries’ SOAs’ management system. The paper analyzes some forgiven countries’ management institutions of SOAs, especially the reforms of transitional countries, to conclude diverse management institutions and classic model of SOAs and find out the innovation of management institutions of China’s SOAs.The Sixth Chapter, the construction of the management system of China’s SOAs. The paper specifically points out the frame arrangement of macro and micro operation and management systems of China’s SOAs, starting from discussing how to construct international competitive management systems of China’s SOAs under the globalization.The Seven Chapter, the design of dynamic operation supervision for SOAs. By analyzing the frame arrangement of macro and micro supervision and management system of SOAs, this paper forms concrete new management institutions of SOAs.The Final Chapter is the conclusion and outlook to summarize the paper and to look ahead the construction of new management mechanisms for SOAs.