Research On The Paths And Risks Of Governance Models Transformation Of Local State-owned Asset Management Companies

At present,China's economy has entered a stage of high-quality development.New development concept,structural reform,development mode and institutional mechanism reform have become the main theme.Total factor productivity continues to rise.Supply-side structural reform is being promoted in an all-round way.The three major battles of prevention and resolution of major risks,precise poverty alleviation and pollution prevention are being carried out in a deep-going way.Cutting excessive industrial capacity,de-leveraging,controlling debt,controlling real estate and strengthening environmental protection show a new normal.The Free Trade Pilot Area,the Transformation of old and New Momentum,and the Rural Revitalization Strategy have laid a solid foundation for sustained and stable economic development.The reform of State-owned Companies has entered an era of capital management,local government debt has been managed by quotas,and the functional system of state institutions has gradually improved to bring new opportunities and challenges to the transformation and development of Local State-owned Asset Management Companies.Local State-owned Asset Management Companies,emerged in the 1990 s,are considered as a special kind of local state-owned companies undertaking the responsibility of local government infrastructure investment and financing.They are set up by local governments through integrating public resources,assets,and land pricing and so on,with urban operating income,public service charges and financial funds as their revenue sources.The dissertation takes the Local State-owned Asset Management Companies as the research object,and takes the property right theory,the principal-agent theory,and the comprehensive risk management theory as the theoretical foundation.According to the characteristics of their structure,governance mechanism and governance behavior,Local State-owned Asset Management Companies are divided into three categories,including Administrative Governance Model(A),the Administrative and Economic Governance Model(AE)and the Economic Governance Model(E).Logistic Regression is adopted to evaluate the development efficiency of Local State-owned Asset Management Companies.According to the efficiency evaluation results,three paths including the evolution path,the extension path and the spanning path are proposed,and the applicable conditions and key influencing factors of the three paths are analyzed and demonstrated.Through the analysis and judgment of the basic conditions,special conditions and attributes of path selection,the decision reduction rules of path selection of different governance models are calculated by Rough Sets calculation method.In view of the risks existing in the transformation of governance models of the Local State-owned Asset Management Companies,the dissertation constructs the risk index system of the transformation,uses the ANP-Fuzzy method to evaluate the risks,and puts forward the risk-avoiding strategies of different paths of the transformation of governance models.Finally,the dissertation takes HF State-owned Asset Management Company as an example to verify the research conclusion of the transformation paths and risk evaluation of the Local State-owned Asset Management Companies' governance models.The main conclusions of this study are as follows: Firstly,according to the governance models,Local State-owned Asset Companies can be divided into three categories,including the Administrative Governance Model(A),the Administrative and Economic Governance Model(AE)and the Economic Governance Model(E).Secondly,the trend of transformation of governance models of Local State-owned Asset Companies is that it's growing from low efficiency to high efficiency.Thirdly,Local State-owned Asset Companies should pay more attention to risks prevention and formulation of avoidance measures during the transformation of governance models.The major innovations of this study include the following three points.Firstly,Logistic regression method is used to evaluate the effectiveness of the three governance models of Local State-owned Asset Companies.Based on the effectiveness evaluation results,three paths,including evolution path,extension path and spanning path,are proposed to provide practical solutions for the transformation.Secondly,the Rough Sets analysis method is used to demonstrate the transformation paths of Local State-owned Asset Companies' governance models and the selection options of the transformation path is also proposed to provide a practical and effective tool and method for the transformation.Thirdly,the risk assessment system for the transformation of Local State-owned Asset Companies' governance models is established,and ANP-Fuzzy model is used to evaluate the transformation risks of different paths of Local State-owned Asset Companies' governance models,and measures are proposed to avoid the transformation risks.