| Capital operation is a series activities which is, by means of optimizing the stock assets and improving the efficiency of assets operating, to achieve the value increase of assets of enterprises. It's a new managerial concept and an important way of quick development. No great companies, both in China and abroad, could expend and grow up solely by themselves other than by merging or purchasing, to a more or less degree.Since China's accession into WTO, much more industries and trades opened to the outside world, and the Chinese enterprises directly got into the international markets and faced stronger competitors. Competitive advantages could not be obtained unless companies rapidly increased scales and market shares by means of capital operation such as merging and purchasing. A good example of capital operation was the reorganization of automobile industry of China in 2002.Obviously, China Changjiang Shipping (Group) Corp (CSC for short), one of the 180 largest enterprises in China, faced heavy competitive pressure as well. And one of the severe challenges CSC could not avoid was how to increase scale and improve competitive advantages through successful capital operation. Because of the deep influence of planned economy, the present management system of CSC could not fully meet the need of capital operation. Therefore, one imminent problem we must solve is to renovate the old management system and to establish an open and adaptable management system of capital operation.Based on the comprehensive appraisal of CSC's capital operation, an idea of establishing CSC's management system of capital operation was put forward in this paper, which covered four fields: (l)basic theory of capital operation; (2) capital operation and management system; (3) CSC's capital operation and appraisal, and (4) the thought about CSC's management system of capital operation.Hope it will be helpful to CSC's capital operation in the future. |
