The Research On Capital Operation And Its Model Of State Run Company

Capital operation has greatly facilitated the reform of stated run companies (SRC), improved the profit of SRC, speeded up the development of the capital market. But since the problems of the SRC's property right and operation system are still unsolved, capital operation in SRC is not matured, many issues are waiting to be resolved, such as the stock right addiction of SRC, simplification of the property right, blurry owner of the capital operation. These issues will hinder the development of the SRC reform if they are not resolved in time.To tackle with the problems above, we investigate the probability of the introduction of finance innovation instruments to the SRC capital operation. We discuss the applicable of the convertible bond, securitization asset, acquisition by foreign owner under the circumstances of immature capital market, single financing instruments and unclear instruction from government. And in order to improve the capital operation, we suggest to build up the operating environment of the capital operation, including to clear the owner of the property, set up the high efficiency capital market, enact the law system, cultivate the inter media system.