The Study On The Operation Of State-owned Assets Management

This research paper was designed to construct a rational structure of property right and a scientific and perfect structure of legal person management. From the direction of improving the achievement of the state-owned assets operation and based on both the theoretical analyses and practical research the state-owned assets management in China, this paper has analyzed the status quo of the state-owned assets management in China. And it used some relatively successful domestic state-owned assets management patterns for reference, and made use of property right theory, enterprise's theory, innovative theory ,etc. to analyze and study the status of the state-owned assets management in China.First of all, it has carried on theoretical analysis on property right, property relations and enterprise's property right. Proposed the powers and functions of property right is a organism made up of the income right and control power. Without the control power, the income right would be lack of insurance, while without the income right, the control power would make the entity of the property right run in poor efficiency. The definition of the property right is to reduce the uncertainty throughout the cause of the usage and trade of the entity of property right. The markets, enterprises and the country are in the substitutional relation, and they are the systems which created by human beings in order to reduce the uncertainty. The two pairs, the precision of the definition of property right and the definition of the property right's cost, as well as the extent of the uncertainty of the property right and the definition of the property right's cost, have dependency relations in between. Proposed that property right of enterprises is an aggregation of the ownership of all the factors in an enterprise, among which proprietors of the dominant factor have eminent domain, and they enjoy the right of surplus income of enterprises. Demonstrated some argumentations, eg. the uncertainty makes the control power become the key factor of property right of an enterprise, and the property right is equal to the total of the control power.Secondly, it reviewed the reform course of the system of the state-owned assets management of our country, and explored the management mode of state-run assets in Shenzhen City, which are comparatively advanced among the management mode of domestic state-run assets. Discussed the problems in the state-owned assets management,and gave suggestions of the reform of the system of the state-owned assets management.Finally, carried on the discussion of operator's incentive mechanism of state-run assets. The essential attribute of the operation asset is to keep and increase value. However, at present, the calculation criterion of it in our country is the ratio of keeping and increasing value of state-owned asset, and this criterion is lack of the consideration of the cost of capital. So this paper proposed a system EVA(Economic Value Addition) to compensate this shortage, and based on EVA it designed an incentive mechanism of state-run assets, leaded the operators to run the state-run assets as a long-term goal, and solved the problems of lacking stimulation in the state-owned assets management.