Study Of Local State-owned Asset Management Companies

With the further development of economic reform and construction, the state-owned capital have accrued at a considerably scale scattered in the segments of all industries which has constituted the majority of the gross social capital of China. According to the principle of "State Own, hierarchy management", the state-owned capital managed by the local governments is also holding a prominent position in the national economy.The authorized management of state-owned capital mechanism is the outcome of the expedition of the state-owned capital management mechanism, which was originally conducted by the local government of Shanghai and Shenzhen. In the exploration of the local State-owned Capital Operation Corporation is the institution started up by the local governments, authorized by them as the investment institution and acting as the funding party of state-owned capital, which is a corporate person engaged in state-owned capital investment, management and operation usually in the way of stock capital operation and stock transaction. As the middle hierarchy of the authorized management mechanism, the local State-owned Capital Operation Corporation is the link between the governmental institution reforming and the organization of the state-owned enterprises' asset management and transformation. It is also the powerful tool for the local governments to explore, manipulate and utilize their local state-owned economic resources, which remains to be very significant in the local economic life. What is more, the research of the nature, functions, behaviors and evolution of the local State-owned Capital Operation Corporation is of vital importance to the study of government behavior and the path of economic reform in the transitional period.Being an economic entity, the local State-owned Capital Operation Corporation is the aggregation of all the interests and the outcome of the conflicts together with the compromises resulted from the interest parties. To investigate the innate reason of the birth of the local State-owned Capital Operation Corporations, the author of the thesis starts out with the three basic speculations of the public choice theories, and probes the target orientation and behavior mode of the local government with both theory and case study and finally reaches a conclusion: the pursuit of the versatile " local government achievements" is embodied in two economic behaviors. The first behavior, in a broad sense, is the construction behavior of the " achievement project", and the second is the behavior intended to accumulate the economic resources for the former behavior which is comprised of the promotion of government efficiency, exploration of government resources, control and re-construction of state-owned economy. Hence, the author provides the proposed the explanations for the origin of the State-owned Capital Operation Corporation: to implement the " achievement project", the local governments have established the local State-owned Capital Operation Corporation with the hope that enterprises can switch from the low efficient government administration to enterprise management in order to operate and rectify the state-owned capital, explore government resources and serve its " achievement management" goal.Followed by the investigation of the cause of Local State-owned Capital Operation Corporation, the thesis gives a logical definition of its nature and function, pointing out that it is the accretion of the local government, the consequence of the reorganization and rectification of the government, one sort of government institution in the name of enterprise operation, and a particular enterprise perform certain functions in place of the government. In short it is expected to play the five following roles. First,the representative of the funding party of the state-owned Capital with the authorized range. Second, the partition zone between the government and enterprise. Third, the outcome of the government organization. Fourth, the executive of the enterprise tr...