| Our state-owned investment companies play an important role in national economy and regional economy. However, the setting-up of new state-owned assets management system has put forward the new demand for the development of the state-owned investment companies. The current theory and practice can not solve the problems that the state-owned investment companies face at present. This thesis aims to systemically propose the function and localization that the investment company should have and how to carry on the strategic choice, to bring about an advance in continuation of the state-owned investment companies.The research methods include literatures research, comparison and case research. This thesis is problem-solving-oriented and combined to the experience of the author in state-owned investment company. This thesis applies theories of strategic management, including SWOT model and Matrix of Boston as the tool of strategic analysis and strategic choice.In part one, this thesis reviews the emerging background of the state-owned investment companies, and believes that state-owned investment companies are the inevitable result of the reforming of investing and financing system in China and the result of the inherent demand for social economic development of our country and division of labor in society developing. It's engender has objective necessity. Further more, the thesis also analyses the developing stage and present development of the state-owned investment companies.In part two, this thesis starts with the reform of the state-owned assets management system, and analyses the new demand that the new system puts forward to the state-owned investment companies. The thesis brings forward clearly the historical mission that the state-owned investment companies bears in the new system reform and how to revitalize it's own function and localization under this kind of new demand.The third part of the thesis is a key part, namely, the strategic choices of the state-owned investment companies. First, the thesis explains the strategic orientation of the state-run economic adjustment under the new system, pointing out the direction for the strategic orientation of the state-owned investment companies under the new system. At the same time, the thesis point out the strategy demand of the state-owned investment companies from four sides such as mission, goal, behavior and task. Second, this thesis analyses the opportunity and threat outside and the advantage and inferior position inside of the state-owned investment companies, and thus lists the SWOT matrix of the state-owned investment companies. Based on the matrix, the thesis analyses that the state-owned investment companies how to carry on thestrategic choices on dealing with the change of the domestic and foreign environment. First of all, on the industry strategy, the state-owned investment companies should catch the adjustment chance of state-run economic layout and structural, entering the trade with the control and influence power to national economic development. Secondly, on the project choosing, the state-owned investment companies should implement vertical integrating and relevant pluralism, avoiding non-relevant pluralism. Thirdly, on the structural adjustment strategy of the assets, the state-owned investment companies should overcome the inferior position, avoid threatening, foster the advantage, transform the stock and adopt the strategy of tightening or gathering to the non-performing assets.In part four, this thesis discusses the key problems of the strategy implementation to fully play the strategic role. Firstly, state-owned investment companies should adapt to the new system of state-owned asset management, understand correctly SASAC (State-owned Assets Supervision and Administration Commission of the State Council) and its responsibilities, and try to have a reasonable method of performance appraisal. Secondly, the state-owned investment companies should reform their governance, establishing the tie of the assets relation based on controlling interest and participate in by shares to subsidiary. Thirdly, the state-owned investment companies should establish the market-based financing mechanism and diversify the financing channels. Fourthly, the state-owned investment companies should establish the scientific human resources management system to give full play to people as the important strategic resource and to lay the solid foundation for finishing the mission and responsibility of the state-owned investment companies.This thesis researches the history and the strategic environment of state-owned investment companies, analysis the function and localization. The thesis also lists the SWOT matrix, pointing out the opportunity and threat and the advantage and inferior position. Especially, the thesis analyses the influence to the state-owned investment companies of the strategic adjustment of state-run economic layout and structural, state-owned assets management system, system reform of investment at present and China's accession to WTO. On this basic, the thesis expatiates how to carry on the strategic choices for the state-owned investment companies. And further more, this thesis discusses the key problems of the strategy implementation, especially put forward that state-owned investment companies should adapt to the new system of state-owned asset management, understand correctly SASAC and its responsibilities. The strategy choosing mode of state-owned investment companies proposed by this thesis have provided helpful suggestions for the current Chinese state-owned investment companies that are at the crossroad of their future developments. |
