An Innovation Research On The Operation Mode Of State-owned Assets Investment Company In Shandong Province

Since the financial crisis in2008, as a result of the moderately tight monetary policy and moderately loose fiscal policy implemented in our country, the state-owned large and medium-sized enterprises are generally facing the fund shortage. As an economic organization resulted in the specific conditions, the State-owned Investment Companies(SIC) have become to be the major driving force in the state-owned asset management and operation, and play an increasingly important role in the financing of all levels of governments. But because of its special background and functions, SIC are special in the management, financing and risk control. Most of the SICs are separated from government departments, or leaded by the government directly, that have a strong government background. Although SIC get the policy support from all levels of government, and some of them get economic support, SIC’s basic business is still the capital operation, which limited its development. SIC, as a platform of providing financing service for large and medium-sized state-owned enterprises, need to improve its service further.The existing researches around the SIC’s property right system, operation mode, strategic positioning and so on, are meaningful to solve the problems that SIC are facing. But there is a problem that all of the researches pay too much attention to theoretical analysis. The research on practical level of SIC is ignored. Although there is a research around SIC’s practical level, its attention comes to a certain aspect. The research, which starts from an overall perspective of SIC and analyzes its strategic positioning, organizational structure design and resource integration initiatives, is not much to see. This paper analyzes the operation mode of SIC by using transaction cost theory and the theory of internalization. Based on the case study of Shandong State-owned Assets Investment Company, what is for achieving the state-owned enterprises directly under Shandong province government’s (SES) overall goals of12th Five-Year Plan made by Shandong Province State-owned Assets Supervision and Administration Commission, this paper analyzes the company’s deficiencies of financing and sets its strategic positioning on the basis of the SWOT analysis, redesigns its organization and financing system by drawing lessons of state-owned assets investment company at home and abroad and summarizes the purpose of setting SAIC as a financing platform among SES, what will enlighten the similar investment companies on building a financing system.This paper is not involved with the innovation of financing method, financing project tracking analysis, financing risk identification and analysis, internal control system and mechanism design, that could have a thorough and follow-up study.