The Research On The Financial Supervision Issues Of State-owned Enterprise

State-owned economy, whether it is in the healthy and stable development of thenational economy, or in regulating the allocation of social resources, plays a major role.It’s an important pillar of our national economy. We need to try our best to do thesupervision of state-owned enterprises, for that they are the carrier of the state-ownedeconomy, and financial supervision is an important foundation to do the supervision ofstate-owned enterprises. To do the work of the state-owned enterprises financialsupervision best, we need to combine the general principles of financial regulation withthe particularity of the state-owned enterprises when we study it. To study the financialsupervision of the state-owned enterprises, we must understand the basic situation of thestate-owned assets supervision and management system, and then make a specificanalysis for the nature and objectives of the state-owned enterprises. To the differentnature and objectives of the state-owned enterprises, the financial supervision is different,it means that we need to take the way of classified supervision, if we do that, thefinancial supervision of the state-owned enterprises can be targeted and realistic, and thestate-owned enterprises could develop healthily and energetically.From the angle of the nature and objectives of the state-owned enterprises, thisdissertation breaks the current supervision system, to build the mode of the state-ownedenterprises classified financial supervision.As the basis of the study, this dissertation start from the current situation of thestate-owned enterprises financial supervision, with the principal-agent theory, contracttheory, property rights theory and public goods theory as analytical tools, analyzes andcompares the practical experience at home and abroad. Through learning from thesupervision experience of the foreign state-owned enterprises, and combined with theactual situation of state-owned enterprises in China, this dissertation put forward a newmode of state-owned enterprise financial supervision: classified supervision.To the building of the mode, the study is as follows:First of all, this dissertation studies the nature and objectives of the state-owned enterprises, and makes the balanced analysis of the operational objectives of thestate-owned enterprises. Under the condition of clearing all kinds of state-ownedenterprises’s targeting, state-owned enterprises are classified into two types: the socialgoal oriented state-owned enterprises and the economic goal oriented state-ownedenterprises. Then the objectives of our country’s state-owned enterprises financialsupervision are cleared, and its basic objective is to promote the effective use ofstate-owned assets. Specifically, the financial supervision goal of social goal orientedstate-owned enterprises should focus on social benefit maximization, and the financialsupervision goal of economic goal oriented state-owned enterprises should focus oneconomic efficiency maximization.Secondly, under the premises of clearing the objectives of state-owned enterprisesfinancial supervision, this dissertation focuses on the study of financial supervisionmodes of different types state-owned enterprises. According to the thoughts of classifiedsupervision, the supervision of state-owned enterprises can take the mode of combiningtwo levels and three levels, namely, mixed mode. Two-level model is suitable for thesocial goal oriented state-owned enterprises, and State-owned Assets Supervision andAdministration Commission directly carries out supervision and management to it. Whilethree-level model is suitable for the economic goal oriented state-owned enterprises, anintermediate layer should be set up for the special operation of state-owned capitalbetween the SASAC and production enterprises-state-owned holding companies. In thethree-level model, the supervision object of SASAC is state-owned holding companies,and for the supervision over the enterprises of the third levels only can through theholding company. The SASAC make the operation and financial supervision effectively,through establishing a sound governance structure for social goal-oriented enterprisesand state-owned holding companies.Thirdly, for the mode of the state-owned enterprises classified financial supervisionwhich has presented by the paper, this dissertation discuss the external conditions andsupporting measures to ensure the effective running of the mode. Mainly includes fouraspects:①The specific legislation and the improvement of relevant legal system;②Thereform of state-owned enterprises leaders’ appointment system and cultivate the professional manager market;③The establishment of the regulator’s supervision andevaluation system;④The establishment of state-owned enterprise information publicdisclosure system.