Research On The Mode Of State-owned Capital Investment And Operation

State-owned enterprise reform is an important content of comprehensively deepening reform.At the Third Plenary Session of its 18th Central Committee,the Communist Party of China(CPC)called for the reform of the authorized management system of the state-owned capital and the establishment of state-owned capital operating companies.Since 2014,from the central to the local,the state-owned capital regulatory departments at all levels have arranged the state-owned capital platform companies according to the local circumstances,to separate the state-owned assets supervision department from the entity capital enterprises,and gradually accumulated some experience.At present,H City has a general idea on the establishment of the state-owned capital investment and operation company,but lacks of the systematic design.It also takes a wait-and-see approach to how to clarify the functional status of the state-owned capital investment and operation company and its relationship with the state capital supervision department.Therefore,the study on how to set up a state-owned capital investment and the operation company for better capital operation,are among the city's top need,which also has immediate relevance.This paper first summarizes the current research results of the state-owned capital investment and operation companies,introduces the principal-agent theory and modern enterprise system theory relating to the operation of state-owned capital,and expounds the concept of management capital.It provides a theoretical basis for the subsequent pilot analysis and path exploration.At the same time,this paper analyzes the current situation of the state capital supervision in H city,and summarizes the difficulties faced by the operation of state capital in H city at present.Taking Chongqing Yufu Asset Management Group,the advanced representation in the industry,as an example,and summarizes some useful experiences.Aiming at the existing resources and practical problems,considering the aspects of saving cost,reducing difficulty and increasing stock,this paper puts forward the idea of establishing H City State-owned Capital Investment and Operation Company in two steps.The first step is to reconstruct the existing state-owned assets management companies,the original middle layer,and to establish state-owned capital investment companies.The second step is to set up new state-owned capital operating companies,and to split up the "Operational business" of the former state-owned capital investment companies,which will be inherited by the newly established companies.In order to achieve a smooth transition from the old three-tier architecture to the new three-tier architecture,at the same time,it is proposed that the establishment of the state-owned capital investment and the operation companies should adhere to the two essential characteristics of their market-oriented subjects and pure holding companies.It should focus on six aspects:being an active shareholder,strengthening risk prevention and control,reforming based on the classification,following the business logic,establishing EVA assessment and evaluation system,and introducing effective incentive mechanism.