Research On The State Capital Operation Of J Investment & Holding Group

J Investment & Holding Group(hereinafter called “J Group”)is a company of non-financial investment type and enterprise of industrial capital holding and purified state capital operation.In this paper,the applied research on the state capital operation of J Group is carried on under the background of the three-level regulatory model of state assets management system of “SASAC-Company of Industrial Capital Holding and Purified State Capital Operation-Production and Management Enterprise” and reform of state-owned enterprises.The innovation in research object,research angle and theory application is found in this dissertation,in the hope that it will enable to make supplement and improvement of the practical research in the field of state capital operation,and to play the application value of the theory to guide operation practice.There are seven chapters in this dissertation which follows the research idea of "Theory Research-Putting Forward Problems-Analyzing Problems-Solving Problems",and in which the methods of literature research,comparative analysis,case study and questionnaires are applied.The first chapter is the introduction,mainly introducing the background,significance and research methods,summarizing the research content and framework,and explaining the innovation of the paper.In the second chapter,the domestic and foreign theory and literature of state capital operation are reviewed,which finds that the current applied research on the capital operation of state capital operation companies is still inadequate,so that the innovation of study on the gap is left for this paper.In the third chapter,the status quo of state capital operation of J Group is analyzed,and the existing problems in its operation and development are found out.Many external factors,enterprise's own resources and capabilities have influenced the capital operation of J Group,so the EFE matrix and IFE matrix are applied to analyze the above factors,resources and capabilities in the fourth chapter.Next in the fifth chapter,analysis tools of SWOT matrix,QSPM matrix,IE matrix and DPM matrix,are used to make a quantitative and empirical analysis on the strategic route forward and investment direction of J Group's capital operation.With the above analysis,the state capital operation plans of J Group are formulated from the two aspects of capital operation strategy and tactics.And the measures to guarantee the implementation of the aforesaid capital operation plans are expounded in the sixth chapter.Finally,the seventh chapter makes the summarization and forecast of the dissertation,and sums up the conclusion of the research: J Group shall define the transformational route forward to the development strategically,enhance the technical content and core competitiveness of its industrial capital investment and financing,realize the precise match between capital operation of J Group and its holding enterprise's production and business,maintain and increase the value of state assets in the process of state capital operation of J Group.The three horizons of strategy of state capital operation ought to be implemented.Firstly,J Group shall commit to the further reform of state-owned enterprises.The industrial capital held by J Group is to be integrated;the advantaged industries are to be identified and supported;the divestiture of inferior industrial capital is to be made by asset sales and equity carve-outs etc.Secondly,J Group shall uphold the development of enterprises and improve the competitiveness of industrial capital held by her.It is necessary that the high-quality holding enterprises are supported in becoming stronger and growing bigger;the capital is obligated to focus on the core industries and superior industries;the expansion in integration of core industrial capital and in diversification of superior industrial capital is necessary to be realized.Thirdly,J Group shall ensure the formation of the value chain with the combination of industrial and financial capital held,and develop into a diversified industrial investment holding group.