The Research On Enterprise Value Creation Of State Development Investment Corp

With the convening of the 19 th National Congress of the Communist Party of China,the Party Central Committee made an important judgment that China’s economy had changed from a high-speed growth stage to a high-quality development stage.Moreover,the following report extended the idea of the Third Plenary Session of the 18 th Central Committee for the reform of state-owned enterprises in China,which unified the coherence of tasks,contents and objectives on the road of state-owned enterprise reform.As a crucial part of the socialist market economy,the role of state-owned enterprises is inseparable from the national economic situation and government requirements.And developing mixed ownership economy is the general trend for the reform of state-owned enterprises.The reorganization of state-owned capital investment and operation companies will contribute to complete the objective transformation of from “enterprises management”to “capital management”.It is one of the important means to realize the new round of state-owned enterprise reform goal.Different from the previous two-level state-owned assets management system of “SASAC(State-owned Assets Supervision and Administration Commission)-mixed ownership enterprise”,the three-level model of “SASAC-State-owned assets operation and investment company-mixed ownership enterprise” will complete the state-owned enterprise from administrative power to economy.Therefore,in the context of “capital management”,it is bound to receive more attention if it can better accomplish the value preserving,appreciating,and creating.Initially,this paper combs and summarizes theories and literature of state-owned enterprise reform,efficiency and value creation.And then the value creation of state-owned enterprises was defined,exploring the difference between state-owned capital investment company and state-owned capital operation company.What’s more,the model is summarized and analyzed for the management mode of excellent foreign state-owned capital investment companies.Then the paper analyzes the first batch of state-owned capital investment company reorganization pilot unit—“National Development and Investment Group”,focusing on how to create value after restructuring into a state-owned capital investment company,and separately analyzing the value creation of the group companyas a whole and the listed subsidiaries it owns,and reflecting the value creation path under the new model.Finally,it summarizes the experience of National Development and Investment Group in establishing state-owned capital investment companies,and finds the changes in enterprise value creation before and after reorganization,and makes a foundation for promote state-owned capital investment company reorganization in the future.Through the research of this paper,with the change from “enterprise management” to “capital management”,the state-owned capital investment company and its holding subsidiaries have been separated from government and enterprise,separation of government and capital,and separation of ownership and management rights,making the state-owned enterprise to become an independent market entity truly,participating in the market economy more.With a special emphasis on the pension,finance,and technology industries,the state-owned economy has undergone structural adjustments,so that its social value and corporate value are both improved,achieving the purpose of the value preserving and appreciating.