Research On Capital Operational Performance Of Provincial-level State-owned Operation Platform

The concept of state-owned capital investment operation company was first proposed at the Third Plenary Session of the 18th CPC Central Committee.Subsequently,the central government issued a series of supporting documents to promote the establishment of a new“three-level system”state-owned capital authorization management system.In order to implement the spirit of the central reform,the central and local levels have successively reorganized state-owned capital operating companies.The State Council 2018 No.23 document emphasis on the restructuring of state-owned capital operating company.On March 19^th 2019,Government Work Report expressly requested to speed up the reform of State-owned enterprises once again.At present,provincial-level research has important reference significance for accelerating nationwide promotion and model duplication.This paper focuses on how Shandong State-owed Assets Investment Holdings operate after being established as a state-owned asset operating platform.What is the effect of its operation after its formation?This paper compares the operational effects before and after the establishment of the platform and evaluates whether it has achieved the goal of promoting optimal allocation of resources and maintaining and increasing the value of state-owned capital.However,the platform companies are mainly debt financing,and the pressure on debt repayment continues to increase.Although the Platform Headquarters has gradually shifted to financial investment,the main source of income depends on the return on investment income of long-term equity investments.The Platform Headquarters faces the dual pressure of uncertain fluctuations in financial holdings and debt maturity,and equity investment foundation level still needs to be improved.