Research On State-owned Enterprises’ Asset Restructuring,Listing And Cross-border Selection Of Transaction Subject

With the increasing demand for transportation,the increasing investment in fixed assets in transportation and the support of national policies,the prospects for transportation engineering construction are still broad,and the state and local governments encourage the listing of state-owned capital and cross-border reorganization of state-owned assets,so as to promote the development of securitized countries.The Third Plenary Session of the 18 th Central Committee proposed that the joint ownership of national capital and non-public economy makes it a form of China’s basic economic system.In order to solve the institutional ills of state-owned enterprises,the use of market institutions to in-work state-owned capital,state-owned enterprises in the relevant policies,with the support of the state-owned enterprises in the competitive industries to implement joint-stock reform,promote the development of multi-equity,focusing on promoting the full listing of enterprises.With the overall listing,the social funds of state-owned enterprises were introduced,so that social capital and state funds complement each other,and completed the primary task of mixed ownership reform.More importantly,the overall enterprise listing transaction can effectively promote the diversified investment market subject from equity mixing to industrial integration and development,the trading platform can integrate the capital market operation,so that different stakeholders can strengthen cooperation in a competitive game,really effectively stimulate the capital market innovation vitality,improve the capital operation and management efficiency of listed enterprises.On the whole,the cross-border reorganization and listing of state-owned enterprises is an important way to reform the ownership system of mixed state-owned enterprises,and also an important way to promote the competitiveness of state-owned enterprises and expand the diversification of their business.However,in the course of actual operation,administrative intervention is more obvious in the operation and management of state-owned enterprises in China,the level of operation market is low,and the development of intermediary institutions is slow.In addition,at present,some state-owned enterprises in China blindly carry out asset reorganization and merger,there is no clear purpose,their own development situation is not expected to know,there are some cognitive misunderstandings,think that through the real industry is better than the use of reorganization and merger to obtain high profits.And the level of marketization is not high,still need to further explore the relevant experience in practice.This paper is the largest case of the reorganization of state-owned enterprises in Zhejiang Province,Zhejiang Communicaitons Construction Group,the successful case of asset restructuring and listing,which provides theoretical guidance for the decision of the reorganization of state-owned enterprises,provides reference for the work of legislation,supervision and other aspects,provides innovative ideas for the reorganization and listing of state-owned enterprises,enriches the content of cross-border reorganization research,and plays a very good role in the demonstration of the industry.Case study,comparative analysis and field investigation are the main research ways in this article.This article first analyzes and summarizes relevant domestic and foreign documents,and then sorts them.On the basic theory of the reorganization and listing of state-owned assets,the principle,method,precautions and results of selecting the target object are analyzed theoretically.Secondly,based on the asset reorganization case of Zhejiang Communicaitons Construction Group,the author analyzes the dynamics,process and influence of the cross-border selection of the underlying object under the background of asset reorganization and listing.Finally,the experience of the reorganization case of the company is summarized,and some suggestions are put forward,so as to draw conclusions.Cross-border transactions of state-owned enterprises’ assets reorganization and listing,in line with policy requirements and in line with social trend,is a choice worth considering,but there are still many problems in the whole process of listing state-owned enterprises,according to the listing situation of the whole state-owned enterprises,to take effective measures to create good conditions for the whole listing,and thus better release economic vitality.