Research On The Impact Of The Reform Of State Owned Capital Investment And Operation Company On The Performance Of Shandong State-owned Assets Investment Holdings

In 2013,the Third Plenary Session of the 18 th CPC Central Committee proposed that state-owned enterprises should realize the transformation from "managing assets" to "managing capital",establish a number of state-owned capital investment and operation companies,and these two types of companies will link up the government upward and connect enterprises downward,giving state-owned enterprises full autonomy and decision-making power,and promoting the rapid development of enterprises.In 2020,the CPC Central Committee will implement the three-year action of state-owned enterprise reform,propose to improve the supervision of state-owned assets,and further play the role of investment and operation companies in state-owned capital operation,stimulate the vitality of state-owned enterprises’ production and operation,and promote the development of the real economy.The economy of Shandong Province is relatively developed.As the only state-owned capital investment and operation company in Shandong Province,SDIC has a replicable operation mode,which is widely applicable to other local investment and operation companies.SDIC is highly representative and worthy of in-depth study.Analyzing the impact of SDIC reform on its performance will broaden the reform research field,improve the performance of local state-owned capital investment and operation companies,enrich the reform implementation methods,and improve the practical work ability.This paper adopts the methods of literature analysis,case analysis and comparative analysis to deeply analysis of the impact of reform on the performance of companies under the "capital management" background,enrich the theoretical research,as well as the practical research on the internal causes of reform and development,that is,the development path,and explore the suitable evaluation system for companies,It is also helpful to provide reference for the reform of other local investment and operation companies in the context of "capital management",and promote the reform process of state-owned enterprises.This paper is divided into four parts.First,it gives a general introduction to the research setting and significance,collates the domestic and foreign relevant literature,and describes the main research content;Secondly,introduce the investment company,operating company and group company,and distinguish them in detail;Thirdly,Shandong SDIC is selected as the case object to gradually explain its reform motivation,performance evaluation results and the internal causes of the results,and draw a development path to determine the strategic positioning,strengthen financial risk management and control,and optimize the corporate governance structure;Finally,through data analysis,relevant conclusions are drawn: the reform of SDIC Shandong has improved enterprise performance,optimized financial index data,promoted the development of the company,and realized capital appreciation and preservation.The conclusions of this paper are: First,the reform of Shandong SDIC has a positive impact on its performance.The reorganization has improved the overall performance level of the company,and its capital turnover ability and solvency have been improved significantly,which is consistent with its capital investment and operation attributes.Second,the internal mechanism of SDIC’s performance improvement lies in its clear self positioning,reasonable capital structure and perfect governance system.Its reform path can provide full reference for other local state-owned capital investment companies and promote the reform of state-owned enterprises.Third,through analysis and comparison with national level investment and operation companies,combined with the overall reform situation in China,it is found that the current reform of state-owned capital investment and operation companies needs the joint efforts of the government and enterprises.The government should strengthen policy support,clear authorization,and enterprises should define their positioning,improve the risk control system,and promote the rational and effective operation.The innovation of this paper lies in: First,the topic of this paper fits in with the current hot spot of state-owned enterprise reform.The "two types of companies" are a new product of the three-tier authorized operation system proposed by the SASAC.Although they have been boldly practiced at the central and local levels,and have successively established state-owned capital investment and operation companies,their functional positioning and core concepts are still confused,and the research objects are mostly focused on companies at the national level.This paper takes provincial and municipal state-owned capital investment and operation companies held by the Assets Administration Commission as the research object,which enriches the research on the impact.Second,this paper combines the current background of "managing capital",and analyzes the internal mechanism of its performance improvement from the perspective of reform achievements.By analyzing the reform achievements of Shandong SDIC,combining the current reform background and the specific national conditions,a series of development paths to promote its performance are obtained,which provide ideas for the development of other grass-roots platforms.