Research On The Performance Evaluation Of State-Owned Capital Operation Of China Resources Group

Since the eighteenth congress,state-owned enterprise reform entered a new stage,the focus of reform has shifted from "managing assets" to "managing capital",and restructuring state-owned capital investment companies and improving the efficiency of state-owned capital are key links in the process of a new round of state-owned enterprise reform.With the establishment of state-owned capital investment companies in 2022,the construction of a performance evaluation system that matches their functional positioning should be promoted simultaneously.Based on the above background,using the case study method,this paper takes 2018 as the cut-off point and analyzes the performance changes before and after the reform of China Resources Group,a state-owned capital investment company,and evaluates the effect of its state-owned capital operation reform.Firstly,the paper introduces the background of China Resources Group and analyze the main reform paths and typical cases of China Resources Group.Secondly,using the event study analysis of typical cases in China resources group capital operation reform of market reaction,reflects the changes in the market performance of China Resources Group.Thirdly,the principal component analysis method is used to build financial performance evaluation model,the capital operation of China resources group before and after the reform of financial performance were analyzed.Finally,come to the conclusions,then suggestions put forward for China Resources Group to improve the performance of state-owned capital operation.The study finds that,first,adjusting capital distribution is an effective way to build a state-owned capital investment company.CR promotes its transformation into a stateowned capital investment company through optimizing the capital distribution structure.Second,the reform of state-owned capital investment companies has improved the growth capacity of China Resources Group and achieved capital preservation and appreciation;Slightly improved the capital profitability and risk resistance of China Resources Group;However,the reform has not effectively improved CR’s operating capacity,and the analysis of the reasons shows that due to policy impact and other reasons,the performance of some sectors has declined,resulting in low capital operation efficiency.Third,the financial performance evaluation system of state-owned capital investment companies should pay attention to the evaluation of "capital",including three dimensions: capital profit,capital growth and capital allocation ability.In this paper can be for the construction of the performance evaluation system of stateowned capital investment company to provide the reference.