State-owned Capital Finance:Historical Investigation And Future Orientation

Our country has put forward the reform goal about fiscal system that gradually establish the basic framework of public finance which compatible with the socialist market economy in the late1990s. However, the complexity of the transition process about the planned economy system to market economic system and the real national conditions of our country determines that constructing the public financial model compatible with the socialist market economy still needs undergo the long-term exploration. There are large amounts of operational state-owned assets in our country during the period of system transformation, that is, state-owned capital. As the investor of state-owned capital, our country has the rights of the owner(representative) to participate in the distribution and redistribution of state-owned capital appreciation, thus formed the state-owned capital finance. Public finance is the goal pattern of financial system reform in our country,and state-owned capital finance is the transition model that reality,must exist and in the service of public finance in transition period. However, From the point of view of the existing research dynamic, more scholars focuses on the study of public finance, even the promulgation of "Opinions On State-owned Capital Management Budget" in2007, experts and scholars just discuss the state-owned capital management budget itself, rarely from discussing the form of state-owned capital management budget to research on the substance of state-owned capital finance. In fact, In fact, since public and state-owned capital finance both are belong to a part of the country’s finance,then no matter from the integrity of theory or starting from the reality of the reform, we cannot ignore the study of state-owned capital finance because the public finances has been established the goal pattern of financial system reform in our country, rather than deny the existence of the state-owned capital finance and its significance.Based on the above thinking, this paper will research the state-owned capital finance, first of all, explain the theoretical basis of state-owned capital finance, secondly, define the related definitions and characteristics of the state-owned capital finance, then tease out the exploration of public sector of economy of the communist party of China and the formation process of state-owned capital finance since1921,on this basis, state the existing circumstances about revenues and expenditures of state-owned capital finance, and using the empirical evaluate the performance of state-owned capital finance system, analyze the challenges of state-owned capital finance, points out that the state-owned capital finance will also be gradually incorporated into the public finances with the socialist market economy constantly improve, finally, put forward the related countermeasures and suggestions that how to realize the effective system coupling of state-owned capital finance and public finance during the transition period.