Research On The Management System Of State-owned Assets In China

Strengthening the state-owned assets administration with focusing on capital management, impoving the management system of the state-owned assets,are the key issues of deepening the economic system reform and also important tasks for the management of the national economy. Studying the reform of state-owned assets management system is helpful for improving the management theory of the state-owned economy, developing the theory of modern enterprises and modern property rights, and promoting the theory of economic growth. Through studing this issue, the vitality, control ability, influence and anti-risks capability of the state economy can be enhance. In order to study the problem thouroughly, the variety of research meotheds including combination of theoretical analysis and empirical analysis, historical and logical analysis method and the combination of the comparison and comprehensive analysis are used, it summarizes the characteristics of the state-owned capital operation, seeks the effective way of the reform of the management system of state-owned assets and provides the comparison of the international experience to get useful reference and inspiration.After proposed the research topic and discusses the theoretical and practical significance, the domestic and foreign relevant literature has been reviewed, then the theoretical foundation of the reform of the management system of state-owned assets is established. After reviewing the state-owned assets management system reform related theory, which including modern enterprise system theory, modern theory of property rights and corporate governance theory, a new state-owned assets management theory is proposed, then the model of state-owned assets management are constructed and the index system of state-owned assets management is given. The history and current status of the management system of state-owned assets is introduced, including the historical evolution of the state-owned assets management system, the current status of the management system of state-owned assets is discussed from the point of view of the function of state-owned assets management institutions, state-owned assets scale and state-owned capital industry layout analysis, proposes present problems and makes cause analysis for the reform of state-owned assets management system. Base on the index system of state-owned assets management, empirical analysis for current state-owned assets management is made from the four aspects including capital gains, safety of capital, capital structure and capital operation, and using the State Development Investment Corporation as a case to study state-owned capital investment capital operation at the micro level. Through the measurement model, relationship of the state-owned property right and asset returns is tested using China’s manufacturing data from a sample of A-share listed companies,at the mean time the relationship between asset returns and the cost of capital is found, then using the 174 countries and regions from 1990 to 2013 the unbalanced panel data, through the fixed effects econometric analysis model, to verify the relationship between state-owned property rights, the cost of capital and economic growth are discussed. By analyzing the system and experience of the management of state-owned assets in Singapore, Italy and the United Kingdom and other major countries, the reference of foreign state-owned assets management to the reform of China’s state-owned assets management system is discussed from three angles, which are institution construction, capitalizing on state-owned capital advantage and impoving state-owned capital layout.The countermeasures and suggestions on promoting the reform of the state-owned assets management system are given. Firstly, the necessity and the principles of the reform of state-owned assets management system are proposed, clear objectives of state-owned asset management are clarified and some important functions of state-owned capital has been put forward, which including providing national equipment, national security, people’s livelihood and international competitiveness, according to the characteristics of the state-owned capital to promote the development of mixed ownership, give full play to the advantage and overcome the weakness of state-owned capital, therefore the state-owned capital and private capital can complement each other and progress together, to improve state-owned assets management system focusing capital management, to implement a dynamic operation of state-owned capital and reform the state-owned capital authorized mechanism, propose a plan for the innovation and coordinate development state-owned assets management system.