Research On The Investor System Of China's State-owned Financial Capital

The reform of the state-owned financial business enterprise has been carried on for more than 20 years, accompanied with the economic system reform, however, the reform of state-owned financial capital management system is lag behind, become an important restriction factor of the state-owned financial business enterprise reform result. Establish an effectively state-owned financial capital system behalf of establishment person should be formed the direction of financial capital management system reform. which contains the responsibilities of investor on behalf of the state ,the management and profit, rewards and punishment, it is a complicated and hard systems engineering, it refers to lots of system reformations, for example, the reform of the fiscal and taxation, investment and financing system government officers and institutions setting and personnel matters. so to analysis and research this problem have important meaning on the theories and practice .the following contents is an introduction of this paper.Chapter 1 commenced from the angle of history develop view, analyzed the process of the state-owned financing institution, from the initial stage of reform of bottom put and accept up, reform the independent power of extension business enterprise, contract system, commercialized the state-owned financing institution, until the state-owned financial business enterprise share reformation, to build up the modern and financial business enterprise system reform. Each reformation obtains certain result, also expose some problem. Reform is basic in the business enterprise level, not touch to the planned economy color of the state-owned financial capital management system by the root, the whole performance of state-owned financial business enterprise is not high, the bad huge sum property , the difficult situation not changing thoroughly. Modern business enterprise system is a valid business enterprise system of market economy country, building up modern business enterprise system and match the international financial business enterprise rule characteristic have already be the direction of the financial business enterprise reform .The important characteristic of the modern business enterprise system is the investor possess the rights of the proprietor presses based on the capital sum, business enterprise according to the market need to organize produce and management, the government does not interfere its activity directly. The state-owned financial business enterprise building on the modern business enterprise system objective request the government as a investor representative's body to management, putting forward the ownership system of state-owned financial capital is inevitable logic of the state-owned financial business enterprise and the state-owned financial capital management systems reform.Chapter 2 commenced from the general theories of entrust and agency, carry on the thorough economics theories analysis the investor system of state-owned financial capital, our country and agency of the state-owned financial capital performances as two grade systems, The first class system starts the client( all the people) to central government from top to bottom many classes authorization chain, the second class system is many classes authorize the chain from central government to the end agent from top to bottom, the chain is specially long, and entrust to act have the obvious administration property, because of lacking the valid supervision mechanism, usually making not economic of act; This chapter carry on the point analysis to the agency of the second class system, have the ratio space to analyze the problem of the government and state-owned financial business enterprises of many mission entrust and control power partition affecting the state-owned financial business enterprise efficiency, thus we can find that two power separations of the government are the key of the state-owned financial capital management system reform, nowadays the control power of state-owned financial capital dispersion is unable to help the state-owned financial business enterprise efficiency, so establishing unify the organization is necessary and is advantageous to the state-owned financial business enterprise efficiency improvement.Chapter 3 investigated the foreign state-owned financial capital supervision system. This chapter scan widely the world from the foreign state-owned capital supervision of basic frame , then analyzed the state-owned financial capital management system , France, Sweden, Italy ,New Zealand, Singapore, Korea , the state-owned capital and the state-owned financial capital management systems of these western and developed countries have the representative. The paper selected these 5 nations to carry on the investigation, thus we can acquire the important apocalypse that the state-owned financial business enterprise can do good, and building the investor system of state-owned financial capital is a key.Chapter 4 put forward the basic frame of the investor system, it is the core part. These are based on forward analysis this paper designed a new frame of the state-owned financial capital supervision system, the main contents including establishing the state-owned financial capital supervision organization, establishing four layers entrust and agent of the state-owned financial capital, perfecting the basic supervision law of the state-owned financial capital ,Building up a set of index sign system to investigate and the system to encourage; Perfecting an exterior environment .Finally discussed the system terrace. Following several chapters is a cent talk, is a detailed elaborate of its internal mechanism.Chapter 5 analyzed the organization that is most important part of state-owned financial capitals in the investor system. Careful analysis the each property of layer organization and right, characteristic from supervision organization, operation the organization to the carrying unit, among them relating to analyze the supervision organization with exterior, the project choice compare, property, inner part constitute and, and point analyzed the operation organization the state-owned financial business enterprise holding company, among them to take remit three companies (Huai Jing) as an example. Because the system is depending on in organization, the organization is the foundation of the system's existence. Thus find out the constitution of the organization very important, the new establishing state-owned financial capital supervision organization, must change its past method and means of the administration type. This paper also put forward own standpoint.Moreover this chapter also analyzed the encouraging mechanism and selection of the key leader, mainly adopt the history analysis and game analysis to manages how the organization choose the board director, president, supervisor, general manager, how to encourage effectively, so as to attain protecting and increasing value of the state-owned financial capital, we find that we must innovate the system under the party rule, return the investor complete personnel power and build up with the economy encourage mechanism.Chapter 6 mainly investigates the index sign and evaluation system that is an important link of the system arrangement. Because it is the target of the state-owned financial capital operation organization, is also a means of state-owned financial capital supervision, so it is a tool. This chapter looked back index sign's history and present of the state-owned financial capital; found the index sign is imperfect. Currently the united index sign of evaluation is not exist, as the former evaluation index sign a foundation, this paper give a new life of the evaluation index sign with the EVA theories, and find that considering the economic benefits of the capital cost is just reasonable in evaluating protecting and increasing in the state-owned financial capital value.Chapter 7 analyzed the supervision system that is the guarantee mechanism; its core is the finance supervision of investor. This chapter adopted general frame of the management judgment principle and the state-owned capital budget systems, we found we should build up a finance supervision system as investor the center (the supervisor bureau for the core layer), pursue the responsibility with the management judge principle to combine, among them take budget as the control and directs on the macro view, so as to carry on the valid supervising to the state-owned financial capital.Chapter 8 analyzed the turnout and withdraw system of the state-owned financial capital, first share diversified ownership of state-owned capitals results more efficiency, national financial system changes and national risk ,we find absolutely control is viable, also is necessary. The government-owned capital withdrawing improved the state-owned financial capital income, attain to take back as step forward, but must draw lessons from the international experience, gradual propulsion. Among them the most important is reasonably and by market to decide price. At the end, analyzing related problem of the strategic investor at present, this part is mainly overview, the behind is from the angle of view that a supervision encourage to carry on a kind of new analysis of the strategic investor, we find that inspect of encourage is something doing with his absolute sum capital only, but not with comparison sum in its ,so limited of withdraw to bring the resources of inspect enrich supply, this is more absolutely for comprehend the state-owned financial capital controlling policy .Moreover as long as we have a valid inspector to usher in, all of other shareholders are hitch a ride, did not more affect, thus not having financial profession's strategic investor can also lead to usher in.Above those is probably including this paper contents, the investor system of state-owned financial capital is great system engineering, this paper just discussed coarsely its main contents and main aspects, this paper have achieved some creative points:(1)This paper carried on more overall, system of analysis of the state-owned financial capital management ,based on the fore research, according to own way of thinking, and conceive, constructed a whole set investor system of the state-owned financial capital, this may be a beneficial research of the financial capital management.(2)Through the research of reforms history development progress of the state-owned financial business enterprise, we find that putting forward of system is the inevitable logic of the state-owned financial business enterprise and the state-owned financial capital management system reform history development.(3)Put forward the management judgment principle, lead board director's responsibility pursue with the management the principle of judgment together, at the same time ushering in the capital budget system to perfect the supervision system.(4)End, angle of supervision encourage view, ushering in the strategic investor at present and capital limit to withdraw, it can bring inspect resources to enrich supply, thus for comprehend the nation to absolutely control providing a new visual field.