Research On Investment And Stock Right Management Decision Of State-owned Holding Groups Companies

Research on investment and stock right management decision of state-owned holding groups (companies) is currently a hard question in the course of management and reform of such groups or companies because it involves key measures to be taken qualitatively as well as technical approaches quantitatively, which has direct effect on results of investment and stock right management.This dissertation makes a study of investment and stock right management decision of state-owned holding groups (companies). Its main contents are as follows: firstly, on the basis of analyzing theories regarding this questions both at home and abroad, by means of game theory, this dissertation studies such questions as internal special relationship investment, bargain as well as cost sharing, and produces dynamic gaming model with non-average policy tendency, thus making a completely information-dynamic gaming decision model; secondly, further to this, by analysing characteristics and modes of stock right control in state-owned holding companies in the light of trust-agency theory and management control theories, the dissertation come up with management measures over stock right and and subsidiaries and also with approaches that parent company can use to control subsidiaries, pointing out that in the course of reconstruction of state-owned companies, setting up state-owned holding company by reorganizing assets is still one of the main methods through state-owned companies possess controlling stock right; thirdly, this dissertation analyses sotck right, management target and personnel control decision-making as well, pointing out that as controlling stockholder and supreme decision-maker, parent company must control important decisions, appointing important positions as well as allocation of returns on investment, on the other hand, it not proper for parent company to meddle with routine management activities; fourthly, the dissertation makes an instance study by method of regression, selecting many samples, analyzing stock right structures, offering some suggestions on proper centralization of stock right and on some other issues; lastly, by combining qualitative with quantitative analysis methods, the technical support is sound and the conclusion is profound.