The Computing Of State Stock Equity In Listed Companies Under The Condition Of Entire Circulation

With the gradual establishment of the public financial system in our country, the financial theory circle and managing department of state property has been paying attention to how to manage and operate effectively the listed companies' state interest properties, make them meets the basic needs of public finance, let billions of state-owned operating assets provide public products, service for the society and maximize their effect on the distribution of the resources and financial regulation of the government. Due to lack of strategic, systematic and forward-looking research, in addition to the system defect because of the floating of the non-tradable shares, the ways to compute and manage the listed companies' state properties in our country are single and out-dated. Not only have we fulfilled the efficient allocation of the state property, but these old-fashioned computing ways have become the choke point of the development of the stock market. The budget of the state property can not be carried out and we have come across many deficiencies and problems in reality.Reflecting on the main trains of thought and specific computing modes of the listed companies' state properties in our country for ten years, we can draw such a conclusion: we can not simply emphasize the non-action adjustment of the state stock equity, the static inflation-proofing and appreciation examination based on net assets, or the transference of the stock ownership and assets reorganization whose basis is the withdrawal of the nation and the advance of the citizens in computing of state listed companies. The early state properties computing theories were almost concluded in this way. But in entire circulation period, the basis of the value of the companies has greatly changed. The value of the state stock equity is measured according to the price of the stocks and examining the net assets in the past is meaningless at present. At the same time, the value of state stock equity of the listed companies as resource has become prominent and the scarcity of the stock ownership is becoming obvious. The trains of thought of how to compute state stock equity afterwards should benefit the allocation of the social resources, the steady economic development, the realization of full employment and strengthening the overall ability of competing as well as making a profit of the state operating assets. Computing the state stock equity needs to be carried out with results and must be carried out positively. Through capital-computing of state stock equity of the listed companies, we should promote the nation's withdrawal and the advance at the same time and promote securitization of the state fine assets, that is , the connotative adjustment of the state assets. Based on these knowledge, the writer makes use of the entire circulation---the great systematic changes of the stock market--to make systematic and deep research on computing the state stock equity of the listed companies in our country as well as the reforming tendency.Centering on how to compute and optimize of the state stock equity of the listed companies under the condition of entire circulation, the writer come up with the train of thought on optimization of the state stock equity of the listed companies, analyze the experience and lesson of the computing of the state stock equity in our country for ten years and judge objectively the success and failure of the ways of some listed companies. The author also does some research on how to compute the state stock equity of the listed companies under the condition of entire circulation combining with the practical situation of the development of the state economy and criticizes the privatization. The author makes use of the public finance theory and modern enterprise theory to formulate the instructional thought, strategic aim and specific measure of how to compute the state stock equity of the listed companies from the angle of resource allocation and value management. The paper falls into 5 chapters:The first chapter is the introduction, to make a point. It includes the meaning of the research, the theoretical means, method of research, trains of though and the structure of the paper.The second chapter elaborates the basic theories which will affect computing the stock ownership of the listed companies and emphasize that what we should do and should not do in computing the state assets during the present period when we are setting up the public financial system. The author refutes the idea of complete privatization of the state stock equity and hold that the state capital should advance or withdraw according to the specific situation of the listed companies. The competition areas should allow the strengthening of the companies with more capacity to compete and gain profit. The author explains systematically the principles which will affect the result of computing the stock ownership of the state listed companies, such as principle of agent, principle of the administration of the company and principle of the structure of the stock ownership. Through the research of the state management of the company and structure of the stock ownership, the author gets the conclusion that the value of listed company has close relation with the administrative level of this company and the price of the stock can produce premium price.In the third chapter, the author analyzes the policies, the main manners and the characteristic of how to compute the state stock equity of the listed companies before the reform of the stock market in our country. The author finds out the reasons for the misadventure effect and reflects on their flaws and deficiencies.In the fourth chapter, the author analyzes the opportunities and challenges the full-flow mode brings to the management and computing of the state stock equity of the listed companies as well as some problems related to computing the state stock equity, for example, buying and selling stocks by large shareholders.In the fifth chapter, the author comes up with the instructional thought, the strategic aim and effective measure in computing the state stock equity. The author advocates that we should bring the recombination between the state enterprises into play and change the past principle of the withdrawal of nation and advance of citizens into the strategy of the advance or withdrawal of nation. We must achieve three aims in computing the state stock equity. The macro aim is to arrange the state resources strategically and establish the real modern enterprise system. The economic aim is to balance the usual yearly bonus with the long-term and steady growth of the value of the stock ownership market. The social aim is to establish the harmonious society and undertake the duties. The author also elaborates the ways in how to optimize computing the state stock equity of the listed companies from five aspects. The first is to establish the state supervisory system during the entire circulation period, including determining the holding base line of the listed companies of various industries, supervising the actions of selling and buying stocks by the large stockholders and establishing the budget of state assets. The second is to guide the recombination, optimize the stocking structure and strengthen the listed companies. The third is to perfect the companies' management system and increase the companies' level of management. The fourth is to establish the supervisory system to control the daily operating actions of the listed companies. The fifth is to emphasize the regulation of the stock ownership encouragement compliance and guide the state listed companies to carry out the stock ownership encouragement positively and reliably.The innovations of the paper are reflected in the following ways:First, innovation divides the computing the state stock equity of the listed companies into extensive mode and connotative mode. The previous one's definition is assets reorganization in the form of withdrawal of nation and advance of citizens. The latter one's definition is resources integration in the form of the withdrawal or advance of nation.Second, the author puts forward the relation between computing the state stock equity of the listed companies and fulfilling the public finance duty by the government. In the second chapter of theoretical analysis of the public finance, the author points out that the effect of computing the state stock equity of the listed companies not only affects the budget of state capital, but affects the allocation of resource and social stability. It will also play an important role of the macro control of the country. For example, to solve the excess the fund flow, the state stock equity can reduce state's stake in listed companies, increase the market supply and suppress the market excessive speculation.Third, the basic aim of computing the state stock equity of the listed companies is divided innovatively into three parts: The macro aim is to arrange the state resources strategically and establish the real modern enterprise system. The economic aim is to balance the usual yearly bonus with the long-term and steady growth of the value of the stock ownership market. The social aim is to establish the harmonious society and undertake the duties. This provides a all-wave source of reference for determining the plans for computing the state stock equity of the listed companies by state property management departments of all levels.Fourth, the author innovatively puts forward to use the concept of dynamic value management to compute the state assets and advocates connotative mode which means the advance or withdrawal of nation in computing the state stock equity of listed companies. The author advices to catch the historic chance of capital era and change the passive inflation-proofing and appreciation in the past into the active appreciation and depreciation. Finally, the author comes to the conclusion that the way of appreciation of the state assets lies in the assets securitization.