Study On The Institutional Change And Efficiency Of State-owned Capital Operation

After 30 years of reform and opening-up, China has changed from planned economy to market economy in macro-control, and the evolutional process of state-owned capital reveals the importance of system reform. State-owned capital is a part of state-owned assets with the operation and economic interests. It has the economic function of increase the value and the social function of stabilizing the economy and improving the social welfare. Before reform and opening-up, the operation and management efficiency of state-owned assets were low in planned economy system. The system of state-owned capital was adjusted after reform and opening-up. In recent years, China has constructed a better system of state-owned capital operation. However, there are many problems demanding solution in the system of state-owned capital operation. This dissertation attempts to answer some questions. What is the conception and characteristic of the system of state-owned capital operation? What is the logical basis of the system? How to estimate the efficiency of the system of state-owned capital operation? These are the most important problems of the innovation of socialist economic system.This dissertation attempts to construct an integrated analytical framework which could answers the question above. Then, it compared China's operating model of capital operation with foreign operating model of capital operation. After theoretical research and empirical analysis, this article puts forward countermeasures and suggestions which could improve the China's state-owned operating model of capital operation.The full text is divided into 7 parts:The first chapter is introduction. It introduces the background of the issues, the methods of research, the ideas of research, the framework of articles, and the innovations of dissertation.The second chapter is the theoretical basis of the system of state-owned capital operation. It summarizes the related theories of capital operation, the institutional change theory, and so on. It defines the related concept and summarizes the way of state-owned capital operation. At last, it proposed the logic and dynamical basic of system innovation of state-owned capital. Only ensured the economic interests of the state-owned enterprises at the micro level, it could the preserve and increase the value of state-owned assets at macro level.The third chapter is the experience and enlightenment of foreign operating system of state-owned capital. It systemically researches the operating system of state-owned capital in Singapore, the United Kingdom, France, the United States, Italy and South Korea, and summarizes the experience about system model and the institutional environment, so as to improving China's operating system of state-owned capital.The forth chapter is the evolution of operating system of state-owned capital. It studies the formation of China's state-owned capital, and discusses the evolution of investment system of state-owned assets supervision and management in macro. In micro, it researches the evolution process of the capital of state-owned enterprises operating system. This chapter confirms the innovation of state-owned capital operation system based on the power and logic.The fifth chapter studies the efficiency of China's operating system of state-owned capital. It first indicates the determinants and criteria of the efficiency of China's operating system of state-owned capital. The efficiency of China's operating system of state-owned capital was determined by the structure of the internal institutional arrangements of the system, and the structure of the structure of co-ordination in system. The criteria are the safeguard of the economic and social benefits of state-owned capital. On this basis, this chapter on China's state-owned capital operating system changes the efficiency of the process analyzed.The sixth chapter is the empirical analysis of China's state-owned capital operation. Exemplifying state-owned holding company, it analyzed the efficiency of capital operation. This paper selects 13 secondary indicators as comprehensive evaluation index system, and use the principal component analyzing operational efficiency of company's state-owned capital. At last, it analyzes the final results of empirical analysis.The seventh chapter is the countermeasure to improve the operating system of China's state-owned capital. There are three countermeasure and suggestion which contain the invest system of state-owned capital, the regulatory system of state-owned capital, and the operating system state-owned enterprises.There are several possible innovations in this paper as follows:First, the dissertation proposes the logic basic of innovation of the operating system state-owned capital is the properties of"capital"in macro and the properties of"enterprise"in micro. It is the key to recognize the problem about the innovation of operating system state-owned capital.Second, it proposes the criterion about the efficiency of state-owned capital operating system, and attempt to construct an integrity analytical framework. It indicates the determinants and criteria of the efficiency of China's operating system of state-owned capital.Third, it built an indicator system to evaluate the efficiency of state-owned capital operation, and analyzes the final results of empirical analysis. This system contains includes a number of capital operation performance factors, and analyzes capital measure more comprehensive and reasonable. Using the principal component analyzing method, it systemically reveals the innovation of state-owned capital operating system.