The State-owned Capital Management Budget Management Studies

The Party's 3rd Plenary Session of 16th Conference points out to set up the budget system for the state-owned capital.The 17th Session of the General Assembly report points out that it is should be to accelerate the construction budget system for the state-owned capital and improves all kinds of State-owned assets management system and.Institution is an important reform measure taken by the Country,for the consideration to improve the overall situation of the socialist market economic system. Centralizing the management of state-owned capital's operating and especially the management of the profits of state-owned capital operations and reinvestment activity is helpful for separating the country's power of state-owned capital's owner from the administrative power of social manager in the aspect of the budget system.Seting up the state-owned capital's operating budget can promote the separation of government functions from management and capital of the enterprise,which is helpful to carry out the capital management of state assets and promote abundant flow and the optimum organization of state assets in the scope of the whole society,improving the operation efficiency of state-owned capital to the maximum level,and performing the control and force power of state-owned capital in the national economic development.Seting up the state-owned capital's operating budget can also make effective effort to standardize the business activities such as the assets return and the changes in property rights,suppress the loss of state assets,and safeguard the state assets owner's equity,which will have great practical significance and theoretical value.This paper is based on the national contributor's financial supervision's visual angle.It synthesizes theoretical formation such as Principal-Agent Theory,Theory of Property Rights,Game Theory and Asset Pricing Theory used in the management.This paper has taken normative research,empirical study,experience research,induction and deductive method etc.in consideration that combined together to have a depth and systematic research of the management of state-owned capital's budget with emphasis. The full text can be divided into four major parts,a total of seven chapters.The 1st part:background and research questions raised.The 1st chapter is the introduction.Main content:first,the purpose of research,the significance and the major research methods;second,evaluation and summary of the study domestic and abroad.The 2nd part:part of theoretical research.The 2nd chapter is the base theory of the management of state-owned capital's budget and theoretical structure of national contributor financial supervision.The 3rd chapter sets up the frameworks of the management of state-owned capital's budget system.Main content:One,proposed the state-owned capital is the logical starting point of theoretical structure of national contributor financial supervision;Two,proposed six theoretical hypothesis to the financial supervision of national contributor.Three,there is two purposes that EVA maximum and macroeconomic regulation and control of national contributor financial supervision;Four,has expounded theoretical structure of national contributor financial supervision and has been formed by three theoretical levels that are starting point theory, goal theory and application theory,which announced the interaction among these three levels,and discussed the interaction at the same time;Five,compare the management of state-owned capital operating budget pilot mode which has be carried out in Shanghai,Shenzhen and Jiangsu province,and state the state-owned capital operation budget management framework which has be constitutive of preparation of a range of state-owned capital,the main body of the preparation of state-owned capital,capital of the procedures and methods of preparation,elements of income and expenditure.At the same time,the "state-owned assets supervision agencies - state-owned capital operation platform - has been invested enterprises," three-tier state-owned capital operating budget management.The key is building a between vector that is state-owned capital operating companies.The 3rd part:part of empirical research.The 4th chapter is that confirm the returns of state-owned capital and the collection management,the 5th chapter is that perform evaluation of state-owned capital operating budget expenditures with empirical analysis which based on Analytical Hierarchy Process.One,proposed state-owned shares of listed companies pricing methods and the reduction interval with the use of Mathematical model,which use the case studies to verify the effectiveness of the valuation.Decision-making through the board of directors,operation of management and state-owned assets regulator series of regulatory procedures for approval the changes in ownership of state-owned and state-owned stake in special cash account. Two,standardize the general revenue of state-owned capital from the collection of business scope,the collection base,examination and verification procedures and deal with the undistributed profits.Three,set up state-owned capital operating budget expenditure performance evaluation system with three aspects that are allocation of performance,consumption performance and social performance,and make empirical analysis to operating budget for state-owned capital expenditure performance with analytic hierarchy process.The 4th part:part of the application of countermeasures.The 6th chapter is the financial supervision strategies of the management of state-owned capital operating budget.To speed up the establishment and improvement of the scientific performance evaluation system of the state-owned capital,the full implementation of economic responsibility audit work to the country investor,building a new framework of the state-owned enterprises audit committee system,strengthen the control of financial risk and financial behavior of country investor in financial budget and so on,strengthen the management of country-funded enterprise's financial information disclosure,these five aspects are the most concerned about by the state-owned assets supervision and management of agencies,stating measures to strengthen the financial supervision of state-owned capital operating budget,which all of these is in the hope of protect the state-owned capital operating budget system runs effectively and healthily.The 7th part is the findings and prospects of the thesis.Give the main findings of the study,pointing out that the lack of existence,and provide the clues for the following study to look for. The following is the main innovations of this article:(1) Proposed national contributor financial supervision's system in the use of normative analysis methods,and proposed theoretical hypothesis of national contributor financial supervision,theoretical logical starting point of national contributor financial supervision,EVA maximum and macroeconomic regulation and control with an emphasis;(2) With the use of research methods to make up state-owned capital operation management platform,it has proposed government capital operation mode which is state-owned assets supervision agencies - state-owned capital operation platform - has been invested enterprises," three-tier state-owned capital operating budget management mode,and defined the state-owned capital operating company's basic operating mechanism;(3)Adopt the way that combines qualitative and quantitative methods together to optimize traditional financial index and expand index system,and innovate the existing state-owned capital management performance evaluation index system,which has made to EVA as the core of state-owned capital management performance evaluation system;(4) Set up a state-owned capital operating budget expenditure performance evaluation model, making an empirical analysis based on 30 enterprises which had fulfilled the duty in Jiangsu province;(5) In order to ensure that state-owned shares of listed companies and major assets and the reorganization of the operation code of conduct in an orderly transfer,and act to strengthen the management of state-owned controlling shareholder, the focus of the state-owned assets supervision and management of organizations has moved to the changes in state-owned shares of listed companies and the cash transfer. This paper has proposed state-owned shares pricing methods and the reduction interval with the use of mathematical model,and make case studies based on two listed companies which had fulfilled the investor's duty in Jiangsu province.