Study On New Stated-owned Assets Management Corporations

From the strategic adjustment of state-owned economy beginning, state-ownedeconomy gradually exited from competitive field, and related to the field of nationalsecurity, natural monopoly and public service. Its control force and businessefficiency enhanced. In this process, state-owned asset management corporations hadplayed an important role on the management system of state-owned assets perfect,promoting the state-owned economic layout and structure adjustment, servicingnational strategic emerging industry development and stripping state-ownedenterprise historical burden. In the future, with the strategic adjustment ofstate-owned economy gradually deepening, the limitations of single function will leadthe state-owned asset management corporations can’t adapt to the needs of thestrategic adjustment. So, we must set up the new corporations with industry operation,strategic investment and asset restructuring, and make it become the state-ownedcapital operation of common form. Therefore, the study on new state-owned assetmanagement corporations will have very important practical significance.The paper is made up of8parts.The first chapter is introduction. First of all, puts forward four tasks of thestrategic adjustment of state-owned economy, i.e., the reform of state-owned assetsmanagement system, promoting the state-owned economic layout and structureadjustment, promoting the strategic emerging industry development and solve thestate-owned enterprise business baggage. Secondly, we combined with the history ofthe reform, analyses the existing state-owned asset management corporations, putforward to build the new state-owned assets management corporations to crack thestrategic adjustment of state-owned economy task. Finally, it points out that newstate-owned asset management corporations of the important meaning. In the futureof the state-owned asset management system, the SASAC and the new state-ownedasset management corporations how to define the rights between various division, assets management corporation’s main function, operation mechanism, thegovernance structure and how to control to the state-owned enterprises, will have adirect relationship of state-owned assets management efficiency and the developmentof the state-owned economy.The second chapter is the theoretical review and literature review. First, wereviewed the entrepreneur theory, property rights theory, transaction cost theory,enterprise contract theory, corporate governance theory and holding company theory,and discussed, as the theoretical foundation of the thesis research. Secondly,according to research on the economic and social function of the state-ownedeconomy, state-owned assets management system reform, the state-owned enterpriseproperty rights reform and research of corporate governance, we combing the mainliterature about state-owned economy and the reform of state-owned enterprises, andsimply reviews.The third chapter is the state-owned assets management system reform and thestate-owned asset management corporations. First of all, makes an investigation onthe foreign state-owned asset management mode, points out that we shoulddetermine the way combined with national conditions, strengthening the state-ownedasset management legislation, implement classification management, strengthen theperformance evaluation, the introduction of operation mechanism for reference, etc.Secondly, reviews the course of China state-owned assets management system reformfrom4stages. Thirdly, analyses the malpractices of state-owned assets managementwith the double identity of SASAC, puts forward the three levels of managementsystem of state-owned assets, it is made up of SASAC, the main body of thestate-owned asset management and state-owned enterprise. And we clear the threemain body’s orientation and functions. Finally, the group of state-owned corporations,state-owned holding corporations and the state-owned assets managementcorporations are the natural platform of the owned assets management main body, butthey must be transformed, and eventually became the new state-owned assetsmanagement corporations.The fourth chapter is the construction of new state-owned assets managementcorporations. First, puts forward the new state-owned assets management corporations is directly administrated by SASAC, has three functions with theindustry management, strategic investment and corporate restructuring integration,and has six big characteristics with the intermediary, economy, public welfare, social,sole proprietorship and comprehensive. Secondly, analyses the relationship betweenthe SASAC, the main body of state-owned assets management and the state-ownedenterprises. Thirdly, combining modern company general organization structure,designs the new state-owned assets management corporation’s organizational system.On the basis of the function, the management of the state-owned enterprise is dividedinto industry management plate, strategic investment plate and restructuring andintegration plate. At last, puts forward ideas for the building of the new state-ownedassets management corporations.The fifth chapter is the governance mechanism of the new state-owned assetsmanagement corporations. First of all, study on the corporate governance structureand entrepreneurs conduct, puts forward in the modern enterprise, the shareholders’attribute will definitely affect the enterprise performance and enterprise’s behavior,but the corporate governance mechanism played a decisive role. The so-called goodgovernance mechanism is that the current corporate governance structure adapts tothe property right of the shareholder, and it can found and inspire entrepreneurialbehavior. Secondly, analyses on the present situation and the existing problems of thecurrent governance structure of the state-owned company. Finally, designs thegovernance structure of the new state-owned assets management corporation. And,we put forward some suggestions for the board of supervisors system of thestate-owned enterprise.The sixth chapter is the operation of the new state-owned assets managementcorporations. First of all, study on the business of the new state-owned assetsmanagement corporations, points out that the company’s basic business content isproperty management, and the specific ways include: mergers and acquisitions,property rights transfer, contract management, leasing business and entrustmanagement. And the state-owned property transactions of regularization should bethe operation mechanism of property management. Secondly, study on managementof the new state-owned asset management corporations. The equity management should be the core in the management. The state-owned capital income maximizationis the goal. The step entrust management is the main mode. The main content ofmanagement includes: making important decisions, capital gains and operatorschoose. According to the characteristics of different operation plate, the business plateshould adopt financial control, strategic investment plate should adopt strategiccontrol, the restructuring and integration plate should adopt operation control. Finally,study on the internal control of the new state-owned assets management corporations.We should put the stable operation, hierarchical control, classification managementand overall synergy as the basic principle of internal control. The company riskprevention process should include environmental analysis, goal setting, riskidentification, risk assessment, determining the key and the risk response.The seventh chapter is the control between with the new state-owned assetmanagement corporations and the state-owned enterprises. First, analyses on themodern enterprise system and the internal management mechanism, we clear theconfiguration principle of the right between new state-owned asset managementcorporations and the state-owned enterprises. We put forward opinion for the internalgovernance mechanism of state-owned enterprise. Secondly, study on the controlsystem between the new state-owned asset management corporations and state-ownedenterprises. The general control includes with management, property, financial,personnel and cultural. The different control includes with strategy, competence andperformance. Finally, analyses on pay management of the state-owned enterpriseexecutive. There are many problems in the state-owned enterprise executive pay. Theessential reason is lack of the owner and the institutional defects about the riskignoring. So, we should change management mechanism, establish the effectivemanagement contract, rich salary incentive mode, establish the risk sharingmechanism, and improve the performance appraisal system.The paper finally is conclusion and policy suggestion...