| Improving the state-owned capital regulatory system with Chinese characteristics has been a main direction for SOEs reform and a key part in developing the socialist market economy with Chinese characteristics.The 3rd Plenary Session of 18th CPC Central Committee proposed that"strengthen state-owned asset regulation mainly through capital management,reform the state-owned capital authorized operation system,establish several state-owned capital operation companies,and support restructuring of qualified state-owned enterprises into state-owned capital investment companies".Later,the Guideline of the CPC Central Committee and the State Council on Promoting SOEs Reform and the Opinions of the State Council on Reforming and Improving State-owned Assets Management System puts forward specific requirements and draws an outline to improve the state-owned assets management system.To have correct understanding and grasp on principles of the CPC Central Committee on reform of the state-owned assets management system and ensure implementation of reform principles and objectives,China should regard the general thought of the CPC Central Committee on state-owned assets regulatory reform as its cornerstone and follow the main direction of capital management,design targeted and pragmatic regulatory approach,all of which are main directions that China must follow so as to improve its state-owned assets regulatory system.Throughout development process of China's state-owned asset regulation,strengthening state-owned asset regulation mainly through capital management is a revolutionary change to the state-owned asset management system.Since the establishment of People's Republic of China,China's state-owned asset regulation has seen progress while exploring,from the state-owned asset management system in planned economy in which collection and allocation of funds are made by the state in a unified manner to the state-owned asset management bureau under management by the Ministry of Finance after the reform and opening-up,and from strategic adjustment of SOEs to establishment of the State-owned Assets Supervision and Administration Commission of the State Council(SASAC)to address the issue of multi-sectoral management.Overall,state-owned asset regulation explores a specific direction,namely,insisting on reform of socialist market economy and regulation on some sectors and deregulation on others;state-owned asset regulation needs to separate government functions from the enterprises and state assets management authorities to establish SOEs' role as a main market player,stimulate enterprise vitality,and maintain and increase value of state-owned capital.But in China's state-owned assets regulatory system,integration of government administration with enterprise and state assets management authorities is widely seen,SOEs do not establish their role as an independent market player,state-owned capital allocation efficiency is low,state-owned economy structure needs to be improved.These problems are related to the bureaucracy nature of China's regulators and the deficient legal system associated with state-owned asset regulation.Furthermore,the essential reason can be attributed to operation and regulatory model for China's SOEs,which are designed and arranged from the concept of state-owned assts.On legal angle,assets are owned by enterprise legal person rather than investors and the state operates and manages SOEs through the agency relationship and does not directly own state-owned assets,so capital is legal basis and basic protection for enterprise operation.Therefore,it is key and essential for China to improve the state-owned assets regulatory system by strengthening state-owned asset regulation mainly through asset management.In actual operation,state-owned capital exists within enterprises and should maintain and increase value through operation.As a main platform of state-owned capital,central SOEs are responsible for operation and management of state-owned capital,but state-owned capital's wide distribution and diversified operation objectives decide that state-owned capital regulation should reflect general rules,and adopt varied regulatory systems and mechanisms and institutional arrangements in accordance with different categories of state-owned capital.In August 2016,the SASAC and the Ministry of Finance jointly issued the Implementation Plan on Improving Central SOEs' Functional Classification Assessment,which divides central SOEs into for-profit ones and public welfare ones in accordance with relevant policies on SOEs' functional definition and classification.Public welfare ones refer to those central SOEs that have lower marketization degree and are dedicated to public welfare.For-profit ones refer to central SOEs aiming to maintain and increase value of state-owned capital in accordance with market-oriented management rules.For-profit central SOEs can also be divided into category ? ones in sectors with complete competition and category ? ones in sectors which are key for national security and economy.The article studies category ? for-profit central SOEs.In the socialist market economy system with China characteristics,the operating mechanism of the central enterprises not only should serve the national strategy and assume the political responsibility and social responsibility,but also should adapt to the requirements of the market economy,achieve the objective of maximizing capital efficiency and the unity of economic and social benefits.Compared to the public central enterprises,commercial central enterprises with a higher degree of marketization.Therefore,to study the state-owned capital supervision mode of commercial central enterprises,not only conforms to the CPC and the State Council' s general idea and objective principle of deepening the reform of the state-owned enterprises,but also conforms to objective requirement for improving the supervision of state-owned capital system in the socialist market economic system with China characteristics.In view of this,this article in accordance with the thinking way of "the theoretical analysis-the status quo-international comparison-model design",to deeper study the state-owned capital supervision mode of commercial central enterprises in China.First of all,this article has systematically analyzed and defined the theoretical connotation of state-owned capital supervision mode of commercial central enterprises.And it has also hackled the historical changes of the state-owned capital supervision mode of commercial central enterprises.Meanwhile,this article has empirically tested the effectiveness and influence factors of the state-owned capital supervision mode of commercial central enterprises.More importantly,it has summarized the achievements and problems of the state-owned capital supervision mode of commercial central enterprises in China.Then,from the three aspects of regulatory body,regulatory objective and regulatory mode,this article has compared the state-owned capital supervision mode of commercial central enter:prises at home and abroad,and has summed up the experience of foreign countries to our enlightenment.Finally,to focus the three problems of "who will manage,manage what,how to manage",we have designed the state-owned capital supervision mode of commercial central enterprises in China.The thesis is divided into nine chapters:The first chapter is introduction.First of all,we elaborate the research background and significance of this paper,review the domestic and foreign research literatures and give a brief review of the existing research.Then,we summarize the research ideas and contents of this paper,construct the technical roadmap and summarize the research methods used in this paper.Finally,we point out the innovation and shortcomings of this paper.The second chapter is about the review and reference of the relevant theories of the state-owned capital supervision.For this part of the content,we mainly from four levels to card.First,we mainly discusses the necessity of the existence and development of the state-owned capital,including property rights theory of Marx's,the theory of capital circulation and Chinese socialist economic theory with China characteristics.Second,we mainly card the socialist market economy theory,including market failure theory,government intervention theory and the theory of public finance.Third,we mainly from the perspective of economic development in long period to discuss of the existing value of the commercial central enterprises,including the theory of advantage of backwardness and catching up theory.Fourth,we mainly discuss the necessity of the existence and development of the main state-owned capital supervision,including principal agent theory,the modern theory of property rights and insider control theory.The third chapter is about the theoretical analysis of the state-owned capital supervision mode of the commercial central enterprises.For this part of the content,the first is to analyze the meaning of capital,the origin and development of capital and the classification and characteristics of capital.We also describe the.relationship between capital,fund and asset.The second is to analyze the relationship between state-owned capital,public capital and private capital.At the same time,we card the theoretical connotation,classification and features,general distribution and basic functions of the state-owned capital.The third is to analyze and definite the theoretical connotation of the state-owned capital supervision mode of commercial central enterprises.We have figured out that the state-owned capital supervision mode of commercial central enterprises is the relationship among all levels of organizations and management functions,and the sum of a related regulatory system and the management way.The fourth chapter is about the historical review and current situation of the state-owned capital supervision mode of the commercial central enterprises in China.This part includes four aspects:First,this paper combines qualitative description and quantitative analysis and reviews the historical evolution,development scale,main characteristics and development goals of state-owned capital.Second,this paper has cared the historical evolution of the state-owned capital supervision mode of the commercial central enterprises in China,which is mainly divided into three stages:one is the direct supervision mode under the planned economy,two is the functions of the supervision mode of the transitional period,three is the supervision mode that SAS AC to fulfill the responsibilities of investor on behalf of the government.Third,this paper has investigated the current situation of the state-owned capital supervision mode of the commercial central enterprises in China,which include both SASAC owned commercial central enterprises and other commercial central enterprises.Fourth,from the three aspects of supervision subject,supervision target,supervision mode,this paper has summarized the main features of the state-owned capital supervision mode of the commercial central enterprises in China:the supervision subject change from bull to a single subject;the supervision goal change from taking the social benefit as the leading factor to economic benefit as the leading factor;supervision mode change from the management of assets to the management of capital.The fifth chapter is about the efficiency evaluation and influencing factors of the state-owned capital supervision mode of the commercial central enterprises in china.This part is mainly divided into two aspects:the paper first describes the evaluation standard of the efficiency of the state owned capital supervision mode of the commercial central enterprises.On the basis of this,the data envelopment analysis(DEA model)is used to evaluate the efficiency of the state owned capital supervision mode of the commercial central enterprises,and the evaluation results are explained.The other is the empirical analysis of the influencing factors of the efficiency of the state owned capital supervision mode of the commercial central enterprises.In this part,the paper analyzes the macro and micro factors affecting the efficiency of the state owned capital supervision mode of the commercial central enterprises.By using factor analysis method to calculate the composite index of the efficiency of the state owned capital supervision mode of the commercial central enterprises.Then we use the ordinary least squares method to test the main factors that affect the efficiency of supervision.The sixth chapter is about the achievements and problems of the reform of the state owned capital supervision mode of the commercial central enterprises.First of all,we summarize the achievements of the reform of the state owned capital supervision mode of the commercial central enterprises.Secondly,the paper analyzes the existing problems of the state owned capital supervision,and analyzes the causes of the problems.We found that regulators and state owned enterprises have the "official standard" thinking.The regulators have insufficient understanding of the importance of the regulation classification.And the state owned capital supervision has not yet formed a complete legal system.The seventh chapter is about the international comparison and enlightenment of the state capital supervision mode.Firstly,some representative countries are selected as research samples,and these countries are divided according to the concentration of regulatory power and the level of regulation.Secondly,it summarizes the basic models of state owned capital supervision in foreign commercial enterprises,and explores the enlightenment of foreign state owned capital supervision mode on the state owned capital supervision mode of the commercial central enterprises in China.The eighth chapter is about the design of the state owned capital supervision mode of the commercial central enterprises in china.In this chapter,we carry on the design to the supervision mode from three aspects of regulatory body,regulatory objectives and regulatory methods.And the paper put forward a three-level supervision structure,which is the main body of supervision by"public manager-state capital supervisor-state capital investment and operating company".Based on the above research,The article includes four conclusions:Firstly,the supervision practice from the reform and opening up show that,before the founding of SASAC in 2003,the state-owned capital supervision model of state-owned enterprises in China was less efficient.After the establishment of the SASAC,the change of a number of departments to jointly perform the functions of the investor supervision mode,the formation of a unified model by the SASAC to set up the function of the investor.In the process,the efficiency of commercial central enterprises and state-owned capital supervision mode has been greatly improved.Beginning of 2007,the efficiency of commercial central enterprises and state-owned capital supervision mode decreased,indicated by the SASAC to exercise unified supervision mode in the capital function has achieved some results.But there are still some commercial central state-owned enterprises to enhance the control efficiency of the capital supervision mode.Secondly,the factors that affect the efficiency of the state-owned capital supervision mode of the central enterprises of our country are divided into two levels:macro level and micro level.From a macro point of view,the improvement of the degree of marketization helps to improve the efficiency of the state-owned capital supervision mode.From a micro point of view,the expansion of the scale of state-owned commercial enterprises to expand the scale of state-owned assets and net assets yield,will improve the efficiency of state-owned commercial capital of state-owned enterprises regulatory model.Thirdly,comply with the continuous deepening of China's reform of state-owned enterprises,the central enterprises and state-owned commercial capital supervision mode of development in the exploration,and achieved certain results,such as the establishment of the SASAC to fulfill the responsibilities of investor as the main mode of supervision,supervision system,to further improve the construction of personnel system has been strengthened.But in the current state-owned assets management system,there are still many problems need to be solved,such as the bull management,government investment is not divided,commercial central enterprises internal governance and market oriented management does not match.Fourthly,perfecting the commercial central enterprises and state-owned capital supervision mode,improving the operation efficiency and the allocation of the state-owned capital and increasing the value of state-owned capital,need to start from the following three aspects:the regulatory body,to construct "public management and the investor representative and the state-owned operating company capital investment as the main body of the three level supervision architecture.The so-called public managers,is the National People's Congress and the central government,the regulatory approach is to create a good legal environment;the representative of the investors,refers to the state-owned capital supervision mechanism,its regulatory orientation is to fulfill the responsibilities of investor representative countries;state-owned operating company capital investment,the supervision is the realization of state-owned capital the optimization of configuration and operation.On the regulatory objectives:the first is to optimize the layout of the state-owned economy,stimulate the vitality of the state economy;The second is to achieve the value of state-owned capital preservation and appreciation;The third is to improve the level of corporate governance of commercial enterprises.In the way of supervision,to create a favorable legal environment and institutional guarantee for the commercial central enterprises and state-owned capital supervision from the legal and institutional level focus on the overall goal of public management;on behalf of investors around the commercial central enterprises and state-owned capital supervision,focusing on the play of state-owned operating company capital investment function,perfecting the corporate governance structure of enterprises,the construction of risk the prevention and control system;the state-owned operating company capital investment as a commercial central enterprises and state-owned capital investment,focusing primarily on the following five aspects:the development of commercial central enterprises and state-owned capital allocation strategy;the financial index management system of state-owned capital and entrust management to adapt to the establishment of full-time;risk control department;optimization of human resource management the policy to strengthen its own capital operation ability. |
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