The Research On The State-owned Capital Operation Budget Reforms In China

Since2007, the State Council decided to implement State-owned capital operation budget (SCOB). After7years, the SCOB establish a set of institution and working mechanism, and has achieved positive results.But the controversy and doubt about the SCOB never cut off. Now, The national policy Clearly require to improve the SCOB. In order to promote the improvement of the SCOBstate-owned, this papers focus on the theory and practice of the SCOB, and put forward the general ideas and specific measures of reform.This paper logically divided into six parts. The first part is the introduction and analysis of the theoretical basis. The second part describes our historical experience about the distribution relationship management between government and the SOEs.The third part systematically analyses the practice of the SCOB,and Pointed out the Defect of the management.The fourth part describes the international experience about the distribution relationship management between government and the SOEs. The fifth part is the analysis of the current situation, which makes the policy recommendations more practical. The sixth part,aiming at the problems of practice,study and put forward the general idea and specific measures of reform of the SCOB.This paper mainly uses standardize research method, and takes up some empirical and case study also.The innovation of this paper mainly includes:Firstly, this paper analyse the historical experience of our government,and make further analysis of law and enlightenment which can be used to guide the reform of SCOB.Secondly, this paper analyse capital injection case taken by the American,and Canadian government during the2008financial crisis, which broaden s the research field of vision. Thirdly, this paper analyses the main problems existing in practice of SCOB.Fourthly, this paper study and put forward the general idea and specific measures of reform of the SCOB,according to the reform of the state-owned enterprises and the state owned assets supervision released by the Third Plenary Session of the eighteen.The key points of this paper are as follows:1.The separation of government and enterprise is the basis of reasonable distribution relationship between government and state-owned enterprise. The separated collection of the tax and profit is the reasonable mode.2. Firstly, the dividends of SOEs should be market-oriented. Secondly, the dividends can be increased.Thirdly, a certain proportion of the dividends from SOEs shall be transferred to public finance.Fourthly, the state-owned capital gains can be used to be form a country's sovereign wealth fund investment. Fifthly, the government need to offer Financial aid to some big enterprises in some Special circumstances.3. The main problems existing are as belows:Firstly, the SCOB does not form its financial idea. Secondly, the SCOB is not appled to all SOEs.Thirdly, the SCOB has not specific governance and accountability.Fourthly, the SCOB does not make ennough function of macroeconomic regulation and control. Fifthly, the SCOB does not formmarket-oriented state-owned capital gains charge mechanism.Sixthly,state-owned capital gains are still not shared reasonably.4.The facing situations are as belows:Firstly, the nation still need to unswervingly consolidate and develop the public sector of the economy. Secondly, the nation need to raise the capital gains from SOEs. Thirdly, more state-owned capital gains should be use for improving the people's livelihood. Fourthly, the nation will actively develop the mixed ownership economy.Fifthly, the state capital authorized management system facing reform.Sixthly, the government will implement the regulatory classification on SOEs.5.The general idea are as belows:Firstly, government need to adhere to and improve relative independence of the SCOB.Secondly, government need to furtherly clarify the responsibility and the scope of expenditure of the SCOB.Thirdly, government need to strengthen and improve the cohesion between the SCOB and other policys.Fourthly, government need to expand the scope of implementation.6.The specific measures are as belows:Firstly, government need to form the market-oriented mechanism in revenue management. Secondly,government need to strengthen the "top-down" budget work mechanism.Thirdly, government need to grope for the macro performance valuation.Fourthly, government need to improve the information disclosure system of the SCOB.