| The theory and practice of the operation of state-owned capital is an important part of the socialist market economy with Chinese characteristics.It can be said that the high growth of the state-owned economy since the reform and opening up policy cannot be separated from the performance of the investment and operation of state-owned capital under the background of the continuous deepening of the reform of state-owned assets and state-owned enterprises.For a long time in the past,state-owned enterprises,especially large state-owned enterprises,have achieved rapid expansion of scale through capital operation.However,compared with the large-scale growth of state-owned assets,the efficiency of state-owned capital operation is not high and the industrial competitiveness of state-owned enterprises is insufficient,which is largely due to the state-owned capital management system and state-owned capital management system of "managing assets" The goal of value-added is not suitable.In this context,taking the reform of the authorized management system of state-owned capital as the breakthrough of the reform of the management system of state-owned capital,according to the reform logic of separating the government from the enterprise,separating the government from the capital and separating the capital from the enterprise,the right of state-owned capital operation is authorized to the state-owned capital investment and operation companies("two kinds of companies"),and a three-level state-owned capital management system of state-owned capital supervision,state-owned capital operation and state-owned enterprise operation is constructed It is beneficial to reduce the administrative interference to state-owned enterprises,more importantly,to realize the operation of state-owned capital and the operation of state-owned enterprises,guide the management of state-owned assets from the asset scale orientation of "becoming bigger,stronger and better",to the capital value orientation of "making stronger and better state-owned capital",and create favorable institutional conditions for the sustainable growth of state-owned capital value.With the separation of state-owned capital operation function from state-owned enterprises,different from state-owned enterprises,"two kinds of companies" do not engage in industrial operation,but take property rights as the link,hold state-owned enterprise equity,and provide support for industrial development through specialized state-owned capital operation.Specifically,the functions of "two kinds of companies" have different emphases: the state-owned capital investment companies focus on industrial cultivation and policy functions;the state-owned capital operation companies mainly pursue investment income,with a higher degree of marketization.The reconstruction of the three-level state-owned assets management system needs a supporting performance evaluation mechanism.However,the existing performance evaluation of state-owned enterprises for industrial operation is not suitable for "two kinds of companies".Focusing on the functions of "two kinds of companies" and reconstructing the performance evaluation system different from that of state-owned enterprises can not only provide methodological guidance for the practice of state-owned assets supervision,but also play an important role in improving the efficiency of state-owned capital operation and guiding the specialized operation of state-owned capital.Reviewing the relevant researches,although there are many policy explanations for the reform of the state-owned assets management system,such as the connotation of "managing capital" and the policy of "separating the government from the enterprise" and "separation of ownership and management",most of the performance evaluation of "two kinds of companies" focuses on the return of capital,guided by the input-output analysis method,and lacks the in-depth discussion focusing on the value level of state-owned capital;let alone introduce the reform logic of the establishment of "two kinds of companies" into the realization mechanism of state-owned capital value growth,so as to systematically guide the construction of performance evaluation system.In view of the existing performance evaluation analysis framework,the theory of capital increment logic and the logic of state-owned capital management system reform is "divorced" from the reality.This paper takes Marx's capital theory as the theoretical source,starting from the reality of state-owned capital management system reform,and tries to introduce the reform logic of state-owned capital authorized operation into the performance analysis framework of state-owned capital value increment.Considering that the functions of "two kinds of companies" are different,in order to make the research more targeted,this paper specifically selects "state-owned capital investment company" as the research object,using structural functional analysis,qualitative and quantitative analysis and other research methods,focusing on the value of state-owned capital,focusing on the potential performance of value-added of state-owned capital under the logic of state-owned capital management system reform The realization mechanism of full release establishes the construction methods and ideas of performance evaluation system,and systematically answers the questions of "what is the performance of state-owned capital investment company,what performance evaluation basis,and how to evaluate it".The paper is mainly divided into three parts:The first part includes the first chapter to the third chapter,through literature review and theoretical analysis,using Marx's capital theory,public ownership and property rights theory,the operation of state-owned capital is theoretically analyzed;the structure function analysis method is used as the methodology to guide the construction of performance evaluation system,which paves the way for the theory of "what and how to evaluate" the performance of state-owned capital investment companies.The second part includes chapter four to chapter five.Through the realistic investigation of the logic of the establishment and reform of the state-owned capital investment company,combining the theoretical analysis of the operation of the state-owned capital with the realistic background of the reform of the state-owned capital management system,it demonstrates the functions of the state-owned capital investment company,and puts forward the realistic needs of the construction of the performance evaluation system,aiming to establish the methods and ideas of the construction of the performance evaluation system,so as to achieve the results The "how to build" of efficiency evaluation system provides method guidance.The third part includes the sixth to the seventh chapter,relying on the methods and ideas of performance evaluation system construction,building a hierarchical performance evaluation index system,drawing research conclusions,and put forward the relevant supporting measures of performance evaluation and policy recommendations,in order to solve the problem of "how to evaluate" performance of state-owned capital investment companies.The main conclusions are as follows:1.Under the state-owned assets management system of "managing people,managing affairs and managing assets",due to the absence of the representative subject of market-oriented state-owned property rights,the management of state-owned property rights and the operation of state-owned enterprises attached to administrative relations reinforce each other with the performance concept of "maintaining and increasing the book value of state-owned assets",so that the value-added goal of state-owned capital is alienated to infinitely expand the scale of assets,resulting in capital Value added potential and innovation vitality of enterprises are constrained.Through the reform of authorized operation system of state-owned capital,the representative subject of market-oriented state-owned property rights is constructed,and "two kinds of companies" are authorized to operate the state-owned capital,thus forming a three-level state-owned assets management system with mutual separation of powers and mutual checks and balances among the administrative level of state-owned assets,the operation layer of state-owned capital property rights,and the industrial management layer of state-owned enterprises,which provides a dynamic mechanism for reshaping the appreciation of state-owned capital Favorable institutional arrangement is the reform logic of the establishment of "two types of companies".2.With the reconstruction of the three-level state-owned assets management system from "asset management" to "capital management",on the one hand,the performance evaluation target should focus on the book value of state-owned assets,turn to the property value of state-owned capital,and realize the unity of the quantity and quality of state-owned capital value maintenance and appreciation;on the other hand,as the property right operation layer of state-owned capital,the state-owned capital investment company is positioned at the value of state-owned capital Accordingly,the construction method and logic of the performance evaluation system should be different from the industrial management of state-owned enterprises.Focusing on the value of capital,building a performance evaluation system different from state-owned enterprises and realizing the "incentive compatibility" between performance evaluation mechanism and state-owned assets management objectives has become the realistic demand of performance evaluation system reconstruction.3.Based on the target system of state-owned capital appreciation,focusing on the functions of state-owned capital investment companies,the paper forms a sub-objective of balancing market performance and policy performance with capital value,takes "six forces" of improving state-owned capital liquidity(vitality),value-added ability,risk prevention ability,layout optimization ability,driving force for social capital and supporting the national economy and people's livelihood as evaluation criteria State transformation mechanism,cultivation of new driving force of economic growth,and marketization exit mechanism of state-owned equity reduction are the basis for selecting core value driven indicators;the three-dimensional classification model of marketization degree,administrative level,asset scale and industry finance relationship is used as the basis for distinguishing index weight and performance standard value under different classification perspectives,and the performance evaluation method system integrates objectives and functions.In the construction of the performance evaluation system,the "core value driven indicators" and "enterprise basic financial indicators" are combined to realize the connection with the performance evaluation system of state-owned enterprises,and the indicators reflecting the long-term equity investment income and the change trend of state-owned capital value are included in the medium and long-term evaluation system.4.According to the construction methods and ideas of performance evaluation system,combined with the key points of performance evaluation,this paper makes an empirical analysis on the capitalization rate of state-owned assets,turnover rate of state-owned assets and innovation coverage rate of state-owned equity.The empirical results show that the three indicators have good differentiation and explanatory power on the performance of state-owned capital investment companies,and can be designed as the core indicators.At the data level,there is a good complementarity between the coverage rate of state-owned equity innovation,the capitalization rate of state-owned assets and the turnover rate of state-owned assets;there is a weak correlation between the turnover rate of state-owned assets and the capitalization rate of state-owned assets.The three indicators can better describe the logical relationship between the performance objectives and value driven of state-owned capital investment companies It is an index reflecting the liquidity of state-owned capital,reflecting the operational efficiency of state-owned capital.The capitalization rate of state-owned assets is the driving indicator reflecting the liquidity of state-owned capital,reflecting the value management and management ability of state-owned capital,which is conducive to guiding the value amplification of state-owned capital,and is the premise of improving the turnover rate of state-owned assets;the coverage rate of state-owned equity innovation is a predictive index,which is contrary to the former It reflects the potential value-added ability of state-owned capital,which is conducive to guiding the value discovery of state-owned capital and cultivating new kinetic energy of economic growth.The innovations of this paper are as follows:1.It fills in the blank of research on the systematic construction of performance evaluation system for state-owned capital investment companies.With the reconstruction of the three-level management system of state-owned capital,the performance evaluation system of state-owned enterprises is not suitable for state-owned capital investment companies.However,the existing literature lacks the performance evaluation system of state-owned capital investment companies,which focuses on the value of state-owned capital Effectiveness evaluation system.In view of this lack,this paper takes the state-owned capital investment company as the research object,systematically constructs a performance evaluation system different from the state-owned enterprise,provides methodological guidance for its performance evaluation,and fills this research gap.The research is prospective.2.Innovation of research perspective and method system.This paper breaks through the input-output performance analysis method from the perspective of enterprise value maximization,uses the structure function analysis method and under the guidance of Marxist capital theory and western property rights theory,puts forward the performance evaluation method system based on the combination of theory and reality,the integration of objectives and functions from the perspective of state-owned capital value management,and deepens the management of state-owned capital and the investment and operation of state-owned capital.The theoretical explanation provides systematic methodology support for performance evaluation practice.3.Innovation of core performance evaluation index.Based on the reform logic of the establishment of the state-owned capital investment company,this paper focuses on the functions and performance realization mechanism of the state-owned capital investment company and constructs the performance evaluation system.Accordingly,the designed "core value driven indicators",especially the state-owned assets capitalization rate,state-owned equity innovation coverage rate,state-owned capital exit rate in the field of overcapacity,etc.,highlight the "capital management" value orientation of state-owned capital,not only have a strong explanation for the performance of state-owned capital investment companies,but also It has a strong application value to guide the practice of performance evaluation. |
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