The Research On Financial Theory Innovation And Practice In The Reduction Of State-owned Stocks

Setting up the modern corporate institution, deepening the overall arrangement and the strategic adjustment of state-owned capital must pass through the way of reduction of state-owned stocks. As a most basic institutional arrangement of establishing the market economy system and modern corporate institution, state-owned stock withdraw from most fields which is competitive and non-basic is the question we have to face sooner or later in the process of developing our country's economy. As regard to its direction, the reduction of state-owned stocks is undoubtedly correct. But according to its practice, the reduction has produced the serious negative effect. This relates to complexity of the question itself. Because of the specific institution environment and transition course in China, the existing economic theory is unable to provide a rational explanation. In this case, a lot of researchers have to lay aside the theory, and face the phenomenon of the reduction directly. But the hindrance meeting in the practice drives people to review the theory itself again. As a kind of special financial operation, the state-owned capital reduction is not only the operation of the state-owned capital, but also the financial activity of the state-owned enterprise adjusting the structure of the capital. Undoubtedly, that needs the guidance of financial theory with Chinese characteristics. This thesis tries hard to combine the reduction of state-owned stocks with financial theory, offers a new framework for theoretical research of reduction of state-owned stocks, and hopes to offer useful financial information to different kinds of enterprises while they choose the reduction scheme through analyzing individual financial characteristics and advantages among different reduction schemes.This paper mainly studies the financial theory and realistic problem in the reduction of state-owned stocks, and makes the analysis and judgment on the theory involved from my points of view. As to the financial entity, we establish the centralized financial entity of enterprise, and set up financial entity of reduction of state-owned stocks in both microcosmic and macroscopic gradation. As to the financial objective, we think that the financial objective of maximization of the stockholders wealth has drawbacks, and the maximization of stakeholder interests as financial objective of state-owned enterprise is more suitable generally. As to the financial environment, this paper discusses the institutional environment and economic environment of thereduction of state-owned stocks. As to the evaluation of state-owned capital value, starting from the capital maintenance theory, we analyze the content of state-owned capital maintenance and appreciation. As to the takers of the state-owned stock, through investigating the financial governance route in the state-owned enterprise reform, we propose that the state-owned stocks can be took by managers, employees and creditors to optimize financial governance. In the purpose of reducing the total uncirculating -amount and trying to strive for the multi-win, we come up with four schemes of reduction of state-owned stocks, and analyze their different financial characteristics and comparative advantages. We analyze the reduction of state-owned stocks at new stage positively by analyzing the characteristics of samples and cases.