The Study Of The State-Owned Capital Operation

It has been such long time since capital, connected with capitalisminstitution, is considered as the value extracting the surplus value and the coreof the production mode of capitalism. Along with the proceeding of thereformation of economic mechanism, the cognition on capital deepens. Whilesome bold discussion and exploration concerning the political economictheory are carried out among the academia, capital and capital operation areapprobated more and written in the documentation of the Party. The Report at15th Party Congress pointed out that: "by using capital as the bonds andrelying on the market forces, we shall establish highly competitive largeenterprise groups with trans-regional, inter-trade, cross-ownership andtrans-national operations"and "we shall also quicken the pace in relaxing thecontrol over small state-owned enterprises and invigorating them by way ofreorganization, association, merger, leasing, contract operation, joint stockpartnership or sell-of". And the opinions such as: "it is improper to judgewhether people are politically progressive or backward simply by whether theyown property or how much property they own."and "to unleash all the vitalitycontained in work, knowledge, technology, management and capital and givefull play to all sources of social wealth for the benefit of the people"arewritten in the Report at 16th Party Congress. Meanwhile, this report alsoemphasized that we must have correct cognizance of the role of capitaloperation in the economy, and pointed out: "we must correctly handle therelationships of development between virtual economy and real economy."Nowadays, capital operation is the important force of the state-ownedenterprises reformation. On one hand, we must recognize the practicalimportance of the capital operation which impulse the fluxion and relocationof the state-owned asset, implement the public ownership efficiently andbecomes a new breakthrough of the economic mechanism reformation. On theother hand, we must pay more attention to the absolutely necessary conditionsof the capital operation, so as to overcome the problems raised during thecapital operation and prevent the capital operation from going the wrong way. The concept and basic theories of capital operation are included in the firstpart. The capital operation, aiming at the increment of capital, is the operationmode synthesizing all enterprise assets by adjusting capital structuredynamically and allocating production optimally. The concept of capitaloperation commonly used is the one of narrow sense, that is, the operation ofthe capital value form or virtual capital. Capital operation has many forms,among which merging, purchasing and splitting are the most typical ones.National capital is a part of national asset, originating from the transformationof national assets. Thus nation capital is national assets that invested bygovernments in multiple methods, in other words, the assets invested bygovernments that requiring revenue. The theory from Marx, transaction costtheory and economy of scale and scope theory give some reasonableexplanations for capital operating. The history of capital operation in China, the scale of national capital, thecurrent operation state and the implications are discussed in the second part.The history of the capital operation in China has three different stage: bud,initial development and comprehensive development. This development haskeeping at high speed since the reformation and opening in China. Thedistribution and structure of national assets has been much more betteredthrough the strategic adjusting of national economy and effective capitaloperation. National capital is now quitting from competitive sectors, whileentering sectors concerning public services, natural monopoly, public security,new-high-tech and economic infrastructure. Is has been proven by practice thatcapital operation means a lot to the whole national economy, strengtheningmacroeconomic control of national economy, and deepening reformation ofstate-owned enterprises. Analyses of problems and causes in capital operation can be found in thethird part. Severe problems include: (1) its development always associate with...