Research On The Restructuring Patterns Of Central State-owned Enterprises In China

State-owned enterprises(SOEs) are the backbone of the national economy in China. Meanwhile the Central SOEs are an important part of SOEs,for which the State-owned Assets Supervision and Administration Commission of the State Council of the People's Republic of China(SASAC) performs investor's responsibilities.As the leading force of the state economy,the central SOEs implementing strategic restructuring is the key to foster rational economicdistribution as well as to improve the SOEs' completing capability.The thesis summarizes the restructuring theories in the correlative fields at homeland and abroad.Based on the analysis of the motivation of the central SOEs to carry on restructuring,it comes to the conclusion that the restructuring patterns should be classified under 3 types by different goals,which are the restructuring on adjusting economic distribution,on improving enterprises' competitive capability and on handling invaluable assets.Each pattern is analyzed according to different features,methods,etc, which are carried on by SASAC,the central SOEs and assets-operating companies separately.Further,proposing the restructuring principles and optimizing measures,it takes steps to expound the main roles that SASAC should play in the course of the central SOEs' restructuring.The thesis consists of 7 chapters.The topic-selecting background and the argument basis is proposed in the first chapter,which also includes the introduction to the central SOEs' history,the present situation,the reorganization advancement and the existence questions,as well as the paper's frameworks.The second part researches the restructuring problems of central SOEs.It is pointed out that the agents of central SOEs' restructuring mainly include four aspects:the Chinese economical scale needs to develop,the state economic layout and structure request to adjust,supervising and managing on state-owned assets must be enhanced,and the central SOEs need to accelerate developing to cope with the international competition.The key problem-Principal -agent,which exists in the central SOEs' restructuring,is also emphatically analyzed.From this,it is inferred that the classified datum to the patterns of restructuring should be the different restructuring goals.The third part mainly elaborates the restructuring definitions and classifications made by concemed domestic and foreign scholars and the concerned theories to choose the patterns:the competitive advantage theory,the enterprises' core ability theory,the transaction expense theory,the SCP theory and the industrial evolution curve theory.The fourth part researches the three kinds of patterns:the reorganizations based on the adjustment of state economic layout and structure,on the promotion of enterprises' competitive power,and on the withdrawal of invaluable property.It is explicitly pointed out that the above three kinds of patterns should be taken leads advances separately by SASAC,the central SOEs and the assets management companies,using three different reorganization ways separately-the merge restructuring,the sell-offs restructuring and the trusteeship restructuring.The examples to each pattern are given on restructuring background, results and success experience studies.The relations between these three kinds of patterns havebeen pointed out briefly at the end of this part.In the process of reorganizations,SASAC,the central SOEs and the assets management companies need close coordination.In the fifth part,it is briefly introduced how the state-owned enterprises in foreign countries carry on restructuring,especially England,Japan, Korean and Singapore.In the sixth chapter,it is proposed 5 principles on restructuring. It also expounds the optimized measures which are introducing strategic investors, setting up joint-stock system and taking state assets management companies as platform to advance restructuring.In the seventh chapter,the functions that SASAC should display in the course of restructuring are supposed based on the forecast to the characteristic of SOE's restructuring in the future.