Research About Operation Of State-owned Capital In Competitive Field

In the middle of the 20th century, countries of east and west experienced a wave of nationalization. State-owned economy have developed well and rapidly, it expanded and gradually became an important part of national development. After 1970, due to the development of science and technology, the monopoly advantage of State-owned capital in competitive field have gradually unclear, in addition of the operating mechanism of State-owned capital have showed its disadvantage directly caused the economic benefits much lower than the private economy. These countries had to taken various measures to transform the State-owned capital in competitive field, such as diversification the State-owned enterprises, privatization the State-ownedcapital, at last, the proportion of State-owned capital in competitive field gradually decreased. During this period, countries of east and west all positively explored some useful experiences, such as Italian's iri model, Singapore's Temasek model, South Korea, Austria and other State-owned capital operation models by government, the exploration accumulated valuable experiences for china government to operate and manage the State-owned capital in competitive field.Since the beginning of reform and opening up, China's State-owned capital management reform has underwent delegation of authority, establishing contract responsibility system and establishing modern enterprise systems, and it gradually established a socialist market economy needed modern enterprise system, but there are still many economic system problems to be solved:the absence of State-owned owner, heavy burden on State-owned enterprises in competitive field, State-owned enterprises are not highly competitive, government's intervention lead to State-owned enterprises more compliance with government. Since 2008, in response to the compact of U.S. financial crisis on China's economy, some large State-owned enterprises mergered and reconstructed some private enterprises, which led to a widespread discussion within the China academia. How State-ownedcapitl operate more efficiently in competitive field, if State-owned enterprises in competitive field should be dropped out or be reserved, how to allocate trillions of bonus within State-owned enterprises, which has became a hot topic between scholars. In the new historical period,State-owned capital in competitive field which has long been discussed topic is still worth discussed deeply.Generally, according to business objectives, State-owned capital can be divided into two categories:one is in the non-competitive field and other is in competitive field. State-owned capital in non-competitive field always includes the monopoly enterprises relataed to national security and national economy and other industries aimed social welfare, their allocation of social resources often fail, and can also ask government to take some intervention to make up market failures with its special status and power, this part of the State-owned capital is suitable for "State-owned-government-run", we can not require fully "out of government control". In long run, for State-owned capital in competitive field, the ability of pursuit of profits is more important and value added is the sole purpose of its existence, this part of State-owned capital is suitable for "State-owned-people-run", the key of economy reform is govenment's exit from enterprises, government should not only exit from enterprises operation but also exit from enterprises capital management. Now, the most prominent problem of China's State-owned capital is the absence of owner, state ownership has long replaced the public ownership which also can be recognized as a form of public ownership, and the State-owned capital ownership of all the people are controlled by government, government is both the State-owned capital investor and the custodian, both a "coach"and a "player".Now, as long as the State-owned capital in competitive field has the ability to creat social wealth and to meet the goal of common prosperity of all people, there is not any reason to let it completely out of economy development. State-owned capital in competitive field has the very reason to compete with the Non-State-owned capital and develops well together. Therefore, this article propose to establish a special fund, social trusted investment fund, relying on fund expert management, State-owned capital in competitive field can also be runed by the professional fund institutions, so that the government will not act as the owner and regulator of State-owned capital in competitive field. Management of State-owned shares with fund also make the allocation of fund benifit will not be controlled by government, we propose to set aside a part of the income of fund become earnings of enterprises and use it for enterprises long development and to allocate another part of fund benifit into social security fund to improve the level of people's life, instead of allocation to all people due to the consideration of our aging society coming.The overall design idea of social trust investment fund is to creat the social trust fund and transfer the State-owned capital in competitive field into the fund, operated by fund specialist, diversified operation, virtual management, to make all people share the benefit from the State-owned capital in competitive field, to make all people become the real owner of State-owned capital.