Research On Capital Allocation Strategy Of State-owned Capital Company

With the deepening of the reform of state-owned assets, the state council executive meeting made clear that will continue to intensify reform of state-owned assets, to speed up the state-owned capital investment company, operating company pilot. COFCO, as one of the pilot reform, there is no case studies on analysis of the effect of COFCO pilot reform, also the lack of reform of the state-owned capital investment company, from the Angle of group strategy conducted in-depth research. Second, existing in the reform of state-owned capital more focused on theoretical analysis of the results of analysis, not combined with case study, the theory of actual combination is weak. For the study of the capital allocation, more focused on the macro overall level of large sample empirical study of listed companies, a few state-owned groups from microscopic levels, more lack of combining with the study of the background of the reform of state-owned capital. Finally COFCO research to the reform of "the whole industry chain" limit, no lateral group level, level and vertical investment construction with "the whole industry chain" value creation as the core of the whole industry chain to conduct a comprehensive in-depth study. So this article will open company COFCO capital allocation of state-owned capital investment strategy research.In this paper, through the review of the literature of the reform of state-owned capital, reform of state-owned assets, the investment efficiency, the state-owned capital investment management system for review. To summarize the reform of state-owned enterprises in the developed countries the main mode, draw lessons from experience. Combing the reform of state-owned capital investment in our country the status quo, summed up the state-owned capital investment company pilot’s achievements and the existing main problems to be solved. Mainly exist:(1) the soft constraints of internal financing and financial goals dislocation in state-owned enterprise investment behavior variation. (2) state-owned enterprises serious tendency towards excessive investment behavior. (3) The debt financing of state-owned enterprises are not losing camera governance function efficiency of investment behavior, internal management system is not perfect and so on.Combined with the main problems of state-owned enterprises reform at present stage, analyses the capital operation of the capital investment mode, summarizes its operation principle:industrial company is allocating capital investment object, capital is the tie that COFCO and the investment company, is expected to achieve the goal of the investment benefit maximization. Case studies in this paper, COFCO is from macro to micro, COFCO pilot enterprises and the study of the listed company before and after the reform of state-owned capital in the capital configuration changes, and study the internationalization the whole industrial chain, the introduction of outside the capital, the business sector to spin off listing and the introduction of professional managers and so on four big reform direction, from the state-owned group level to explore how to promote the reform of state-owned capital, how to evaluate group company’s overall capital allocation strategy, how to avoid the traditional drawbacks of state-owned capital investment to optimize the state-owned group enterprise capital allocation, thus by micro state-owned enterprise capital allocation optimization effect and value effect, in turn, looking forward to the direction of reform for the macro level have a capital investment. Paper as a whole is from macro to micro, from micro to macro research framework.This article mainly has the following three research:first, this article takes the reform of state-owned capital, COFCO as a case, through the analysis of the capital allocation of COFCO:strategy of internationalization of the whole industry chain, the introduction of strategic investors, the business sector to spin off listing, direction of professional manager system to avoid the traditional state-owned capital investment shortcomings, to optimize the state-owned group enterprise capital allocation; In the second place, from the whole industry chain of the construction of the synergistic effect and the level of value creation that COFCO state-owned capital investment pilot reform is effective; Third, this paper studies the state-owned group level can promote the reform of state-owned capital from the investment direction of change, exit investments from the traditional industry plates, plates and people’s livelihood strategies towards emerging industry, investment company capital allocation can guarantee from basic strategy, the emerging industrial expansion of state-owned capital, the state-owned capital leverage and other aspects; The research result of the fourth, this article will work for four pilot reform of the reform of state-owned capital investment company to provide the basis.