Study On Capital Operation In The Process Of Grouping Management

Along with the development of market economy and the enlargement of enterprise size, more and more large-scale enterprises bonded by property rights are grouping through capital operation. In the face of economy globalization, market transparency requirement and fierce competition, enterprises aiming at being larger and more competitive can found its solution in grouping management. With frequent occurrence of financial crisis and higher amplitude of economy cycle, lots of enterprises have been withered in turbulent times while others turn into the leaders of the industry through merger and reorganization. Capital operation provides an opportunity for grouping management, which enables enterprises to become larger and more competitive. Both capital operation and group management have been enterprise’s trumps to success currently.Based on the theoretical development and research fruits of capital operation home and abroad, this thesis analyzes the relationship between grouping management and capital operation from four dimensions. Firstly, the process of grouping management to increase the competitiveness through capital operation has been analyzed. Secondly, the topics of industry restructuring and mode transformation and upgrade have been profiled. Thirdly, this part pays attention to both the interior and exterior objects of capital operation, and the driving force in grouping management and the form and method used by capital operation have been digging out. Finally, with the considerations on enterprise governance and evaluation, auditing and endorsing procedure, this part discusses the way for conducting capital operation according to established train of thought, and objective has been fully investigated so as to seek a firmer way for grouping management.By using the enterprise as an example, this thesis makes a profile and research for XX Group in different stages of capital operation, aiming at seeking an effective solution. Effective measures for capital operation have been made so as to relieve the Group’s pressure within its bearable limit, lift its stability and safety in capital operation and consolidate its position in capital market.In light of the special development period XX Group stays in and its particular features, this thesis provides the following four suggestions. Firstly, strategic governing mode should be adopted so as to make a better capital operation from the strategic perspective. Secondly, different methods for capital operation should be carried out and financing channels should be diversified so as to control the capital operation risk and financing cost. Thirdly, a compatible governing mode with its own capital operation should be made so as to strengthen the senior executive’s awareness of capital operation and lay emphasis on the department for capital operation in the enterprise. Fourthly, risk management and capital operation should be made as an organic integration.Starting from the preliminary stage of group management, this thesis analyses various problems experienced by XX Group in capital operation and the specific countermeasures. Risk management has been penetrated into the suggestions for capital operation and special emphasis has been made for enterprise’s governing structure. By doing these, XX Group’s capital operation system can be improved and its strategic target, operation objective, financial goal and management aim could all be smoothly achieved. In summary, this thesis aims at bringing about some suggestions for capital operation for state-owned enterprises in the process of grouping management.