The Effect Of State-owned Capital Operating Budget

In recent years, with the establishment and improvement of the socialist market economy, and the deepening and perfection of the reform of state-owned enterprises, in order to better to manage the more important state-owned capital, it is necessary to establish and perfect the state-owned capital management budget system. The implementation of the file of 《The opinions of the state council to try out the state-owned capital management budget》 in2007, central enterprises began to officially carry out state-owned capital management budget, local state-owned enterprises also began different pilot work. The18th Central Committee of the Communist Party of China (CPC) in2013approved 《a decision on major issues concerning comprehensively deepening reforms》, the file putted forward that for non-profitable state-owned assets, the state need to monitor according to the principle of equity and capital operation. It is of great significance for perfecting the system of state-owned capital management and deepening the reform of economic system.To this day, the state-owned capital management budget system has carried out eight years in China, how about practice effect? How to improve and perfect the system? Whether it improves the efficiency of capital allocation of state-owned enterprises? Whether it attains the purpose to improve the performance of state-owned enterprises operating? This paper is based on transformation of the social and economic and the realistic background of comprehensively deepen reform. In terms of theory, this article starts from the related concepts and related theoretical basis of state-owned capital management budget, and defines the state-owned capital, state-owned capital operation and concept of the state-owned capital management budget, and details the basic theories of state-owned capital management budget. In empirical aspect, by building the analysis framework and econometric model, this paper empirically tests the effect of state-owned capital management budget system. Based on central enterprise begin to try out the state-owned capital management budget, and state-owned enterprises and state holding listed companies carry out different pay policies, so this article selects the central companies and the state holding listed companies as the research object. In view of central companies, this paper focuses on quantitative analysis and empirical test the impact of state-owned capital operation budget income on state-owned enterprise profit, for the state holding listed companies, this paper focuses on testing the impact of state-owned capital operation budget income on investment efficiency. This paper uses these two aspects to find the state-owned capital management budget system problems that exist in the implementation process. Finally, on the basis of theoretical analysis and empirical test results, and combined with the requirements for social and economic transformation and comprehensively deepen reforms, this paper puts forward systematic policy suggestions.