Multi-level Corporate Governance And Optimization Of Capital Allocation In State-owned Enterprises Group

State-owned enterprises are the backbone of China's national economy and the reform of state-owned enterprises is a major strategy for the central government to implement the policy of making state-owned enterprises bigger and stronger.In July 2014,the SASAC of the State Council carried out the four-reform pilot in the supervision of central enterprises.COFCO Corporation,State Development Investment Corporation and other six central enterprises were chosen as the first batch of pilot enterprises.COFCO and State Development Investment Corporation were chosen as the state-owned capital investment company pilot enterprises.In August 2015,the CPC Central Committee and the State Council issued "the guidance on deepening the reform of state-owned enterprises",and jointly established the "1 + N" document system for state-owned enterprise reform with other several documents issued later.Based on the reform of state-owned enterprises,this paper analyzes the status quo of reform of state-owned capital investment and how to carry out multi-level corporate governance and optimal allocation of state-owned capital after reorganizing state-owned enterprise groups into state-owned capital investment companies.The core issue of this paper is how to improve multi-level corporate governance?How to improve the board governance structure and mechanism?How to formulate and assess state-owned capital management budget management?How to optimize the allocation of state-owned capital?The research conclusions of this paper are as follows:(1)The realization of the multi-level corporate governance function of enterprise groups requires the help of the two-tier board of directors within the group.Therefore,it is of great significance to perfect the governance mechanism and structure of the two-tier board of directors.(2)The authorized operation system of state-owned capital can be divided into three layers,and every layer has different functions.With authorizing in the Supervision and Management System of State-owned Capital,it is necessary to establish supervision and risk control system.(3)Enterprise groups optimize the allocation of state owned capital with multi-layer internal capital market.The main function of the upper internal capital market is to optimize the allocation of capital in the industrial sector,while the main function of the lower internal capital market is to improve the liquidity of the capital.The innovation of this paper is as follows:(1)Combining with the latest practice ofstate-owned enterprise reform,this paper studies the corporate governance and capital allocation of the pilot enterprises of state-owned capital investment companies in the form of case studies.(2)This paper constructs a model of hierarchical authorization management system of state-owned capital.(3)This paper summarizes the governance function of multi-level internal capital market,and studies the mechanism of multi-level internal capital market in capital allocation,which provides a theoretical reference for the capital allocation of state-owned capital investment companies.