Optimization Of Capital Allocation And Innovation In Stated-owned Capital Operating Enterprises

Since the Third Plenary Session of the Eighteenth Central Committee of the CPC proposed to perfect the state-owned assets management system,the SASAC issued a system of policy documents and clearly pointed out that perfecting the system of state-owned capital authorization management,restructuring state-owned capital operating enterprises and several state-owned capital investment enterprises are the key points of a new round of state-owned enterprises reform.Therefore,the state-owned capital investment enterprises and operating enterprises are an important platform to promote the transformation of the capital functions of the SASAC.After the pilot work of state-owned capital investment enterprises,the SASAC promoted China Chengtong Holdings Group to restructure state-owned capital operating enterprise in February 2016.It marks that Chengtong is on the way to explore the reform of state-owned enterprises and has entered a new stage,its new operating pattern is worth further exploration and research,which could provide the reference to the later reform work.Based on the above,the question this paper studies is that:under the background of the reform of state-owned enterprises,how do state-owned capital operating enterprises achieve the optimal allocation of state-owned capital?The research method of this paper is that around the core study question,choosing Chengtong Group as a case,aims to demonstrate capital allocation strategy,so as to summarize the application of the mode of capital operation in state-owned capital operating enterprises and has general,so that to provide experience and reference for subsequent stated-owned enterprise reform.First of all,described the architecture of state-owned capital authorized operating system and the implementation of the model from the theoretical level;secondly,the case study part,respectively from the strategy layer and operation layer to demonstrate how to achieve the optimal allocation of stated-owned capital,based on the authorization management system of Chengtong;finally through a case study of Chengtong Group summed up the operating mode and the innovation of general stated-owned capital operating enterprises.The findings of this research are:(1)the state-owned capital operating enterprises play an important role in the reform of state-owned capital authorized management system,constructing a system of "investor organization-strategic operating layer-operation management layer-invested enterprises";(2)the overall mode of operation in the state-owned capital operating enterprises is to carry out the state-owned capital operation upon the two level,by the national policy to guide the formation of the"management","investment","operation" and "financing" four operation mode;(3)as a state-owned capital operating enterprises,the innovation of Chengtong Group in the operating mode,mainly focus on the orientation,operating structure and mode.The innovation of this paper lies in:(1)to form an overall accurate control of the state-owned capital authorized operating system;(2)to explore the general capital operation mode and innovation in the state-owned capital operating enterprises;(3)the findings of this paper provide practical significance for further reform of state-owned enterprises.