Research On The Function Of M & A Fund In The Deep Level Reform Of State-owned Enterprises

State-owned-enterprises reform is one of important contents to deepen the economic system reform in China.From the perspective of development of statedowned enterprises,the reform is themed by “decentralization” and efficiency improvement.Since the 3rd Plenary Session of the 18 th Central Committee,it has been built the “1+N” top frame design of the new-round reform of state-owned enterprises and assets,and proposed extensive contents of deepen reform and matching guidance,of which “managing capital” and “adjusting structure” are core measures,which reshuffle,split and separate state-owned enterprises by applying capital market & marketization and conduct capital operation to improve its quality and efficiency.Compare with the former state-owned enterprises reform,all the measures of this round state-owned enterprises reform are highly relevant.These measures try to solve more deep level and multidimensional restricts and problems of the development of state-owned enterprises reform.Therefore,this paper defined this round state-owned-enterprises reform as the “deep level” reform of state-owned enterprises.The M&A fund belongs to a newly created financial capital,which can improve capital operation and management performance.This conforms to demands of institutional investors in the state-owned-enterprises reform and provides new solutions and tools.This paper focused on functions of financial tools and capital platforms in this round of state-owned enterprises and assets reform,especially rapid functions of M&A fund in the state-owned enterprise reform and development.Further,this paper studied the following four aspects.First of all,analyze functions of M&A fund based on theory and practice and explore unique advantages of its operating mechanism;then,describe location of theory of state-owned enterprises,analyze its common development tendency and clarify factors to restrain its development;further,clarify optimization effects of M&A fund concerning state-owned economy's layout and structure,capital operation,corporate governance etc.by combining theoretical analysis and empirical analysis.Finally,this paper put forward how to achieve maximal effects of M&A fund based on policy and institutional arrangements.