National Supervision System Reform And The Maintenance And Appreciation Of State-owned Assets

The maintenance and appreciation of state-owned assets is an important source of funding for state-owned income tax and capital operating budgets.It is also an important task goal for administration of state-owned assets and reform of state-owned enterprise.State-owned enterprise is a significant carrier for the maintenance and appreciation of state-owned assets.Realizing the maintenance and appreciation of stateowned assets is the primary responsibility of state-owned enterprises.However,corruption of state-owned enterprise managers has led to serious losses of state-owned assets.Therefore,strengthening supervision of state-owned enterprise managers is related to the maintenance and appreciation of state-owned assets and sustainable growth of fiscal revenue.It is vital to improve the supervision mechanism of state-owned enterprise managers for the reform of stateowned enterprises.In the existing literature,no research has focused on the impact of the reform of the state supervision system.The reform of the national supervision system launched in Beijing,Shanxi,and Zhejiang in December 2016,has achieved comprehensive coverage of the supervision of public officials exercising public power.Taking the experimental reform of the state supervision system as a research opportunity,this article examines the impact on the maintenance and appreciation of state-owned assets from the perspective of strengthening the supervision of state-owned enterprise managers.The theoretical research part of this paper sorts out the mechanism of the reform of the state supervision system to promote the maintenance and appreciation of state-owned assets,and discusses the adjustment of three factors.For the empirical research,we select the Chinese A-share local state-owned listed companies from the first three quarters of 2016 to the first three quarters of 2017 as research sample.The research finds that the reform of the national supervision system can effectively promote the maintenance and appreciation of state-owned assets.In areas where the intensity of tax administration is high and the general public budget is intensified,in the firms whose managerial incentives is strong,the reform plays a more significant role.Mechanism analysis shows that the reform of the state supervision system mainly prevents state-owned enterprise managers from occupying the state assets and wasting of state-owned assets.The research results of this paper provide reference for the supervisory department and the financial department.