Research On The Evaluation System Of State-owned Assets Supervision Under The State-owned Assets Reform

Since 2015,the Central Committee and the State Council's "guiding opinions on deepening the reform of state-owned enterprises" and "opinions on reforming and improving the management system of state-owned assets" have been promulgated,China has entered the crucial stage of state-owned assets reform.The new round of state-owned assets reform has put forward higher requirements for the supervision of state-owned assets,and the functions and methods of state-owned assets supervision have also been quietly changed in this process.In particular,for the supervision of local state-owned assets,it has made substantial progress in speeding up the transformation of department functions.Under the new round of state-owned assets reform,it is very significant to evaluate the performance of local stat e-owned assets supervision departments and assess the operation of local state-owned assets.Therefore,this paper,based on the local perspective,focuses on the theoretical and empirical research on the evaluation index system of the supervision of local state-owned assets.The purpose of this paper is to "establish the evaluation system of local state-owned assets supervision,and to rationally evaluate the level of local state-owned assets supervision".Following the thinking of "theoretical foundation,mechanism framework,empirical research,strategy and suggestion",and integrating knowledge of macroeconomics,finance and statistics,we firstly discussed why we need to regulate local state-owned assets and why we need to supervise the regulatory authorities.On this basis,the index framework has constructed,and the scientific evaluation method has used to carry out an empirical study on the level of local state-owned assets supervision in various provinces of China.Finally,combined with the theoretical analysis and empirical research,this paper puts forward the suggestions for the reform and supervision of local state-owned assets.First of all,this paper systematically combs the theoretical basis of the supervision and evaluation of local state-owned assets.In the light of the existing literature and the national conditions of our country,the connotation and extension of the supervision of state-owned assets are clearly defined.On this basis,the related theories of local state-owned assets supervision are elaborated,including principal-agent theory,public interest theory,market failure theory,information asymmetry theory,regulatory capture theory and government failure theory.Then the mechanism of local state-owned assets supervision and evaluation is deeply analyzed.Secondly,this paper carries out an innovative framework for the evaluation index system of local state-owned assets supervision.The index system is constructed with the principle of "focusing on emphasis and dynamic balance " as the basic principle.Following purposeful,balanced,dynamic,and operable,an index system is established including capital security,economic efficiency,social efficiency and regulatory inputs,and contains indicators of enterprise losses ratio,ma in business profit rate,employment contribution rate,supervision cost income ratio.It is fully reflect the balance between process indicators and outcome indicators,the balance between economic efficiency and social benefits and safety level,and consi ders regional economic environmental differences.Thirdly,this paper makes an empirical analysis on the data of the SASAC and its regulated state-owned enterprises in all provinces.By comparing the current mainstream evaluation methods,we get the conclusion that the AHP-entropy method is more suitable for the comprehensive weighting and the improved efficiency coefficient method is more suitable for local state-owned assets supervision evaluation,and the empirical results have passed the robustness tes t.The results show that the provincial state-owned assets supervision is averaging 56.25,the C-level,the overall level of local state-owned assets supervision is not high,and there is much room for improvement.State-owned assets supervision and regional economic development level basically adapt,but some state-owned assets supervision does not match their economic strength.Further,compared to 2014-2016 years of evaluation results,the results show that the level of local state-owned assets supervision is gradually improved in recent years.