Practice And Innovation Of Local State-owned Capital Operating Companies

State-owned enterprises play a vital role in our national economy.Since the beginning of 1978,the reform of state-owned enterprises in China has experienced four stages: expansion of autonomy,separation of government and enterprise,construction of modern enterprise system and shareholding system.In different historical periods,China's state-owned enterprise reform has taken a step toward China's national conditions and the reality of state-owned enterprises.A series of measures has been taken to attain great achievements and valuable experience.The convening of the Third Plenary Session of the 18 th CPC Central Committee marked a new era in the reform of China's state-owned enterprises.For the first time,it was clear that the reform of the state-owned capital authorized management system centered on the management of capital,which also meant that the state-owned enterprises had entered a new era,and the establishment of state-owned capital operation companies has become one of the important goals and means of the new round of state-owned enterprise reform.Unlike the traditional state-owned assets supervision and management committee,the state-owned capital operating company "manages" the enterprise;its basic way is to exercise the stock right of the state-owned stock,everything is exercised according to the shareholder's right stipulated in the company law.As the State Council officially issued the implementation opinions on the pilot reform of state-owned capital operating companies,the pilot work of setting up local state-owned capital operating companies across the country was officially put on the agenda.However,the state-owned capital operation company,as a new thing,was proposed after the 18 th National Congress.There are still no mature models for reorganization and establishment,investment operation mode,scope of authorization,and role development.Many places are still in the process of setting up.Therefore,at the moment,the specific operational practices of local state-owned capital operating it is necessary to research capital operating companies and innovative initiatives,which can provide a reference for decision-making in the later reform of state-owned enterprises.Based on this,the research question of this paper is how does the local state-owned capital operating company carry out the state-owned capital operation centering on the fields of equity,assets,investment and financing under the historical background of reforming the state-owned capital authorization management system?The research idea of this paper is to study and propose the operation mode of the state-owned capital operating companies with universal characteristics by concentrating on the core research issues,starting from the guiding policies of the state-owned capital operating companies,and summarizing the practice situations of the pilot enterprises of the current local state-owned capital operating companies.This paper firstly defines the concept of the state-owned capital operating company from a theoretical perspective and introduces the relevant theories of company governance.Secondly,it expounds the policy connotation of the state-owned capital operating company and the main content of the local state-owned capital authorization management system reform.Thirdly,it studies and summarizes the pilot practice experience of various provinces and cities nationwide,and puts forward the operating model framework of the state-owned capital operating companies.Finally,based on the case of the state-owned capital operating company in Zhejiang Province,this paper verifies the operation mode of the state-owned capital operating company through the case study,and summarizes the innovative practices and measures.After full investigation and study,this paper summaries three aspects:(1)the state-owned capital authorization management system is a three-level authorization management structure of “SASAC(State-owned Assets Supervision and Administration Commission-state-owned capital operating companies-state-owned enterprises”;(2)the operation mode of the local state-owned capital operating company is based on marketization,aiming to realize the layout optimization and structure adjustment of the state-owned economy from three aspects of asset management,equity management and investment and financing,and enhance the operational efficiency of state-owned capital;(3)under the operating mode framework,the state-owned capital operating companies in Zhejiang Province can perform the important function of the state-owned capital operating companies and be proved to be creative in the practice process.