Research On The Reorganization Of The State-owned Capital Operation Platform Of SJ Group Corporation

The Third Plenary Session of the 18^th Central Committee held in November 2013 proposed a series measures for the management of state-owned assets,including“to improve the management system,strengthen the regulations by prioritizing capital management,reform the system of operation authorization,and to form investment and operation companies for state-owned assets.”,Since the meeting,the central and local governments have issued relevant documents to specify the requirements of forming investment and operation companies for state-owned assets,and actively explored their reform directions by starting with pilot companies.In June 2017,the People's Government of Shaanxi Province approved four such pilot companies,one of which is SJ Group.This paper studies the restructuring of the SJ Group to become an operation platform of state-owned capital.First of all,the paper summarizes the management theories of state-owned capital operating companies and financial holding companies.The purpose is to point out the instructive value of these theories,and lay down the theoretical basis for this paper.Secondly,the paper analyzes the status-quo of SJ Group's capital management,discusses its advantages,disadvantages,opportunities and challenges in the process of restructuring.Thirdly,based on the SWOT analysis of SJ Group's capital management,the paper designs an operation platform which integrates five major functions,i.e.financial services,professional investment,assets treatment,equity operation and strategic research.Finally,the paper offers five proposals to secure the restructuring achievements,including strengthening organizational leadership,getting favorable policies,obtaining information technology support,applying special funds,and building corporate culture.In conclusion,this paper is guided by the management theories of state-owned capital operating companies and financial holding companies.It studies the SJ Group,a pilot company to be restructured into an operation platform of state-owned capital,and designs a feasible restructuring plan.The research findings,with some theoretical and practical value,will help reform the operation companies of state-owned assets in Shaanxi province,and provide references for the same type of companies in other parts of China.