State-owned Enterprises Holding Private Enterprises: The Functional Transformation Behind The Rescue

At present,the reform of state-owned enterprises in China has entered a new stage.In view of the dual attributes of state-owned capital and the multiple functions of stateowned enterprises,in order to improve the efficiency and effectiveness of state-owned enterprises,the supervision and management system of state-owned assets has changed from managing all the people and matters to managing only capital.The reform of supervision mechanism and authorized management system focusing on managing capital can make all levels of state-owned enterprises and all kinds of state-owned enterprises clearer about their own positioning and functions,and they can play their respective roles better in achieving social and market benefits.In 2018,a large-scale liquidity crisis of private enterprises broke out in the capital market.In order to support the healthy development of the private economy,the central and local governments frequently issued a number of policies to relieve the plight of private enterprises.Local governments and financial institutions help private enterprises to mitigate liquidity risk in various ways,such as creditor's rights and equity.While,helping private enterprises inevitably raises some questions about whether the selection of objects who are being helped is reasonable and whether state-owned enterprises can effectively manage these private enterprises.However,after in-depth analysis of the rescue cases,it can be found that the management function of stateowned enterprises is changing.In this paper,rescuing private enterprises is the starting point,through in-depth analysis of the case that Shenzhen Investment Holdings Co.,Ltd.(SIHC)rescued private enterprise of supply chain,Shenzhen Yiyatong Supply Chain Co.,Ltd.,we can explore the changes for the functions of state-owned enterprises.This paper mainly discusses the transformation of management function of SIHC,who is a state-owned capital investment company,starting from the surface and deep motivation of SIHC holding Yiyatong and thinking of its own strategic development goals.It is found that the fundamental reason for SIHC to choose Yiyatong as the rescue object is that SIHC needs to achieve its own strategic objectives and has a good prospect for the supply chain management industry,which reflects that SIHC,as a state-owned capital investment company,adheres to the principle for marketization in its investment and operation direction.In addition,after SIHC controls Yiyatong,it alleviates the liquidity risk of Yiyatong through multiple channels and multiple ways,but it does not participate in the daily operation and management decision-making of Yiyatong excessively.Various signs show that SIHC has changed its supervision and management function by "focusing on capital management" when supervising and managing subordinate state-owned enterprises.